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About mircpa

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  1. 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.
  2. 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.
  3. 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 ?
  4. 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
  5. 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.
  6. Hello Does anyone know how much money forms preparer/accountants are entitled to charge helping clients fill up application ?
  7. Advance on credit ? Is this not one time payment from federal government. I believe this is not taxable income.
  8. mircpa

    1031 exchange

    You need to first find out what % of original property is being sold then split asset, create separate asset entry in 4562 & you can do 8824.
  9. Either you keep hand sanitizer at your office or make every client who walk in to your office come along with hand sanitizer & start job after sanitizing.
  10. I would say running payroll late & paying penalty is much better then letting IRS come and re-characterize some K1 income & make him pay SS & medicare taxes. At least now he will learn lesson and start periodic payroll going forward. And payroll has to get start at some point why not now.
  11. On form 4562 go with asset entry route pick sales input sales amount it automatically takes care from there flows through wherever it is required.
  12. Hello friends client K1 income 60K I punched in 1120S K1 input error and on the same page where it says Non-SSTB I reenter same 60K income amount & under 199A wages amount 30K. I put check mark in qualified business & 2% shareholder. ATX shows red error "Enter each section 199A type (Non-SSTB/SSTB) from X Inc in different columns as if separate K1" Do I need to create 2 separate K1 Inputs ?
  13. I believe it is not approved yet to efile
  14. I believe if property has not changed hands why not move property to 8825 under 1120S, rental income/losses will get automatically taken care of.
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