Thank you for the reply. I believe he will be a full year AL resident because he said that he was still being paid out of AL and his DFAS W-2 has AL wages only. Now if that is the case, I was readi...
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Thank you for the reply. I believe he will be a full year AL resident because he said that he was still being paid out of AL and his DFAS W-2 has AL wages only. Now if that is the case, I was reading through Virginia's Taxation website and it states that couples Can't file a MFJ state return if one spouse is nonresident of another state. https://www.tax.virginia.gov/filing-status So basically on proseries, I will only file MFS for the state return for both? I'm not in the office right, but I'm thinking if there is even an option to select that on the state return? Never seen it. Thanks again.
Confused about proseries state return. Situation is, couple are filing MFJ. Guy is military and lived in AL last year till September. Moved to VA in September. Wife lived and worked in VA all of 201...
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Confused about proseries state return. Situation is, couple are filing MFJ. Guy is military and lived in AL last year till September. Moved to VA in September. Wife lived and worked in VA all of 2019. How do I go about doing the “non resident part?” Because he’s a resident now in VA but was in AL till September. Should I do part year resident for VA or AL? Very confused
Hello, I'm under the tools>options>Firm/Preparer Info, and the max number of preparer that I see I can add is only two? Can I add more? I have a third employee now. Thank you.
Thank you for that information. Can this be preset for all customers? Instead of doing it manually every time I do a return? like each schedule C automatically charges XX price, etc. I am not in the...
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Thank you for that information. Can this be preset for all customers? Instead of doing it manually every time I do a return? like each schedule C automatically charges XX price, etc. I am not in the office right now, so can't check the settings yet. Can I preset price for singles/HH/MFJ, etc? H&R Block and others I know have their own proprietary software were it calculates the pricing for each customer as the return is being finalized. Trying to see if Proseries "global billing" setting does the same. Thank you.
Hello, is there anyway I can program Proseries to automatically calculate price of a tax return based on (single, head of household, Married, W-2s, 1099s, Schedule Cs, Schedule A, etc)? I want to p...
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Hello, is there anyway I can program Proseries to automatically calculate price of a tax return based on (single, head of household, Married, W-2s, 1099s, Schedule Cs, Schedule A, etc)? I want to program this so I won't have to look at my pricing sheet and waste in doing so. I want the system to atomically calculate that for us. Thank you!
Trying to look more professional to my clients so upgrading to some good folders this year. I was looking at the double window folders from intuit; https://intuitmarket.intuit.com/tax-products/tax-re...
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Trying to look more professional to my clients so upgrading to some good folders this year. I was looking at the double window folders from intuit; https://intuitmarket.intuit.com/tax-products/tax-return-folders. The question is, I use Proseries professional workstation, can the software create a cover sheet like the one on the picture? Like I want the clients info and our info to appear on the windowed folder. Or do you typically do it manually on Word and just change the person's name? Please advice. Thanks!
Retained earnings gets closed to each shareholder's equity? Wouldn't retained earnings be reported on Schedule L of an 1120S? If you close Retained earnings that would give you a $0 for each year. I'...
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Retained earnings gets closed to each shareholder's equity? Wouldn't retained earnings be reported on Schedule L of an 1120S? If you close Retained earnings that would give you a $0 for each year. I've seen many 1120S and most if not all have beg, and ending balances for Retained earnings. Note: although I've seen many 1102s, I haven't worked on them, and trying to get understanding on it.
Others have said for S corps taking out "shareholder distributions" you technically need to put them as loans from the business that have to be paid back. Thoughts?
Thanks for the detailed reply. In this case, the reason for the distributions is because the owner used the business credit car account for personal expenses, which thus far he has stopped. But I'm tr...
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Thanks for the detailed reply. In this case, the reason for the distributions is because the owner used the business credit car account for personal expenses, which thus far he has stopped. But I'm trying to see how to classify them going backwards. The expenses are on the bank feed, and yes I have changed the name of the chart of accounts for "shareholder" distribution. Basically I am trying to determine how to properly add personal expenses to an account in quickbooks. So far I've added "shareholder distribution" and the balance sheet keeps going negative. What account or journal entry should I do if I need to close this out? Thanks!
I do a client's bookkeeping and taxes. Their taxes before were simple, schedule C, now they are an S-corp. Their shareholder distributions keep going negative in quickbooks under their owners equity ...
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I do a client's bookkeeping and taxes. Their taxes before were simple, schedule C, now they are an S-corp. Their shareholder distributions keep going negative in quickbooks under their owners equity account. So all distributions are now negative. I understand Net Income will close out to Retained earnings next year. In reference to the negative balance on the "owner's equity" should I adjust this entry to zero it out for the beginning of next year, or does it remain negative? Some other forums say make an adjustment but I am not sure to what account. Also where do you report these Distributions on 1120s? Will I close them out to retained earnings and will they just show there or do they show on Schedule M-2 line Line 7? These are two shareholders. Thank you.