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