JackieCPA

Do we think there is any hope that the IRS will change their mind and make it so I don't have to amend a bunch of tax returns for people who just recently got the ERC credit?

I know you can do direct deposit to two bank accounts - but can you do direct debit from two bank accounts?

Oh man! MN LLC's are way different than that - SMLLC's only have taxes due like federal and no extra fees.

That is why they put the investment in the S-Corporations name - because they didn't have enough basis to take a distribution and put the investment in their personal name.

I suppose a disadvantage would be if you have large stock holdings held under your LLC and the LLC is being sued/assets being seized, those holdings would be apart of it - on the flip side the LLC's stock holdings would be safeguarded against any personal losses. Tax wise, having it under SMLLC, multi-LLC, or S-Corp really wouldn't change the taxability of them. I do one one client that is an S-Corporation and has a sizeable amount in stock holdings with a brokerage firm - that only started because they didn't have enough basis at the time to take it as a distribution and put the investment in their personal name.

Do I have to amend a tax return if I am filing 5329 and asking for reasonable cause waiver of the penalty for not taking your RMD? or do I have to amend the return and show an amount due on it and ask for waiver with it? Or can I just file the 5329 with a waiver explanation separately?

I knew that - but was hoping that I was wrong. Thanks!

If a client didn't take their 2021 RMD from their IRA, but they took enough out of a pension to cover what the RMD would have been - does that count or does it have to be from an IRA and pensions do no count?

Hello! So for the ERC refunds company's are receiving - I found that we have to amend the year that it is for (2020, 2021) - for just about all of my clients they received a few hundred extra for interest, does that interest count for those prior years or for 2022?

I took a class for MN and they had answers to all of those questions for our state. Annual election - filing the MN Sch PTE is making the election. 50% ownership consent is required. The credit is refundable or it can be carried forward. MN has made it very easy to do - my only hope is that ATX will have the form available for next year so I don't have to do them all by hand again.

I heard a rumor via a few articles that all Quick books desktop's will be non-accessible nor supported as of January 31, 2023 - do we think this is a true rumor?

I have gotten that error a few times and I just recreated the e-file and resent it and it worked. I'm not sure if that will fix it every time, but it did for me those few times.

I appreciate your help on the matter!

I have a client who was part owner of an S-Corporation - he sold his share of stock for $1. There was another part of income he will be getting over the next 10 years or so - the contract words things, in my opinion, weird. I am to the point that I am unsure if I should consider this capital gain/installment sale or self-employment taxable commissions receive. I'm not sure if it is me who is just burnt out from the year that I am confused, or if it really is confusing wording. Any thoughts would be appreciated. Here is a couple snip bits from the contract: 1. Purchase agreement: The purchase of the business will be as a percentage of commission based on the accounts in Sellers's "books of business." The accounts are listed under section 5. The payments will be as follows: June 2021: Purchaser 70% of net commission, Seller 30% of net commission and purchaser pays 100% of office expenses. Every subsequent month: Purchaser 80% of net commission, seller 20% of net commission and purchaser pays 100% of office expenses. Commissions paid to seller are net commissions after fees from brokerage clearing firm and before any expenses. 2. Duration of Agreement: Beginning 6/1/2021 the agreement will be set on the terms above for 120 months, ending 6/1/2031 or when ended on the buyout agreement outlined below If by the 6th year of the agreement, the buyer has paid the seller $120,000 or more in commissions, the contract is terminated, and the buyer no longer has any obligation to the seller. If at the 6 year mark, the buyer has paid less than $120,000 to the seller, he can pay the difference between what has been paid and $120,000. At that point, the contract is terminated, and the buyer has no longer any obligation to the seller. 3. Non-Compete Agreement: Seller shall not compete, either directly or indirectly for a period of 10 years and within 70 miles. 20% of the above purchase agreement will be allocated to the non-compete agreement.

Thanks for the advice

I have a client who had a pre-tax 403(b) plan through work - turns out for a few years the money has been being put into a Roth 403(b). The financial advisor to the plan says that it is the employers fault as they make the deposits into the account and were using the wrong account number and everything needs to be fixed on the W2 - which I agree since she was not paying taxes on those contributions. The employer thinks they would be falsifying information as they didn't have a Roth option to that plan and the financial advisor needs to just move the money from one account to another. Doing research on the IRS website, the only thing I can come up with is that it should be changed on the W2 and the money cannot be moved from one account to another. The client's employer says they will not do it. Can I just add the amount that was put into a Roth 403(B) but was deducted on a pre-tax basis as other income on her tax return to have her pay the tax that way? Seems like it would be the only option if neither the financial advisor nor the employer wants to say whose fault it really is and neither wants to find a way to rectify this problem. My client is aware that she would have to pay additional tax and is fine with leaving the Roth account alone - she just wants to ensure that it is corrected correctly, which I agree with. Any advice or ever had this situation happen to you?

I know that you can't use that Christian Ministries health insurance as deductible for the self-employed health insurance deduction. I did see an article a while ago about it being something that could possibly change. I haven't found anything saying that they have changed this and we can use it. I just wanted to make sure to see if anyone else has found anything to the contrary?

I did catch that - thank you! IDK why I couldn't find that PFC when I was first looking for it. Appreciate your help!

I have a client that owes taxes to IN - is there a payment voucher? I can't find anything even online about finding a payment voucher or even where to have them mail the payment.

New Client: Had a 1065 in 2020 that should have been marked final, but wasn't. Can I just check amended and final and send it or should I do a zero 2021 and mark it final on there?

E-file the return and hit receive ack right away because it should reject instantly then you can go back into the client, recreate the efile, and it will fix.

I never have to delete and re-add. I just recreate the e-file and it fixes it and changes the submission ID to have the correct year.

I love this!

Well, ATX has officially confirmed that they will not be having this form or allowing for MN e-file attachments on pass-through entity returns. I talked to our State and they said to paper file all of the returns (that is not happening). So I decided to paper file the schedule PTE and e-file the rest of the return and hopefully nothing bad will happen because of it

They don't allow it to be attached as a PDF for MN returns. I even called ATX and they said they will not have e-file attachment capabilities for MN pass-through entity returns.