JackieCPA

Is there a way in ATX to print K1s by shareholder? Right now, when there is more than one shareholder it prints federal first for all then state for all. Hoping to find a way that it will print the federal and state for shareholder one, then two, etc.?

1040 closes in the middle of November, correct?

I always get confused on this! Can I still currently e-file 2019 tax returns?

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.