ILLMAS

Can someone tell which is the correct retained earnings, I am disagreeing with another accountant: Depreciation per books $50,000 Depreciation per Tax $48,000 Profit per Books $31,000 Profit per Tax $31,000 + $2,000 (Diff. between books vs tax) = $33,000 Retained earrings per books matches tax return $31,000 M-1 Profit/(loss) per books $31,000 matches my RE Add difference between books vs tax $2,000 = $33,000 M-2 Ending balance = $31,000 Claims this should be $33,00 The other accountant claims the ending retained earnings should be $33,000 and I say no, it should be $31,000 because the balance sheet is prepared per books not tax, like most I am burnt out and I just want to make sure we don't need to amend 2019 1120S. I prepared a fake return to show the numbers, he wants to propose an adjustment in 2020 for $2,000 so the retained earnings per tax adds $2,000 to 2020 RE.

I don't know if your client is lucky, but our state has not returned calls for weeks for people who were victims of identify theft.

I know for a W-2, ATX requires for the preparer to enter the SSN the person is using, however the return is filed with the ITIN, I believe it's the same issue he is having. Marco

I think he is referring to ITIN number.

Play a joke on the agent when the waive the penalty that you are just pennies away from becoming a millionaire, this really to happened to a tax preparer that increased their fees like by $5. His client complaint that they didn’t pay this fee the prior year and why the increase bla bla.... the preparer said fine you can pay the same as last year, his client in turn said, I am saving as much as I can, I am just pennies away from becoming a millionaire

Try using this link to login: https://support.atxinc.com/User/Login.aspx?ReturnUrl=%2fdownload%2fATXProgramDownload

Don't sweat it, just enter info on box 1, people are going to be more upset when they try to use the insurance and find out it doesn't cover that.

Contact ATX, they'll send it out for free, have your account number handy.

I didn't know the IRS (PPS) had this feature until yesterday, I requested to be called back and when it was my turn, I missed the 1st call because I was on the phone with a client, 5 minutes later the automated system call me back and I was speaking to an agent. My call was in regards to a client refund from early February, the agent was very helpful and was practically reading the script given by the head honcho's line by line. "Tell the taxpayer we are experiencing huge delays because of COVID" "Tell the taxpayer the service centers are not fully in operations" "Tell the taxpayer the IRS is trying to do it's best under these unusual circumstances …."

Agree 100%

One of my associates has a corporate client with a restaurant, about 25-30 years ago they changed the ownership to a family member name due to some outstanding debt, fast forward to 2021, they want to apply for a video poker license but now the family member credit history and other past items prevent them from getting a license. The ownership and management never change, it was always the original owner and the family member only loaned their name back then, now that they really want the gaming license they need to change back the ownership, would gifting the restaurant for X amount or the corporate stock be reported on the corporate level or individual? Or what would be the proper way of transferring the business back without a major tax consequence? Thanks

Deja vu - I would be more worried about them having the proper insurance, do you know how drunk people get in weddings, especially today

Not my client but my associates, his client received a letter from the IRS informing them that the state of IL paid them around $9,000 in interest for back child support, his client didn’t even know about it, just thought it was part of the child support. Now for the bad part, taxpayer income is very low and due to the interest they lost around $6,000 of EIC and need to repay it back. This is an unusual case, interest income is interest income but it’s not like the taxpayer was saving the money from their earnings, would other income work? Thanks

^^ following this worked, I am still going to attach a copy of the death certificate and court appointee document for a refund under $100

Thank you all, I'm error free now.

The name and date are on the form already FYI.

Errors get worst by leaving 2b blank.

I am getting these errors, I was planning on attaching the signed 1310 and the court letter, should I remove form 1310 after I have printed out?

Ok so mailing is the trick, box B should be sufficient since they have the court appointed letter and that should entitle them to the refund correct?

TP daughter is the court representative so I am checking box B, however ATX is giving me an error saying I need to check box C since there is a small refund that will be deposited into the estate, and if I check box C, and answer Yes to all the question, ATX is giving me an error that I need to check the Yes and No boxes. Any help would be appreciated. Thanks

I am surprised they can handle any programs at all, aren't they workstations?

IRS is not debiting balance due either FYI.

I have had this situation before, I request a prior year tax return to see how the name appears and that solves the problem.

Yes, one of my client put the state's payment in the IRS envelope and they cashed it, they have authority to do that, and the state was nice enough to return my client IRS payment back to them.

Having a little dilemma, I adjusted partners beginning capital accounts and made another adjustment to tie to tax basis. This adjustment throws off my ending retained earnings for 2019 and the other adjustment throws off 2020 retained earnings, I see I could make adjustments to M-2, but my question is, shouldn’t my balance sheet still continue to match the books (GAAP)? Right now my ending partners capital account does not match to the sum of the ending capital accounts on the k-1s but it does match to the books. Any help would be greatly appreciate. thanks