Welcome back! Ask questions, get answers, and join our large community of tax professionals.

RollTide68's Posts

cancel
Showing results for 
Search instead for 
Did you mean: 

RollTide68's Posts

MassDOR  #04-6002284  Bookmark this site:  https://www.atxcommunity.com/topic/14415-please-provide-your-states-ein-and-address-that-would-be-shown-on-1099gs/
That has always been an option with Alabama.  The standard deduction in AL is relatively low.  Most of my clients fall into that category, Standard Deduction on Fed and Itemized on the State.  If the... See more...
That has always been an option with Alabama.  The standard deduction in AL is relatively low.  Most of my clients fall into that category, Standard Deduction on Fed and Itemized on the State.  If they both have a W-2 then most likely they will itemize since the State allows a deduction for FICA/SE taxes paid.
What is the question?
From the Schedule C instructions: Single-member LLCs. If you are the sole owner of an LLC that is not treated as a separate entity for federal income tax purposes, enter on line D the EIN  that was ... See more...
From the Schedule C instructions: Single-member LLCs. If you are the sole owner of an LLC that is not treated as a separate entity for federal income tax purposes, enter on line D the EIN  that was issued to the LLC (in the LLC's legal name) for a qualified retirement plan, to file employment, excise, alcohol, tobacco, or firearms returns, or as a payer of gambling winnings. If you do not have such an EIN, leave line D blank. https://www.irs.gov/pub/irs-pdf/i1040sc.pdf Not every SMLLC is required to have an EIN but if they are then you use the LLC's EIN on line D.
You know how much the deposit was for correct? Set up a separate PPP ledger with that amount and start deducting only "forgivable" expenses from that PPP ledger.  Only deduct PPP expenses from the l... See more...
You know how much the deposit was for correct? Set up a separate PPP ledger with that amount and start deducting only "forgivable" expenses from that PPP ledger.  Only deduct PPP expenses from the ledger until it is depleted.  Once you hit zero in the ledger balance copy all receipts and substantiating documents and attache to the ledger. Make sure at least 75% is payroll expense.  
If there is a large number of transactions I will group them by totals: Short Term Covered Short Term Uncovered Short Term not reported Long Term Covered Long Term Uncovered Long Term not repor... See more...
If there is a large number of transactions I will group them by totals: Short Term Covered Short Term Uncovered Short Term not reported Long Term Covered Long Term Uncovered Long Term not reported
https://www.irs.gov/pub/irs-pdf/p584.pdf
Yeah, I'm already fielding calls from clients that can't read a tax return.  Woohoo!  Going to be a long few days.
We will find out on 4/16/2020  😬
What year were the refunds for?  Small math error due to programming could generate a small refund check from a prior year maybe?  
If they did not provide you with the Statement associated with the Sect 199A income you will need to contact the return preparer for it.
https://www.irs.gov/affordable-care-act/individuals-and-families/the-premium-tax-credit-the-basics https://www.irs.gov/affordable-care-act/individuals-and-families/questions-and-answers-on-the-premi... See more...
https://www.irs.gov/affordable-care-act/individuals-and-families/the-premium-tax-credit-the-basics https://www.irs.gov/affordable-care-act/individuals-and-families/questions-and-answers-on-the-premium-tax-credit#reporting  
I received an email from The Tax Payer Group saying they were in coordination with the IRS to get that data to them. Wouldn't hold my breath on it though.
What is the members State of Residence that he claims? What state do you have him filing? I was military for 27 years, always a TX resident so my W-2 never had a state.  I always filed as a non-res... See more...
What is the members State of Residence that he claims? What state do you have him filing? I was military for 27 years, always a TX resident so my W-2 never had a state.  I always filed as a non-resident in the state I was stationed in if they had a state tax. You can fix it by filling in Part XI on the information worksheet for non resident
The boxes above the EIN don't say self-prepared  they say Check if Self-Employed and Check if also Paid Preparer.
What amount is on line 6 Capital Gain or (loss)? Is the home sale exclusion checked yes?
Don'f forget to tell the parents that since the kids have earned income they can open Roth IRA and fund them up to the amount of earned income.  Great way to get an early jump while the market is down.
Happy to help 
Bottom line on Schedule 3 flows to Form 500 line 15a