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Everything posted by kathyc2

  1. Well...... it's a Costco size bag of Lindor truffles.
  2. I'm essentially done and still have some of my stress chocolate supply left. That's a good sign!
  3. Control/y will show you the QB journal of a transaction.
  4. What I would like to know is why the *&^*$ does the Treasury print the interest paid on 8 3/4" paper????? It makes everything all scrunchy when fed through the scanner feed.
  5. Some people will take a mile if you give them an inch. This year seems worse for some reason. I've always charged on a per-form basis as I'm terrible about tracking my time. I've spent way to much time on what should be the simplest of returns simply because they can't or don't want to keep track of things like what they paid in child care. I've decided I'm going to raise fees around 30% next year and then give a substantial discount to those people who can follow simple instructions of what to bring.
  6. Highly doubtful. This is a one shareholder S-corp. Assets were sold mid 2020, SH disbursed money from bank accounts and returns were filed for 2020 and marked as final.
  7. Had anyone filed this for an S corp? I've always marked the final 1120S as final and never had any issues. An over zealous attorney is insisting it needs to be filed.
  8. I don't think you meant line 5 on 5329 as that is for ABLE accounts. If the amount was for periodic payments over lifetime, code 2 should have been in box 7 of 1099R and 5329 is not needed. If box 7 is not code 2 but client is telling you it's part of distributions over a lifetime, I'd have them to have issuing company send a corrected 1099R.
  9. If I'm understanding you, the net tax on the original return was correct, but the IRS is looking to access the 10% early withdrawal penalty? If so, I'd contact the PPL and see if sending documentation that she was deemed disabled before the date of withdrawal would close the matter.
  10. You could not claim all the kids to make it close. Then they can write a check to reduce debt held by public for any refundable amount left. I wouldn't override as that may trigger a math correction on IRS side.
  11. That is not incorrect. However, if either of their incomes are low enough to qualify for safe harbor payback, they will receive more in total with the same parent claiming both.
  12. kathyc2

    PTC 8962

    For 2021 and 22 there is no "subsidy cliff". Even those with income over 400% are not required to pay premiums for SLCSP that is more than 8.5% of income. In 2019 and prior if income over 400%, lines 7-8b did not populate. For 2021 if should calculate 8.5% of AGI on 8a and monthly on 8b. It should calculate correctly. If SLCSP is less than 8b, all APTC needs to be paid back. If your client is receiving a large credit, I assume he's older?
  13. Yes, it's called a post filing coupon, or PFC. Heads up that if your client was not a resident of IN on Jan 1, they don't owe county tax, just the state tax.
  14. I was trying to be helpful that self employed don't need to rush to make their SIMPLE contribution, but it seems like I'm pissing people off. Whatever.
  15. Are you suggesting they use logic? As I'm scaling back to retirement, I'm not doing any corp returns other than one who begged me to keep doing hers. When I was doing them, I insisted on getting a back-up copy of the full books rather than printouts. Too many times people would do stupid stuff that it was easier for me to look at the books myself than explain to them why I thought something looked off. Several years ago I took on someone who on the phone told me their books were impeccable. Scrolling through I saw that they "plugged" something like 60K to make cash balance. They were told to come pick up their info and pay me for time I had invested in it.
  16. Unless the bookkeeper is older, they have probably never kept books other than computerized. As a result, they have no idea how the accounts all come together.
  17. Margaret, a Sch C SP has until due date of return to make their contributions. You scared me a minute, since I rarely do mine in January! From Pub 560: Example 2. You are a sole proprietor whose tax year is the calendar year. Contributions under a SIMPLE IRA plan for the calendar year 2021 (including contributions made in 2022 by April 18, 2022) are deductible in the 2021 tax year.
  18. If it was an asset purchase the buyer is required to obtain their own EIN, they can not operate on the prior one.
  19. The the balance sheet from client in balance and just the tax return off? Or did neither balance? If you don't have good beginning balance sheet numbers, you cannot accurately prepare a 2021 return. If your knowledge base is mainly in tax and limited in accounting, you will likely struggle to fix the prior year(s). Someone with a through accounting understanding will have a much easier time straightening this out.
  20. Yep. A balance sheet needs to balance.
  21. Was this truly a pension and not a 401K? I'm thinking if you want to convert a pension to an IRA you need to convert the entire amount rather than a partial.
  22. I'm not 100% sure I'm following what you are saying, but you need to remember than the partnership and the S-corp are separate entities. If the partnership paid money to the S, then the payment needs to be either 1)an ordinary business expense, 2)a guaranteed payment or 3)a distribution. What does the partnership agreement say about payments to the S?
  23. I'm 99% certain it's because you are taking the "purchases" account on QB to mean purchases, which is is not. QB p/l does not have a COS section for materials. Everything is rolled up into one account, which your client is calling "purchases" So, if you want to come up with actual purchases, you need to do some back calculations: Your beginning inventory was 4. Purchased items totaling 14. Sold items with cost of 13. Ending inventory is 5. 4 + 14 - 13= 5 Or to get cos 4 + 14 - 5 = 13 The COS on p/l (which is labeled) as purchases is 13. You need to put 14 as purchases on TR so that the COS will end up at 13, due to inventory increasing. The 40K I'm assuming is a true-up number from physical count, which doesn't have anything to do with the problem you are having.
  24. I thought your question was why the "purchases" account was different than the BI + P - EI = COS equation? Now you are saying you don't believe the ending inventory amount?????
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