mvp2885's Posts

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mvp2885's Posts

For some reason the federal did not transmit at all under wrong social. So I am safe there, but the state did. Will the state be rejected if no federal received? It still showing as "return send to s... See more...
For some reason the federal did not transmit at all under wrong social. So I am safe there, but the state did. Will the state be rejected if no federal received? It still showing as "return send to state." 
No, so what happened is I filed both, but for some odd reason, I had a client with almost identical social security numbers, so proseries automatically rejected the federal saying "you have already f... See more...
No, so what happened is I filed both, but for some odd reason, I had a client with almost identical social security numbers, so proseries automatically rejected the federal saying "you have already filed a return with that social security number." I then saw the number was wrong. Corrected, But the state is showing at "return received by intuit." When I click on Update EF status, I get the message "No valid EF center record" So now I can't even EF update to see the status!  
I did a mistake where I efiled a return with a wrong social (one digit wrong :() I changed the social of the primary and now when I try to "update EF status for VA, I get a message saying " No valid ... See more...
I did a mistake where I efiled a return with a wrong social (one digit wrong :() I changed the social of the primary and now when I try to "update EF status for VA, I get a message saying " No valid return EF Center Record Exist." What do I do!? Will state return be rejected? Will it even show? 
Is there any worksheet or anywhere on ProSeries where I can track the stock basis of an S-Corp shareholder? I saw some articles, but they seem to relate to Lacerte Tax. Any information will be apprec... See more...
Is there any worksheet or anywhere on ProSeries where I can track the stock basis of an S-Corp shareholder? I saw some articles, but they seem to relate to Lacerte Tax. Any information will be appreciated, thank you. 
I have been using proseries for multiple years now. I am doing client's bookkeeping through quickbooks online. For individual taxes, proseries is really nice and cost effective. However, for 1120S or... See more...
I have been using proseries for multiple years now. I am doing client's bookkeeping through quickbooks online. For individual taxes, proseries is really nice and cost effective. However, for 1120S or other business returns, since I already have QBO for clients, would it be easier to pay for proconnect? I saw that I can transfer taxes from QBO to Proconnect with a click of a button. Anyone do this? Thanks. 
Well this shady accountant didn't even do that, probably just put it to reduce some taxes. I'm trying to figure out if it's a customer list. They have a list of assets being depreciated, but this int... See more...
Well this shady accountant didn't even do that, probably just put it to reduce some taxes. I'm trying to figure out if it's a customer list. They have a list of assets being depreciated, but this intangible is questionable. Considering just not including it unless I really find what it is, but at this point it's not very clear.
Been working on an 1120-S. Previous accountant had put approximately $20,000 of intangibles, depreciated some amount, but when I asked the client what that "intangible" is from, they don't know! Prev... See more...
Been working on an 1120-S. Previous accountant had put approximately $20,000 of intangibles, depreciated some amount, but when I asked the client what that "intangible" is from, they don't know! Previous accountant is no where to be found, maybe closed or out due to COVID-19.  Anyways, thoughts on carrying this intangible to this years tax return. Thank you. 
Thanks! 
I e-filed a client's return 2 months ago. Proseries is saying "accepted" for both Federal and State. When I go to client's "where's my refund" theres nothing! Nothing shows, not even a status. Keeps ... See more...
I e-filed a client's return 2 months ago. Proseries is saying "accepted" for both Federal and State. When I go to client's "where's my refund" theres nothing! Nothing shows, not even a status. Keeps saying "the information you enter does not match." I double checked everything and everything looks good. Deciding if I should do a POA to talk to IRS or just wait little longer since not sure if the whole closure is delaying a few things.  Anyone with similar issue? 
True! 
Got it, I will have her go to her old accountant, too much hassle for me.
Any work around besides going through the w-2 mess? Reporting those wages on Schedule C? They might be willing to pay the SE taxes. 
This person didn't have a w-2 😕 She should have, but didn't. She just "drew" or "compensated" herself for her services by just transferring the money from her business account to personal, and p... See more...
This person didn't have a w-2 😕 She should have, but didn't. She just "drew" or "compensated" herself for her services by just transferring the money from her business account to personal, and physical withdrawing money from her account. 
Finished an 1120. Officer had $25,000 in "compensation of officers" line 12. Where on the 1040 would I report that, if reported there? This is a C corp. 
Hello. What is the IRS doing with those that had appointments in their offices? Have several clients getting the 5071C letter. Thanks. 
Can you please tell me proper steps in proseries to expense the $5,000 of start up expenses and amortize the rest on a 1065? This is what I am doing in proseries according to their instructions. I P... See more...
Can you please tell me proper steps in proseries to expense the $5,000 of start up expenses and amortize the rest on a 1065? This is what I am doing in proseries according to their instructions. I Press "F6" then search IRC then press Ok, then it takes me to a page where I can elect section 195. From there it takes me to the "deemed election to amortize/deduct start up expenses." This worksheets seems to do nothing since nothing transfer over to the 1065. Seems more like for record keeping. So I followed other instructions and entered the $5,000 on page 1 line 20 "other expenses" Then proseries says that any amount over $5k I do an asset entry worksheet, to generate a 4562. Under the cost/other basis on 4562 I am assuming I put the full cost of the asset? In this case $30,000. I already expensed $5,000 so I'm wondering if I should put $25,000? Thanks, just trying to make sure I enter everything correct in the program. 
oh nvm, just found it, need to create an Asset worksheet. 
LOL I KNOW. Anyways, from where would you enter the start up expense and amortizable amounts? Mines says IRS195 Election. But I do not see a 4562 being generated. 
It was a coaching program were they helped him with the market research of flipping homes, and in addition helped him find get a team of real estate investors, vendors, and contractors (included in t... See more...
It was a coaching program were they helped him with the market research of flipping homes, and in addition helped him find get a team of real estate investors, vendors, and contractors (included in the 30,000 fee). 
Also under " where do I enter" I search "start up expenses. Has a easy to use entry sheet to claim the $5,000 start up expense, but I do not see a 4562 form generated. Am I missing something?