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mircpa

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About mircpa

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  • State
    IL
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    Male
  1. 1,000,000.00 sales proceeds from property A used to buy property B for same amount How 150,000.00 borrowed money becomes taxable ?
  2. Looks like employee's portion of healthcare contributions & union dues are deducted but since this is post tax I believe wages amount should be present in W2 & post tax deductions should be shown in column 14
  3. You don't have to include 10,000.00 in income, BUT allowed to take deduction of 10,000 so it is double DIP. Please see @Lion EA comment "PPP funds are non-taxable income, so M-1 adjustment. Expenses paid with PPP funds ARE DEDUCTIBLE"
  4. $ 10,000 PPP money received but not included in income that means taxable income understated by 10,000 AND 10,000 expenses charged to income therefore total net effect of 20,000 of less taxable income. This is what I was talking about double dip.
  5. This will be double dip -- the DEDUCTION
  6. From what I understood I believe we have to exclude PPP money from line 1 gross income & no deduction for corresponding expense. So why would M-1 adjustment come into picture ?
  7. I am surprised at guts of this pro bono client. Have this client call IRS directly & find out more details.
  8. Try to get actual facts before you go amend or not. What is marital status, support, dependents etc & take action accordingly. I believe this is what sustains should they get audited.
  9. I had situation like yours for my client I check non resident on MI 1040 and on MI Sch NR. It flows through & shows correct amount on line 14 of MI 1040.
  10. Are you not suppose to have same employee/payroll as you had on 02/15 or at least good faith effort should be made to retain them. Is hiring new employee OK after getting PPP loan ?
  11. Hello all Client withdraw all money from plan to use for non education purpose due to bad financial situation & utilized for personal purpose. Received 2019 1099-Q. I am reporting 19K earning from line 2 of 1099-Q in 1040 other income & including form 5329 for 10% penalty on earnings portion. 1099-Q line 1 reads 213K, line 2 reads 19K & line 3 reads 193K. Started contributing to this plan from 2014 until 2018. I went back added up all amount claimed as deduction in previous years IL tax returns & included in current year 2019 Sch M as addition to income in IL 1040. Can so
  12. File married filing jointly & include W7 for his wife & kids & in 1040 dependent info clearly indicate kids are not present in US & go from there. You would have to get 1040 signed from his wife & W7. W7 for kids can be signed by taxpayer. You might have to enclose certified copy of some identification documents like passport, etc. I don't know in these circumstances how will they be able to manage to get it from home country.
  13. Hello Does anyone know how much money forms preparer/accountants are entitled to charge helping clients fill up application ?
  14. Advance on credit ? Is this not one time payment from federal government. I believe this is not taxable income.
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