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  1. TaxPreparer


    Does anyone have a good resource that explains the 2018 DPAD that is allowed? I have heard that it is for agricultural coop's that sent 1099-PATR with the DPAD on it, they have special rules for getting that deduction in 2018. I can see where you put the amount on the 1040 line 10. However, I know you are supposed to decrease your regular QBI deduction by so much. I just can't seem to find anywhere that is good and reliable to explain it better. THanks!!!
  2. If you retained earnings is negative or less than the distributions it won't show up. You need to go to options and click the box that "Allow distributions to go in excess of AAA"
  3. TaxPreparer

    Agricultural Program Payments

    Yes, but if the taxpayer is drawing on Social Security, they get an exclusion and don't have to pay self-employment tax on the payments. That is from what I understood. I believe it is Section 1402(a)(1) exclusion.
  4. TaxPreparer

    Agricultural Program Payments

    I have a new client this year who is an active farmer (with a schedule F). He is also on social security benefits. He receives Ag. program payments. Prior preparer put those on the schedule F. My understanding is that if the taxpayer is on social security they do not have to pay self-employment tax on the payments and those payments should not be reported on the schedule F. Am I correct or is the prior preparer correct? Thanks!
  5. TaxPreparer

    QBI Fee

    The extra reporting on the K-1 has found to be a lot simpler than I had originally imagined. There is a box for W-2 wages and a box for the unadjusted basis and boom!
  6. TaxPreparer

    Sch C to 1120S

    Section 351 does not apply in this situation.
  7. TaxPreparer

    Sch C to 1120S

    That is a really great idea Lynn! I never thought of that! Thanks!
  8. TaxPreparer

    Sch C to 1120S

    LLC who made the S-election. He has a lot of assets!
  9. TaxPreparer

    Sch C to 1120S

    Is there a way to transfer a Schedule C's assets to a 1120S return in ATX? The customer service I talked to had no idea why I would want to do that because "someone who has a schedule C can't make the S-election"... as he put it.
  10. TaxPreparer


    I have a new client this year, they are an S-Corp. They pay themselves and have other employees as well. They generally put money into a SEP IRA for themselves (Shareholder) but nothing for employees. Is the SEP IRA like other rules that if you have one you have to let employees have one as well if they want it?
  11. TaxPreparer

    W-2 and 1099 payroll e-file

    Can I e-file them using the ATX payroll software yet?
  12. TaxPreparer

    W-2 and 1099 payroll e-file

    I can't seem to find the date. Does anyone know when we can e-file W-2s and 1099's?
  13. TaxPreparer

    Form 2553

    I faxed in form 2553 and got an "it went through" response from my fax machine. It has been a few months now and the taxpayer still hasn't received a response saying that it was accepted. Do you think I should send it in again, or just send in the Form 2553 with the 1120S when I prepare it this next tax season? Follow up, should I have him start paying wages to himself right away or tell him to wait?
  14. TaxPreparer

    Tax Prep Fees still not Paid

    I'd say charge finance charges every month that they don't pay. We have a lot of clients here that as soon as they realize they are charged finance charges, they pay quicker.
  15. TaxPreparer


    I have a lot of non-profits who have a 990-T for gambling who are generally in the 15% corporate tax rate, they will now be in the 21% corporate rate and only get to use 80% of their NOL's. I find that frustrating because they aren't in the business to make a profit, every dollar they earn goes towards taxes, allowable expenses, and donating to good causes. They already pay more in gambling taxes, federal/ state corporate taxes, and other taxes on their profits than they actually get to donate.