The PPP Loan is $40,000. Since it goes on the K-1, Line 16B, the S/H Equity is increased by $40,000, and the Balance Sheet is off by $40,000. What Journal Entry should the client have made when the ...
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The PPP Loan is $40,000. Since it goes on the K-1, Line 16B, the S/H Equity is increased by $40,000, and the Balance Sheet is off by $40,000. What Journal Entry should the client have made when the Loan was forgiven?
Thank you. Sorry, but I made a "late night-working too long" boo-boo. The Inventory purchases were made with another, not PPP, loan. The PPP loan did pay the wages. Are the Wages reduced by the amoun...
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Thank you. Sorry, but I made a "late night-working too long" boo-boo. The Inventory purchases were made with another, not PPP, loan. The PPP loan did pay the wages. Are the Wages reduced by the amount of the Forgiven PPP Loan? Or does that also go on the K-1, at line 16c? Appreciate your help!
If the Expenses paid with the PPP Loan (Forgiven) are "moot," should they reduce the cost of whatever was purchased with them? One of my S-Corp clients bought Inventory with it. Does that reduce the ...
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If the Expenses paid with the PPP Loan (Forgiven) are "moot," should they reduce the cost of whatever was purchased with them? One of my S-Corp clients bought Inventory with it. Does that reduce the Cost of Sales "Purchases"?
I e-filed a client's 1040 about 3 weeks ago. She had informed me that she had not received the Dec 2020 Covid Rebates ($600x3=$1,800). A week ago she called to tell me she found out that she actually...
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I e-filed a client's 1040 about 3 weeks ago. She had informed me that she had not received the Dec 2020 Covid Rebates ($600x3=$1,800). A week ago she called to tell me she found out that she actually did receive the $1,800. She was going to receive a $7,500 refund for 2020. What's the best way to handle this? Let the Feds handle the correction, or try to communicate with them? Thanks!
Tried to e-file a FYE 11/30/19 Corporate return on Lacerte 2018. Louisiana was accepted. Federal failed pre-submission validation: Error 707: Version of Lacerte is no longer current. I have updated L...
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Tried to e-file a FYE 11/30/19 Corporate return on Lacerte 2018. Louisiana was accepted. Federal failed pre-submission validation: Error 707: Version of Lacerte is no longer current. I have updated Lacerte 2018 several times, and continue to receive the failure notice.
I am filing for an older couple, one of whom died in 2019. This is the first return I've filed for them. An un-named dependent shows up, and I have tried to delete it several times. They have no depe...
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I am filing for an older couple, one of whom died in 2019. This is the first return I've filed for them. An un-named dependent shows up, and I have tried to delete it several times. They have no dependents, but the program will not allow the deletion, and continues to provide an error message. Any ideas?
Is there a short-cut to assist in reporting multiple stock sales on Form 8949 and Schedule D? Is it easier to just fill them all in in the "Dispositions" or fill-in an Excel format and include downlo...
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Is there a short-cut to assist in reporting multiple stock sales on Form 8949 and Schedule D? Is it easier to just fill them all in in the "Dispositions" or fill-in an Excel format and include download sheets? Where would I find the Lacerte method to this? I'm talking 200-300 transactions! Thanks.