mircpa

Thanks Catherine that was a great help

Thanks Catherine for response. I don't see code 02 under 8949 codes. You meant Code B-Basis shown in box 1e of of 1099-B is incorrect or code O All other adjustments. I believe these are the closest codes i can think of.

I have a complex situation facing with a client. He was with employer A until mid of last year & had to sell its stock when he quit. Looks like exercise price component is included in W2 wages & short term capital gain sales proceeds & is being shown as paid twice to him. Is that how it is suppose to be or it needs to be backed out with some code in 8949. Can someone please respond who has knowledge on this.

There should be an apportionment tab you indicate there how much sales & wages are allocated to each respective state, accordingly info flows through. For IL 1120ST it is shown under step 6 lines 40 & 41. If taxpayer is non-resident of IL it does calculate 4.95% non resident tax on IL's portion of income that shows on IL K1.

Does the double taxed income info getting shown on part 1 column b & c ? Part 2 is where it shows how much amount is taxed by CA & other state, of course credit is limited to CA tax amount.

Just for the sake of partnership to be alive make other partner 0.01%. Don't you think it will revert to SMLLC if other partner's share goes to 0.00

I have a weird situation. 1120S is accepted & IL's tax says transmitted to EFC since past 6 days with acknowledgement of acceptance. When I called ATX tech support today he says it is stuck & suggested me to duplicate tax return, re-transmit both Fed & state of course fed will be rejected & state will be accepted. I duplicated & then deleted for some reason I was feeling uncomfortable about this. I am sure there should be some way out not just re-submit already accepted tax return. Does anyone else went through or has some suggestions how to get over this.

Hello all I should be filing extension for a corporation for which I intend to file 1120S & 2553 after extension. At present there is no 2553 filed yet. In form 7004 should I pick option 12 for 1120 or option 25 for 1120S. Let's say i have to pick 12 would it be fine if I submit 1120S & 2553 ?

Don't you think partnership should record 12K as capital loss & 2/3rd partner's K1 would reflect this partnership interest loss.

Non resident tax return for Kansas, Resident tax return in Oklahoma & take credit for taxes paid in Kansas. You need to find out if OK & KS has reciprocal agreement.

Client found lease contract which was executed in August 2016 who also has option to buy at listing price. So I will go with listing price as FMV at conversion.

Don't the outgoing member report 12K as capital gain distributions & the member who contributed has his capital account up by 18K & holding goes up to 2/3rd

He sold for a huge loss. Listing price was less than original cost. Do you think then I can take listing price as cost at time of renting. Thanks to all

I know we are suppose to go with lower of cost of FMV at date of conversion. Client listed this property for sale in August 2016 i.e. time of conversion. My question can listing price be regarded as FMV at date of conversion ? Thanks

Have a client who owned custom kind of personal residence in IL from 2001 until August 2016 when he started renting and eventually sold in Sep 2018. I know I am suppose to look for FMV at time of conversion for calculating gain or loss. Since this is kind of custom house I cannot find comparable home values during August 2016. I looked at county website which shows assessed value which is way less than original purchase price. Can someone points me to any website or source where I can get an idea of FMV of this house in past August 2016.

They could as well send correct amount of refund due to taxpayer

IL 1120ST is also not approved yet.

Find out if they are in the country on some visa. If that is the case I don't think they are eligible to get SS number ELSE if they are us citizen or green card holder they are eligible for SS number.

Sch M is also awaited.

Did she took some tax preparation classes recently. I am wondering what has changed for her this year given that you were doing taxes for past many years with so different kinds of income & deductions.

Regular 1040 for taxpayer with US w2 & Canadian income to be included & foreign tax credit for Canadian part of income taxes paid from income in Canada. Have them file Canada tax return first to figure out foreign tax credit.

It is pretty clear this guy wants to pay to avail loan & inclusion of tips as income would make him eligible for loan. Had the loan issue not there I don't think he would have paid taxes. Just ask him from how many past years had he making tip money which was ever reported.

Thanks

So with my tax practice income am I entitled to take 20% deduction for my S corporation ?

Can someone explain what does this means. I am quoting from taxadviser.com the link cbslee posted Qualified trades and businesses include all trades and businesses except the trade or business of performing services as an employee and "specified service" trades or businesses: those involving the performance of services in law, accounting, financial services, and several other enumerated fields, or where the business's principal asset is the reputation or skill of one or more owners or employees This is exactly what I asked & TerryD responded with SSTB restrictions kicks in with threshold levels. This is so much confusing.