Taxpayers on ACA in 2019. 1-1-20 taxpayers get employer provided health insurance BUT taxpayers do not cancel their ACA plan until 4-30-20. Taxpayers above the 401% of proverty level, line 5 of form...
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Taxpayers on ACA in 2019. 1-1-20 taxpayers get employer provided health insurance BUT taxpayers do not cancel their ACA plan until 4-30-20. Taxpayers above the 401% of proverty level, line 5 of form 8962. This is causing a premium tax credit repayment of 9000. Are there any solutions. Since they had employer provided insurance and were not eligible for ACA from Jan through April, can they go to their insurance provider and request an amended 1095A. This seems like this is a common problem but unable to find a solution
No. S Corp has a single shareholder, who is also a broker/agent. S Corp pays commissions to shareholder and other agents based on sales made. S Corp pays shareholder a salary to cover her manag...
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No. S Corp has a single shareholder, who is also a broker/agent. S Corp pays commissions to shareholder and other agents based on sales made. S Corp pays shareholder a salary to cover her management time. S Corp gives shareholder a 1099 for sales commissions paid to her and a W-2 for management time. S Corp gives 1099s to other agents for commissions paid to them.
Realtor is sole owner in an S-corp. Can she receive a 1099 for the commissions and a W-2 for the office work she does. Could only find a single court case supporting it.
Client has Covered California and is single. Taxpayer's daughter is not a dependent but is included in the coverage. Daughter's income would put taxpayer over the proverty limit. I can see where d...
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Client has Covered California and is single. Taxpayer's daughter is not a dependent but is included in the coverage. Daughter's income would put taxpayer over the proverty limit. I can see where dependent's income is included in the form 8962 income computation but I can not find if/or if not the income of the non dependent daughter has to be included on the taxpayer's form 8962.
my client never amortized an asset (about 200,000) acquired in 2004. I believe I will have to file form 3115 but is there a dollar limit on what can be deducted in the current year?
That's the issue and I think it becomes more of one as the credit declines. I put solar on my home 4 years ago. Until the time it was put on the grid, they were just panels setting on my roof withou...
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That's the issue and I think it becomes more of one as the credit declines. I put solar on my home 4 years ago. Until the time it was put on the grid, they were just panels setting on my roof without the ability to generate power.
I do thank you for your comment. That's the question. It must be "placed in service". Can that date occur before its actually hooked up to the utility company?
Client paid for a residential solar unit and it was installed before 12-31-19. However, it was not "on line" with the utility company until January, 2020. Based on the limited research available, ...
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Client paid for a residential solar unit and it was installed before 12-31-19. However, it was not "on line" with the utility company until January, 2020. Based on the limited research available, it appears the credit must be taken for 2020 at that the credit will be reduced accordingly. Is this correct, or can it be taken in 2019
Thanks to all. It appears I erred all these years. So can I use 3115 change in accounting methods to correct this. Retirement is looking better all the time
yes California Farmer. To promote stability in the dairy industry, California’s milk marketing program establishes minimum prices that processors must pay for fluid grade or Grade A milk received ...
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yes California Farmer. To promote stability in the dairy industry, California’s milk marketing program establishes minimum prices that processors must pay for fluid grade or Grade A milk received from dairy farmers based on end product use. These prices are established within defined marketing areas where milk production and marketing practices are similar.
Related to MT Liquor license. Are they amortized? Also, since amortization was never taken, would that qualify as a change in accounting policy in order to avoid the "allowable" aspect of basi...
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Related to MT Liquor license. Are they amortized? Also, since amortization was never taken, would that qualify as a change in accounting policy in order to avoid the "allowable" aspect of basis computation
Client purchased milk quota late 90s and early 2000s. At that time my research indicated that milk quota were no amortizable but were treated as "land". I can not find that research. Now client co...
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Client purchased milk quota late 90s and early 2000s. At that time my research indicated that milk quota were no amortizable but were treated as "land". I can not find that research. Now client considering selling the quota. Should it have been amortized.