stateraservices's Posts

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stateraservices's Posts

Doing an "extension". I'll recreate it from scratch and see what happens.
I know the 2019 NOL isn't allowed by CA. However, actually it does create a change on the CA tax side. Increases it substantially. I'm puzzled why it's being "added back in"; I mean - from where I si... See more...
I know the 2019 NOL isn't allowed by CA. However, actually it does create a change on the CA tax side. Increases it substantially. I'm puzzled why it's being "added back in"; I mean - from where I sit there should be no change at all. What am I missing?
I'm filing an extension to my client's 2018 1040 with a carryback loss from 2019. Seems to be fine on the federal side. However, on the California side (location of the client business), the carryback... See more...
I'm filing an extension to my client's 2018 1040 with a carryback loss from 2019. Seems to be fine on the federal side. However, on the California side (location of the client business), the carryback loss is ADDED to the AGI as opposed to reducing it. I know that California is presently not allowing 2019 carrybacks, but why would a carryback be adding to the client's gross income?
For 2019, my client's S-Corp had a $44k loss. How can I carryback this loss against the company's $18k income of 2018? I filed both 2019 and 2018 1120S returns, before realizing I could use the carry... See more...
For 2019, my client's S-Corp had a $44k loss. How can I carryback this loss against the company's $18k income of 2018? I filed both 2019 and 2018 1120S returns, before realizing I could use the carryback. Do I need to file amendments for both years, or just for 2018? And, exactly how do I go about implementing the carryback within ProConnect? TIA.
I'm new to doing 1120S returns, so excuse my ignorance on this. I have two co-owners of an S-Corp who are 50/50 shareholders. They only started taking W2 compensation in 2018, and I am helping them f... See more...
I'm new to doing 1120S returns, so excuse my ignorance on this. I have two co-owners of an S-Corp who are 50/50 shareholders. They only started taking W2 compensation in 2018, and I am helping them file 2018 taxes (yes, they're well aware that they are late). My question: do I report their W2 income from the business on line 8 of the 1120S (Salaries and Wages), or line 7 (Compensation of Officers), or somewhere else? Also, do I then report those same W2 payroll transactions to the principals as income on their 1040?
Greetings - is there a way to use the "Prep for Taxes" tool within QBO to transfer data to ProConnect for a short year return? I have a client that needs to file a C Corp (1120) return for the first ... See more...
Greetings - is there a way to use the "Prep for Taxes" tool within QBO to transfer data to ProConnect for a short year return? I have a client that needs to file a C Corp (1120) return for the first half of a particular tax year and then an 1120S for the second half. It appears that Prep for Taxes only allows data to port over from an entire year unless I'm missing something.