ILLMAS

Can someone do me favor and check to see if the name appears when you add form 540NR for California, for some strange reason the name is missing and there is no way to override it. I would appreciate if someone knows how to populate the name. Thanks

Hello all, just wanted to confirm it is code J. Thanks

I’m not in the office today, but I kind of remember the code on the 1099R was J, I just looked it up and it’s for a Roth IRA, so their 2012 tax return shouldn’t matter and the basis of $8K is fine?

Good question, I had not thought about that, I will request a copy. Thanks

TP opened an IRA account with $8K back in 2012, the amount grew to $23K and TP withdrew $22K in 2021. $10K was used for a down payment and the other amount was kept. To calculated the early penalty withdraw, I would need to enter the following on form 8606: Total IRA Withdrawal: $22K IRA Basis -$8K Taxable Amount: $14K And to calculate the early withdraw penalty Taxable Amount: $14K First Time Home: -$10K Penalty: $400 This is the first time I see someone take more then $10K to buy a house and just want to make sure I am accounting for it properly. Thanks

Where can a find this box for the state?

The other apartments were never rented before 2019?

Yes plus capital gains too.

How does one get state acknowledgment before federal? I tend to file both at the same time, but I cannot transmit the state until the federal clears.

PM sent

I believe that is it, the proceeds are in the bank account (as of today) and they just received two forms a 1099INT $20, 1099R $3000 f/w $300 were issued under the FEIN of the estate. I consulted with a colleague and him mentioned it's probably best to report the 1099R under the parents name to claim a refund, since there is no distributions in 2021 and to file the 1041 for 2022 when they distribute the money. Right now under the 1041, they would owe a small amount. Thanks

Fuel surcharge probably

I have a similar case this week, parent died in Feb and the house was sold in Apr of the same year, house was sold at FMV and proceeds have not been distributed to the beneficiaries, how does one report this sale? Thanks

Can someone guide me on where to enter a section 336 gain on a 1120S sch D, I have an understanding the entity will be liable for the tax and not the shareholders. Thanks

I personally received one, I do some consulting work and I request for all my earnings to be sent to my federal withholding, COVID hit and the irs never processed the 2019 1099s, I resolved it by sending in a copy.

We have no problem at the 1120S and 1065 level for ABC, the books are separate already. The issue is at XYZ level: The goal is do the following ABC Inc will get a k-1 for 9 months ABC LLC will reflect 3 months Right now XYZ K-1 to ABC is for the whole year and here is where I need help splitting the k-1s to 9/12 Inc and 3/12 LLC. thanks

ABC Inc is a 80% member of XYZ LLC, in September 2021 ABC Inc became an LLC (granted by the IRS, same FEIN, still 80% member of XYZ etc…), so now two K-1 have to be issued one for ABC Inc and another to ABC LLC for the respective months. ABC Inc will file a final 1120S for the first 9 months ABC LLC will file an initial 1065 for last 3 months How does one go about splitting the K-1’s? Thanks

Does anyone one have a questionnaire to give to clients to see if they meet the requirements to file K-2 and K-3's? Thanks

I am rounding numbers, but the 12M purchases includes the (40K) inventory adjustment, gross profit on tax return is close to 1M less vs financial statements, so something is definitely wrong with purchases or inventory.

We are going to ask if any bills or invoices were deleted.

Agree, their inventory adjustment entry is like 40K, not the 1M

Yes accrual basis for both.

Will ask, I don't think they manufacture any products, but will ask, thanks.

Facts Beg. Inv 4,000,000 12/31/20 BS End Inv 5,000,000 12/31/31 BS Purchases on P&L 13,000,000 12/31/21 COGS on tax return 4M + 13M - 5M = 12M Questions Maybe this is accounting 101, but I cannot figure out why the purchases are overstated if inventory is being track in QB, can someone think of why I’m getting this difference? I will ask the client if maybe a non inventory item was posted as inventory. Thanks

Potential new client was born in the US, as a child moved to a foreign country and worked and paid taxes as an adult to the different country they lived in, in 2021 they moved back to US, got married to a foreigner (tourist visa) and would like to file a 2021 tax return. Unfortunately they never filed US tax returns and the last country they lived in filing tax season doesn't start until September 2022 and they also made so little in 2021 that they are not required to file (foreign country and US). As one's duty, the person was made aware of their tax obligation as a US Citizen.... and so forth, besides charging them a consultation fee what do you recommend I should file: A. Wait until they prepare their 2021 in XYZ country? B. File with US income only and apply for an ITIN for the spouse? C. A and B D. Eject myself Thanks