Jump to content
ATX Community

JackieCPA

Members
  • Posts

    164
  • Joined

  • Last visited

Profile Information

  • State
    MN

Recent Profile Visitors

The recent visitors block is disabled and is not being shown to other users.

  1. 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?
  2. I know you can do direct deposit to two bank accounts - but can you do direct debit from two bank accounts?
  3. Oh man! MN LLC's are way different than that - SMLLC's only have taxes due like federal and no extra fees.
  4. 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.
  5. 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.
  6. 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?
  7. I knew that - but was hoping that I was wrong. Thanks!
  8. 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?
  9. JackieCPA

    ERC

    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?
  10. 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.
  11. 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?
  12. 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.
  13. I appreciate your help on the matter!
  14. 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.
×
×
  • Create New...