TaxGuyBill, Thanks for your response, cant seem to find any IRS authority on this, do you kow of any. Current notices seem to apply to 2017, 18,19 and is confusing to say the least. Have you done th...
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TaxGuyBill, Thanks for your response, cant seem to find any IRS authority on this, do you kow of any. Current notices seem to apply to 2017, 18,19 and is confusing to say the least. Have you done this ?
Rick, Im still confused at this late date; Does the retention credit suppose to reduce basis (line 13 of 7203) ? Is the Employee retention credit tax exempt income ? Is the Employee Retention...
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Rick, Im still confused at this late date; Does the retention credit suppose to reduce basis (line 13 of 7203) ? Is the Employee retention credit tax exempt income ? Is the Employee Retention credit a contribution to capital to make the balance sheet balace ?
I am referring to the individual return where additional basis is provided by officer W-2 wages ( is it not?) allowing SEC 179 to be taken. But form 7203 thakes the wages and allocates it to suspe...
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I am referring to the individual return where additional basis is provided by officer W-2 wages ( is it not?) allowing SEC 179 to be taken. But form 7203 thakes the wages and allocates it to suspended losses, contributions made and to SEC 179.. I believe it is suppose to be allocated just to SEC179 otherwise we would be additing wages paid to the basis schedule all the time.
I have tried to link S corp officers wages screen 10 to the K-1 screen 20.2 in order to take a section 179 deduction for an officer that has current low basis , carryover losses and other separate ...
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I have tried to link S corp officers wages screen 10 to the K-1 screen 20.2 in order to take a section 179 deduction for an officer that has current low basis , carryover losses and other separate carryover items. It doesn't work. I believe the link is for medical insurance only and not for the SEC 179 deduction I can't figure a work around that would just apply the officers wages to the section 179 amount, which I believe is the proper application. Any workaround to increase basis , on screen 20.2 is applied to all carryovers items on the basis schedule page 2 of form 7203. I dont think that is correct. Shouldnt it just apply to the SEC 179 deduction ? With the new Form 7203 requirement for individuals how does one handle the application of wages to section 179 ? and properly reflect page 2 of 7203 ?
I am confused with the lacerte error # 253122 you know the one " The amount of distributions entered on schedule K lin 16D is greater than the total net balance available for distribution in all of...
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I am confused with the lacerte error # 253122 you know the one " The amount of distributions entered on schedule K lin 16D is greater than the total net balance available for distribution in all of the Schedule M-2 accounts by 177880. The amount of excess distributions ruduces the ending balance of retained earnings on schedule L. Line 24. But on basis schedule Distributions in excess of Basis is $ 0 Suspended loss is $ 55363 Why isnt the 177880 considered capital gain or taxable, is it ever ? All amounts are correct