JHAYMAKER
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Posts
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Posts posted by JHAYMAKER
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Jasdlm,
just a thought on the second issue and "Lose the SE Tax".
is the Scorp paying reasonable owners wages? If they are not I would say they should be and that would be the answer to the question.
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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
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MAYBE DELETE THE EFILE FORM AND RE ADD
JEFF
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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
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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
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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
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I have been using the CCH portal as well. I like it and clients seem happy with it also.
jeff
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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
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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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ATX Portal
in General Chat
Posted
I have used it for a few years now and I like it and my clients seem to use it easily and like it
I am probably not crazy about the price.
jeff