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  1. My understanding is that many tipped employees have to "tip out" or share their tips with say a bartender or a bar back. so if a server gets $100 in tips they maybe give the bartender $10 and keep $90. In this example the employer should be reporting $90 taxable on the servers W-2 and $10 on the bartenders W-2. I have a new client who claims the way it works is that the entire $100 is reported on the servers w-2 and they then take a deduction on form 1040 for the $10 they tip out to the bartender. I cant think of anyplace that $10 could be deducted? maybe 2116 in the old days. but not now. I believe the employer may be doing this incorrectly. can anyone confirm my understanding is correct and that the only amount that should be showing up on the servers w-2 is thee $90 net that they got to keep? or confirm that the employer is correct and where the deduction should be reported for the $10? thanks jeff

    2017 RETURN

  3. I believe it should show as allowed on the 8582 and the loss should flow through as allowed on sch E its been a bit since I have done one of these but seems there is a spot to flag the rental as disposed of jeff
  4. So isn't the big question if you file an extension on 4/15 and owe huge ta. and that you file and pay on 7/15 do you have a valid extension? do you still have to file the return that owes tax on 4/15/2020 even though payment is not due until 7/15? jeff
  5. Hello all is there something new to do on this for 2019? I am checking the box on the main page but it doesn't seem to show on form 1040 now. am I missing a new box to check this year? thanks jeff
  6. I have been using the CCH portal as well. I like it and clients seem happy with it also. jeff
  7. IMHO Since there is no deferred income tax on the GAAP basis books of the flow through entity, there is no book to tax adjustment to be made. The shareholder/partner will not be taking a deduction for taxes on schedule E. I don't believe there is anything to report on the K-1. jeff
  8. if the second llc only member is the s-corp would it be a disregarded entity and all reported on the s corp? jeff
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