Abby Normal

So is he stealing money from the new owner? Is the money part of the purchase price? Is it his equity? Is that being tracked? How is the new business accounting for this? I'm confused.

Where is this money coming from? Existing bank account for the LLC that was not sold to the new owner? Is there income coming into this account. How were the books kept for this LLC? SP draws are not income. By the way, for tax purposes, you have to treat the sale as a sale of assets, not a sale of the LLC.

Simply viewing an email will not infect your computer. However, clicking on links or opening attachments can. Even when I get an email from a a company I do business with, I don't click on the links. I go to their website and login.

Income from a partnership is taxable even if it's left in the partnership. The K1 should also show distributions. If you scroll down about 3/4 of the page, there is a Section 199A Information area. In the future, watch out for partial dispositions. They're very easy to miss.

Not new. I remember getting these 7 or 8 years ago. One pretended to be from a legal firm in town, that I did some work for. I called to be sure and it was not from them.

Accounting "system"

Henceforth, I shall either use ladies and gentlemen, or peeps.

Yeah, they could have chosen a better place like the top of the 1120S.

Same. I don't want interest rates cut too much, too soon. I consider these current rates, normal.

Yes, because the cash used to pay the expenses, increases the basis by the exact same amount as the expense.

At the very bottom of the Main Info form, there's a checkbox for Late election to file 2553. When you check it, it put the text on the top of the 1120S. Then answer question G bear the top of the 1120S, Yes. Then attach the scanned 2553 to the efile.

Sound like trickle down voodoo economics to me.

The 50% figure came from the fact that the employer paid in 50%, except for the self-employed. The 85% came about because someone calculated that, with earnings, the part employees pay in, amounts to 15% of the benefits paid out. Not sure if they factored in inflation, or not.

Are you sure it's a betterment? Just replacing an existing system usually qualifies as a repair.

Here's the page that has 2022, but not 2023, yet. https://support.cch.com/oss/ml/kb/solution/000245732 You have to click on the up arrow/chevron off to the right of where it says attachments, near the top.

Oddly, I can't find the ATX Database Repair batch files for 2022 or 2023. In the past you could edit the batch file for the most recent year, and change the year in the script, but I'm left wondering if ATX has another database repair method now.

One of the dumbest moves ever. How can people pronounce or spell words when they're just learning the shapes of words and not the individual letters? I had an employee like this and whenever we had a name like Elisabeth, she would always type it as Elizabeth, and I would ask her why she didn't just type what was there. Her eyes were trained in sight reading and could not detect subtleties in spelling.

It usually only happens at sale.

You use the amended forms, but there's nothing to mark. If the IRS receives it before the original due date, it's considered superseding.

It's based on this quote by Upton Sinclair: “It is difficult to get a man to understand something, when his salary depends on his not understanding it.”

There is a vehicle tab for any asset set up as a vehicle.

So when the vehicle is disposed, you just ignore the gain or loss? Or do you go back and reconstruct the depreciation? I personally think those shortcut worksheets should be eliminated.

If the estate actually did not own the real estate, then those expenses are just distributions to the beneficiaries.

BUT... standard mileage includes a depreciation component, and you must track this depreciation component in order to calculate the gain or loss on disposition of that vehicle. Basically, every vehicle needs to be set up in fixed assets with its correct basis. If you do this, ATX will keep track of any mileage depreciation for you. It's actually quite a nice feature. And if actual turns out to be better than mileage one year, you are all set to take that option.

There are special notes notes section on the 1040 EF form called Preparer Notes. It's my understanding that those go with the efile. Not that the IRS or anyone will ever read them. Maybe someday the IRS will have AI to read those notes and look at all of our attachments. Won't that be be fun?