mircpa

I don't think retracting S is even needed. If Sch E has 3 properties then you would have 3 entries for unallowed losses under 8582 & follow same route if rental property losses are coming from S corporation, if there are multiple properties. Then it is much easier to knock off capital gains with prior unallowed losses when each property is sold.

Under both circumstances, S corp or Sch E, Form 8582 will needs to be opened to flow through allowed & unallowed rental losses. I don't think it would change nature of treatment of passive losses for both situations. I believe 8582 is tied to an individual.

Check with www.cpecredit.com. I had to do webinars for my license. I used their services.

To start with why is this person filing taxes in other states. Is it because this income is sourced in other states, if that is not the case then all income should be reported in IL

"I take direction from my employer's office IL and my base of operations in IL" This sound more like IL source income. More facts please.

You can include form W7 for foreign spouse, 1040 needs to be signed by both & w7 needs to signed by foreign spouse & manually mail 1040 along with foreign spouse's original passport OR foreign spouse needs to go to IRS certifying agent in person or may be contact US consulate in India to find out ways to do it.

You can jointly file 1040 for 2016. I think you should wait until kid receives SS number. I believe kid can can claimed as dependent even though you show number of months present in US in dependent statement.

If they were married in 2016 You can file 1040 jointly or separately.

Why do you have to make this amount subject to withholding. This is an offsetting entry. $ 5,700 shows on line 7 of 1040 & knocked off on line 29. I don't this amount be subject to withholding either federal or state.

Thanks to all who responded I will take up with CPE vendors. Its now more clear what they are looking for.

Hello I completed 99 credit hours including 4 hours ethics for IL license. Now IL requires 10 hours of CPE that is not a self study or individual interactive study. Any suggestions from members how can I fulfill this requirement. Thanks

how the IRS would ever allow those that are "registered" to practice before the IRS without ongoing CPE This is what is all about. I argued with IRS tax preparer office saying back then when I got IL registered CPA your office accepted my credentials as valid to be recognized and enrolled & listed me under IRS tax preparer database and what has changed overnight that you wont now. I spoke to IL dept of financial & professional regulation they are suggesting since law changed from 2012 wherein all subsequent CPA's are licensed CPA and no more registered CPA's and then I am grandfathered and would not be subject to 3 year 120 CPE requirements as the case may be for licensed CPA's.

Thanks That explains why they treat differently. Only difference is CPE requirements.

Hello friends I hold IL registered CPA license. Back in May 2016 I received request from IRS return peparer's office to send my IL CPA license which I did and received letter saying "As a registered CPA you cannot associate the credential with your preparer tax identification number (PTIN)". I called the number listed on notice and spoke to manager and explained when I initially registered CPA, IRS did recognized my CPA credential as valid and registered me for PTIN what has changed now she says that's how its been, under form W 12 it asks for professional certification and licensed in which state. It does not explicitly states registered or licensed CPA. Then I called IDFPR (IL Dept of Financial & professional regulation) they told me from 2012 going forward all CPA's are granted Licensed CPA and no more registered CPA and that I am grandfathered and not required to do CPE of 120 hours every 3 years. Can any IL registered CPA's in this forum share their experiences for this issue and whether anybody else received this letter. Thanks

It also depends what status husband is on. If he is green card holder then technically husband's income need to be included in US 1040 OR if wife has filed immigration petition on his behalf then they should file MFJ or MJS.

I agree with court decision. Taxpayer passed majority of tests for inventory not being held for resale & not part of trade or business and it was one time event.

I received this mail from Dept of Treasury, IRS return preparer office, 401 W Peachtree St NW, Stop 203-D, Atlanta GA 30308

Hello fellow preparers Did any of you received this letter. I was wondering if this is legit. It says "You must verify your professionals status" and if so then send copy of State license. I called phone number listed on notice its going to voice recording from return preparer office. I googled address listed on notice it is showing SSA office in Atlanta GA

Have them walk down to local IRS office with original passport, filled in W7 & bank letter OR you have to mail original passport/W7 to IRS Austin, TX office. Lot of people are uncomfortable doing that.

2 years back I floated TX corporation for a client of mine who were in country on visitors visa, she took articles to bank for opening bank account, bank issued letter requiring person needs to have SS & ITIN. I filed W7 with exception 1. third party withholding on passive income. She received ITIN and in turn got FEIN for corporation

If there are multiple rental units under same LLC, you would repeat LLC's details in each column and include property so that at time of sale it is easier to close each property.

It is allowed as per IRS notice 2005-8 The 2-percent shareholder-employee, if an eligible individual as defined in section 223(c)(1), is entitled under sections 223(a) and 62(a)(19) to deduct the amount of the contributions made to the 2-percent shareholder-employee’s HSA during the taxable year as an adjustment to gross income on his or her federal income tax return ATX tax software does not allows to take deduction so I decided at best not to include in line 1 wages of W2, have HSA contribution done at shareholder level and take 1040 page 1 deduction

If the property is not deeded in LLC's name go with Sch E OR if it has to be under S corporation, rental income losses under 8825 and under both circumstances would be subject to passive activity loss limitations 8582.

Hello I have this question regarding HSA contribution by greater than 2% shareholder. I know these are reported under line 1 of W2 and box 12 code W for HSA contributions & code DD for health insurance premiums. Since HSA contribution code W amount is flowing thru to form 8889 and software is regarding as employer contributions and disallowing HSA contribution deduction. I searched online but this looks remain unanswered. Does anyone has idea how to get around and have software take deduction. I am posting from IRS notice 2005-8. For employment tax purposes, when contributions are made by an S corporation to an HSA of a 2-percent shareholder-employee, the 2-percent shareholder-employee is treated as an employee subject to Federal Insurance Contributions Act (FICA) tax and not as an individual subject to Self-Employment Contributions Act (SECA) tax. (See Announcement 92-16, 1992-5 I.R.B. 53, clarifying the FICA (Social Security and Medicare) tax treatment of accident and health premiums paid by an S corporation on behalf of a 2-percent shareholder-employee.) However, if the requirements for the exclusion under section 3121(a)(2)(B) are satisfied, the S corporation’s contributions to an HSA of a 2-percent shareholder-employee are not wages subject to FICA tax, even though the amounts must be included in wages for income tax withholding purposes on the 2-percent shareholder-employee’s Form W-2, Wage and Tax Statement. The 2- percent shareholder-employee, if an eligible individual as defined in section 223(c)(1), is entitled under sections 223(a) and 62(a)(19) to deduct the amount of the contributions made to the 2-percent shareholder-employee’s HSA during the taxable year as an adjustment to gross income on his or her federal income tax return.

I do know businesses entity has fiduciary duty to remit collected sales taxes BUT then if you see Max's post it says sales tax was included in gross sales. It is based on this premise I wrote whatever I wrote.