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mircpa

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About mircpa

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

    QBI and Payroll

    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.
  6. 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.
  7. 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 ?
  8. I believe it is not approved yet to efile
  9. 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.
  10. mircpa

    IL sales tax

    Thansk @ILLMAS Should I just continue reporting out of state sales as deduction interstate commerce on page 2 of IL ST-1 and treat taxes collected by Ebay as business expense.
  11. mircpa

    IL sales tax

    Correct. Ebay is holding on sales tax amount. Funny part is client is not saying anything regarding sales tax % on listing, but Ebay is deducting XX amount toward sales tax & remitting difference to retailer.
  12. mircpa

    IL sales tax

    Hello all I have this question regarding sales tax reporting. Client of mine is online retailer based in IL. He sells stuff on Ebay. Before remitting payment for sales to client, Ebay is deducting their fee & sales taxes & remitting money net of these two amounts. Until now the rule was IL retailer was not suppose to charge sales taxes & take deduction for interstate commerce for sales to buyers of out of state. I am little confused how to report this sales on IL sales tax return. Does this online companies been directed by sales agencies to remit sales taxes recently I am unaware of this. Is anybody aware of any recent changes.
  13. Thanks jklcpa I was able to buy ATX Max at price stated. Total amount was $ 1,615.00 incl processing, tax.
  14. Losses shown on Line 1 of K1 gets entered on K1 input screen of individual tax return & put check mark on calculate basis limitation & if you go further down on same input screen you would see basis limitation worksheet. For example if it has 10K of losses & if during the year taxpayer has pumped 10K as capital or loan this money into corporation then you would punch this amount on shareholder stock basis or loan basis then it carries this 10K losses on page 2 of Sch E. If you have losses greater than stock or loan basis these losses would not show on page 2 of Sch E but simply carries to future years to offset any future income. Remember whole premise is losses are deductible only to the extent of basis.
  15. OK. Its clear I will go with basis limitation worksheet not 6198. My question is since it is showing 50K ordinary loss in current year which cannot be deducted because 0 basis. Does taxpayer gets to offset 50K losses with next year's ordinary income (in case it has ordinary income greater than 50K) ? My worry is if this business is sold next year whole amount 50K would show up in ordinary income (depreciation recapture) from capital gain. Thanks to all who responded.
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