I had a diagnostic saying that the tax program assumes that wages are 199 A and if they're not, I need to manually adjust. So since the only wages paid are for one of the two shareholders, ...
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I had a diagnostic saying that the tax program assumes that wages are 199 A and if they're not, I need to manually adjust. So since the only wages paid are for one of the two shareholders, I am wondering if since its reasonable comp that it should not show up as wages on statement A of the K-1.
I have two 50/50 shareholders and only one took compensation. There are no distributions and there is a loss for the year 2019. What should the K-1's look like for Statement A Qualified Business In...
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I have two 50/50 shareholders and only one took compensation. There are no distributions and there is a loss for the year 2019. What should the K-1's look like for Statement A Qualified Business Income, Box 17, Code V? Currently it is showing the loss split 50/50, with W-2 wages split 50/50 and the qualified property is split 50/50. Is this correct? it is not a specified trade or business. This is my first S Corp in a few years and I am not sure I am understanding how the shareholder comp should show up for Qualified Business Income as I am reading that it should be excluded from Qualified Business Income but only one shareholder took compensation. I appreciate your help.
I wonder if they will grant relief for the penalties due to the confusion. I plan to try. Does anyone have suggestions for getting penalty relief? Appreciate any input!
Thank you so much! So, Corporations did not get the extended time to file if they were due 3/15/2020, only returns that would normally have been due 4/15/2020 correct? I just received the request to...
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Thank you so much! So, Corporations did not get the extended time to file if they were due 3/15/2020, only returns that would normally have been due 4/15/2020 correct? I just received the request to file this extension yesterday.
I found this link in Lacerte regarding transmission perfection period: https://proconnect.intuit.com/community/partnership/help/electronic-filing-deadlines-and-perfection-periods-for-business/00/4455
When will the 1040 SR instructions be finalized? Lacerte is giving me a diagnostic that the instructions are not finalized and if I file now, I may have to amend later if instructions change.