onestop73's Posts

onestop73 · ‎04-25-2022

Hello, It has been a long year and still going, can't complain about the continuous income but the long endless nights has been horrific. I am trying to review the pub 501 page 18 on the claiming of...

Hello, It has been a long year and still going, can't complain about the continuous income but the long endless nights has been horrific. I am trying to review the pub 501 page 18 on the claiming of HOH with dependent children in MX. The pub says you may be able to claim your child as a dependent even if they child lives in Canada or Mexico. If the child doesn't live with you the child doesn't meet the residency test to be qualifying child; however, the child may still be your qualifying relative. Also, the sample provides, that if your children lived in MX and they are no one's else's dependent, you can claim them as qualifying relatives and may be permitted to claim them as dependents. 1.) I wanted to know if a single man who provides for his children in MX, can claim HOH, here in the CA, despite children being in MX. In reading the pub, appears as YES. Want to confirm if I am reading this correct? 2.) As I was reading for the HOH, saw that you may be able to claim the dependents as QR despite them not being here in the states. I am now confused as I thought that dependents in MX were no longer being allowed to be claimed. Any thoughts? Am I reading this wrong? *Are we still allowed to claim them as dependents without the CTC or EITC, so; therefore, only for purposes of HOH, CA personal exemptions? If that is the case because they are in MX, do we still need to renew those ITIN's? Thank you in advance as I know most of us about to call it quit time, or not.

onestop73 · ‎03-07-2022

Yes, I will surely try to explain that it needs to be done right this time and going forward. Not trying to follow the wrong crowd, thus why I am here asking away. 😁

onestop73 · ‎03-07-2022

Your right, it should be the schedule C for this SMLLC, but just in case client wants to continue such way how do I get to that Convert EF Box? I not very familiar with the Pro side of this, as I mos...

Your right, it should be the schedule C for this SMLLC, but just in case client wants to continue such way how do I get to that Convert EF Box? I not very familiar with the Pro side of this, as I mostly use the basic. How to get to unclick that error checking box? Thank you for replying in such busy times.

onestop73 · ‎03-07-2022

Hello, This is an old post; however, it is a similar situation I am dealing with. A new client came in, insist that he files a 1065 for his partnership, which I asked for copies of last years he fil...

Hello, This is an old post; however, it is a similar situation I am dealing with. A new client came in, insist that he files a 1065 for his partnership, which I asked for copies of last years he filed. I reviewed 2018,2019 & 2020 all filed with 1065 and K-1s only to him, one partner. He used to have a partner in the beginning but now it's only him. How can the errors on the partners be bypassed when only one member is listed? I am baffled how the other offices filed. He said he never given them any information on the old partner, and they have filed his return as one partner, General partner, domestic and type of partner noted as Disregarded entity. I have it exactly the same as prior year, but I am dealing with this partner social security information issue on the K-1 worksheet. Any idea how a 1065 return can be filed with only one partner?

onestop73 · ‎03-03-2022

I noticed only the filers TIN is on it (escrow company) but none listed as Transferors TIN. As for the Trustor/Grantor, I will have to ask the client (single parent) spouse passed away some years ba...

I noticed only the filers TIN is on it (escrow company) but none listed as Transferors TIN. As for the Trustor/Grantor, I will have to ask the client (single parent) spouse passed away some years back who had left that land to the daughter. Since mom is claiming daughter as a dependent, then safe to include this in moms 1040, as acknowledging the 1099-S? I am hoping when I wake up tomorrow it will be April 18th!

onestop73 · ‎03-03-2022

Can't believe I woke up this morning and its March 2022! Using one of my lifelines here: need your help and thought process. A client who is a single parent claims her daughter who is disabled, bro...

Can't believe I woke up this morning and its March 2022! Using one of my lifelines here: need your help and thought process. A client who is a single parent claims her daughter who is disabled, brought in 1099-S for her dependent daughter who sold land that was in a revocable trust. Dependent is listed as the trustee of the real estate transaction. Now, my question is if the sale of land should be reported on a 1041 or on 1040 for the dependent? Never, worked on these that have Trustee of revocable trust, any suggestions would be greatly appreciated. Hope all are staying mentally sane in these coming days.

onestop73 · ‎06-29-2021

I did not know that; however, it is nice we still have those with the return. Thank you for that information.

onestop73 · ‎06-29-2021

That actually does have the accepted date, thank you so much for guiding me to the form. Thanks,

onestop73 · ‎06-29-2021

Hello, Which form # is it that gives me the efile acknowledgment with IRS confirmation of 1120s filing? Similar to the 9325? Thank you,

onestop73 · ‎04-23-2021

Thank you, makes sense, to report all income received.

onestop73 · ‎04-23-2021

Hello out there, Interesting scenario which I have not encountered and not sure how to go about it. I called IRS and that found myself being disconnected several times and or get the message they ar...

Hello out there, Interesting scenario which I have not encountered and not sure how to go about it. I called IRS and that found myself being disconnected several times and or get the message they are busy. So I turn to you all for suggestions. ITIN client comes in, has been working for Company X, with, not a surprise, a social that is not his. Of course normally we still file taxes which the name on the W2 matches the ITIN taxpayer and the system understands which asks we provide the social that is noted on the W2. The difference here is that the client name on the W2 does not match the ITIN filer. He mentioned he has worked this social under THAT name for years. He wants to file taxes, but gets different input from different preparers which scared him to not reporting it as its illegal to file a W2 that his name does not appear on it. He is the person working the income and filed only two years but now is not sure if he should or not continue filing. Again, tried calling IRS for guidance and have not been able to get through. Any suggestions; how you would handle this case? Input greatly appreciated like always.

onestop73 · ‎04-17-2021

Thank you, appreciate the response.

onestop73 · ‎04-17-2021

Hello All, Need some pointers, have a client who like other businesses, has losses NOL (schedule C) this year 2020; however, wants all of it reserved (carryforward) to next year 2021. System is usin...

Hello All, Need some pointers, have a client who like other businesses, has losses NOL (schedule C) this year 2020; however, wants all of it reserved (carryforward) to next year 2021. System is using it all to adjust his other income (1099-R pension); however, need to stop it from applying it this year. Is there a way to carry it forward to next year instead of this year? Thank you, Is it May 17, yet?

onestop73 · ‎04-05-2021

Understood, thank you, makes more sense when brainstorming with others.

onestop73 · ‎04-05-2021

Hello All, Does 2020 tax season get any easier? I have a client who co-signed for a nephew, whom the nephew lived in the home and sold it 2020; the nephews tax preparer wrote it off as main home exc...

Hello All, Does 2020 tax season get any easier? I have a client who co-signed for a nephew, whom the nephew lived in the home and sold it 2020; the nephews tax preparer wrote it off as main home exclusion; yet a client that was the co-signer is now holding the other 1099-S, for the other half. The problem is how to report the co-signers 50% that was not their main home (he only co-signed). The home sold as a loss. The co-signer who had nothing to do with the home sold; this year will be also selling his primary residence this year, which I cannot use the primary home exclusion for the home sold in 2020. The home sold 2020 was not a primary residence for the client nor was rental. Attempted to enter it on page 1 of 4797 as assets not related to specific property and noticed the loss was not limited to the $3000 but rather applied full loss to wages. Any suggestions how to approach this?

onestop73 · ‎03-17-2021

Finally got the answer: Line 8 exclusion remark: "UCE: Unemployment compensation Exclusion" - $xxxxx,

onestop73 · ‎03-15-2021

Hello, Trying to see if there is a way to run a report or filter the clients that have been filed already with unemployment wages for basic Proseries; any clue? Has anyone heard if how we will be m...

Hello, Trying to see if there is a way to run a report or filter the clients that have been filed already with unemployment wages for basic Proseries; any clue? Has anyone heard if how we will be making the adjustment? (I think line 21 in other income we will enter negative income to adjust, but not sure if they will give us a special IRC code no. to link it to unemployment) I only see tumbleweeds passing by and no updates from the news. Have an awesome day.

onestop73 · ‎03-08-2021

Hello out there, I was asked; therefore, asking now. A person forgot to include 1099-INT due just now (2021) finding it amongst all the other paperwork one has shoved in desk drawers; asked to amend...

Hello out there, I was asked; therefore, asking now. A person forgot to include 1099-INT due just now (2021) finding it amongst all the other paperwork one has shoved in desk drawers; asked to amend their tax return and upon entering it, realized the difference is $6.00 due (TY2019). Suggestions: submit the amendment or will the IRS just write it off as under a limit amount of collections. Does the IRS have an amount that it decides to write off as uncollectible? Thoughts? Thank you all,

onestop73 · ‎02-14-2021

Thank you for the reply, and I may need those acme tires, if it guarantees I catch the Road Runner.

onestop73 · ‎02-14-2021

Going in circles with the EIDL loans. Want to get clarity on my understanding of the Cares Act on the EIDL loans and the expenses paid with it. My understanding is that the amount received as EIDL (a...

Going in circles with the EIDL loans. Want to get clarity on my understanding of the Cares Act on the EIDL loans and the expenses paid with it. My understanding is that the amount received as EIDL (assuming it is going to be repaid back as a loan); is not considered taxable (excluded from Gross Income); however, the business expenses paid with it may still be deductible? (May show as a huge loss for the year in some cases). This is coming from the Covid-Related Tax Relief Act of 2020: am I understanding it correctly? Sec. 8. Clarification of tax treatment of certain loan forgiveness and other business financial assistance under the coronavirus relief legislation. The provision clarifies that gross income does not include forgiveness of certain loans, emergency EIDL grants, and certain loan repayment assistance, each as provided by the CARES Act. The provision also clarifies that deductions are allowed for otherwise deductible expenses paid with the amounts not included in income by this section, and that tax basis and other attributes will not be reduced as a result of those amounts being excluded from gross income. The provision is effective for tax years ending after date of enactment of the CARES Act. The provision provides similar treatment for Targeted EIDL advances and Grants for Shuttered Venue Operators, effective for tax years ending after the date of enactment of the provision.

onestop73's Posts

onestop73's Posts

Can a single father, claim HOH with his qualifying Relatives (son & daughter) in MX?

Re: Form 1065

Re: Form 1065

Re: Form 1065

Re: Should a 1040 or 1041 be filed when land is sold (1099-S) by a dependent listed as a trustee of a revocable trust?

Should a 1040 or 1041 be filed when land is sold (1099-S) by a dependent listed as a trustee of a revocable trust?

Re: Efile acknowledgment for 1120S, what is the form and how to get it?

Re: Efile acknowledgment for 1120S, what is the form and how to get it?

Efile acknowledgment for 1120S, what is the form and how to get it?

Re: Should an ITIN client report his W2 that does not match his name?

Should an ITIN client report his W2 that does not match his name?

Re: How do you elect to carryforward the entire NOL to next year 2021?

How do you elect to carryforward the entire NOL to next year 2021?

Re: How to report the sale of a home for a co-signer, who didn't use the home as primary residence nor rental?

How to report the sale of a home for a co-signer, who didn't use the home as primary residence nor rental?

Re: Is there a filter in basic proseries to run and capture all clients with unemployment?

Is there a filter in basic proseries to run and capture all clients with unemployment?

Is there a threshold amount IRS writes off as uncollectible?

Re: Business expenses paid with EIDL loan are they still deductible?

Business expenses paid with EIDL loan are they still deductible?

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