Welcome back! Ask questions, get answers, and join our large community of tax professionals.

Multiple activities for 1065 or 1120-S

cancel
Showing results for 
Search instead for 
Did you mean: 

Multiple activities for 1065 or 1120-S

PatrickSanford

I would love to have the ability to add activities on page 1 of the 1065 or 1120-S. This would help with several items, including QBI passthrough, and reconciling client's separate businesses with the tax return. Often, clients will have one LLC that will operate multiple businesses. These aren't real estate rentals, oil and gas, or other places where additional tabs are easily entered. These are just normal operating businesses.

Because depreciation might be specific to those entities, it would be nice to have a "Activity Name or Number" with the page 1 input.

Also, with 199A, we can only aggregate activities if certain requirements are met. See https://accountants.intuit.com/taxprocenter/tax-law-and-news/aggregating-business-entities-for-the-q.... If these requirements aren't met, the only current way to properly allocate this income, wages, and property is to zero out the automatic inputs, and manually create additional QBI businesses and fill them out by hand. If the return is changed, these manual inputs are obviously incorrect.

So, please add a "+" button on the inputs for ordinary income. Thanks.

Also, if you implement this, please provide a worksheet that will summarize all the income, COGS, and deductions from that activity.

 

Thanks for the idea to add a "+" button on the inputs for ordinary income. . We are changing the status to "Open for voting".

Continue to vote and comment on enhancements by going to the Idea Exchange Home page and select "Status": Open for voting, "Sort by": Most Popular. >> ProConnect Idea Exchange

If you have any questions on the life cycle of an idea, check out our Idea Exchange Getting Started Guide for more information.

Status: Open for voting
0 Votes
Vote now if this is a good idea
2 Comments
Intuit_Ruben
Moderator
Moderator
Status changed to: Open for voting

Thanks for the idea to add a "+" button on the inputs for ordinary income. . We are changing the status to "Open for voting".

Continue to vote and comment on enhancements by going to the Idea Exchange Home page and select "Status": Open for voting, "Sort by": Most Popular. >> ProConnect Idea Exchange

If you have any questions on the life cycle of an idea, check out our Idea Exchange Getting Started Guide for more information.

PatrickSanford
New Member

I can't vote for my own idea. Geez...

Post comment