The federal depreciation is $23,264; the state depreciation is $39,630 and the add back is $23,870. There is no supporting worksheet for this that I can find.
The Mississippi depreciation is more than the federal and there is an add back on the MS tax return which I understand to be a passive add back but I am unable to determine how that amount is entered...
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The Mississippi depreciation is more than the federal and there is an add back on the MS tax return which I understand to be a passive add back but I am unable to determine how that amount is entered as there is no supporting schedule.
Can anybody help me.
Harvey
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The instructions for the 1120S want not only the PPP loan to be reported on the M2 in the OAA which is column D but they want all the associated expenses reported in the OAA column also which means t...
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The instructions for the 1120S want not only the PPP loan to be reported on the M2 in the OAA which is column D but they want all the associated expenses reported in the OAA column also which means that the expenses are reported in two places on the M-2. I wonder if the IRS wants us to file an amended tax return for 2020?
Outlook is not cooperating with sending the encrypted tax returns. I have problems for the several years with this process. Yesterday, I spoke with someone who spent some time with me and said that...
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Outlook is not cooperating with sending the encrypted tax returns. I have problems for the several years with this process. Yesterday, I spoke with someone who spent some time with me and said that she needed to do some research and she would contact me. I am still waiting. This is academic for this year. But I would love dearly to resolve this issue before next tax season. Thank you
On the sale of S Corporation stock if the cutoff method is used and the total income for the year is 50K, which is broken down to SH 1 as 40K and SH 2 as 10K which is reflected on the K-1's is the QB...
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On the sale of S Corporation stock if the cutoff method is used and the total income for the year is 50K, which is broken down to SH 1 as 40K and SH 2 as 10K which is reflected on the K-1's is the QBI allocated the same way or is the QBI allocated prorata based on the days owned in the year?
Second question: On rental property if you have commercial property and residential property can you aggregate both types of property or do they have to be kept separate? If you do not aggregate is the 250 safe harbor applied to each property or to the total properties?
Thank you.