LIBChristinaG's Posts

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LIBChristinaG's Posts

I have a client who moved back to NY in late Jan 2019 then moved back to Guam in May and then back to NY in Dec 2019. She was a military wife. Files MFS. She has a W-2 from NY and a W-2GU from Guam. ... See more...
I have a client who moved back to NY in late Jan 2019 then moved back to Guam in May and then back to NY in Dec 2019. She was a military wife. Files MFS. She has a W-2 from NY and a W-2GU from Guam. She says she has always kept her residency in NY but her last 2 years returns have her Guam address and no NYC was filed Does she have to file an NYS return and I am getting a critical alert that her return cannot be e-filed due to W-2GU. Looking for any insight. Thank you in advance 
Thank you again. Last year was their first year of profits and towards the end of the year he finally took my advice to get on W2 but it was late in the year. I understand completely and will discus... See more...
Thank you again. Last year was their first year of profits and towards the end of the year he finally took my advice to get on W2 but it was late in the year. I understand completely and will discuss the determination with the client. But could you answer this for me even for future reference when there is one shareholder who is the only W2 employee do you apply the W2 wages to "Officers Compensation" or to "salaries and Wages" which is the most correct?   Thank you.
Thank you for your response. In 2016 their Basis was calculated at 25K by end of year. New preparer in 2017 did not incorporate 2016 end of year Basis into 2017 but applied income/expenses and the s... See more...
Thank you for your response. In 2016 their Basis was calculated at 25K by end of year. New preparer in 2017 did not incorporate 2016 end of year Basis into 2017 but applied income/expenses and the same preparer for 2018 only applied the losses from 2017 under M-2 (accumulated Adjustments) but no revenue/expenses, nothing on K1. BUT same preparer on 2018 1040 applied under Sch E non-passive loss from schedule K1 of a considerable amount
If you have a new client and you can clearly see the errors in the previous years 1120S (K1 is blank there was no income/expenses accounted for) but I took over their books in Jan of 2019 and I have ... See more...
If you have a new client and you can clearly see the errors in the previous years 1120S (K1 is blank there was no income/expenses accounted for) but I took over their books in Jan of 2019 and I have advised the client that not only was there revenue for the s-corp for 2018 but on their individual return (1040) for 2018 it reflects losses that should have come from the K1 that was clearly blank that an amendment would be necessary. The client cannot afford to amend the previous year and just want 2019 completed but their beginning balances from 2019 that are accurate in the books that I kept for them will be inaccurate on their return if I match it to the previous year Does that make sense?
If filing for S-Corp 1120S and the client took a small amount of W2 wages 6K (Gross Income 102K) but profit was 28K after expenses etc.    1. Should I put his W2 wages under Officer Compensation or... See more...
If filing for S-Corp 1120S and the client took a small amount of W2 wages 6K (Gross Income 102K) but profit was 28K after expenses etc.    1. Should I put his W2 wages under Officer Compensation or under salaries and wages (He is the sole shareholder and employee) 2. If owners draw was approx 31K, should I apply at least a 15K distribution    I have read so many different things I am spinning at this point in researching the best route