Lynn EA USTCP in Louisiana

If it's a schedule C there'l no K-1; as Lion EA said above, K-1's are issued by partnerships, S corps and possibly trusts/estates.

PPP loan, even if forgiven, is not included in income. Expenses paid with the PPP loan proceeds are fully deductible.

Basis, contributions, are deemed to be distributed first. If the distribution exceeds the basis then the overage is taxable. Was the account open at least 5 years ?m

Louisiana extended filing to 6/15:due to statewide disaster declaration after the February ice storms

I'd ask for the final pay stubs. Maybe the W2 is wrong.

Randall, I think that tab at the bottom of the 1120S has more to do with the states that do not conform to the IRS PPP forgiveness / expense issue. I'm not going to use it for my clients based in Louisiana, which conforms to IRS on this.

Randall, where would I find the tab for PPP loan forgiveness (S Corp)?

In ATX if you click on the W2 line a worksheet opens up wherein one may enter the amount deemed to be taxable scholarship. It then shows on the W2 wages line with the notation 'SCH' next to it.

In the sch E worksheet is the property marked 'complete disposition of passive activity'? If that box is not checked then the losses created by entering the negative 481(a) adjustment on the 'other expenses' line will not be allowed.

Did Covid restrict his job hunting abilities?

Ask them if they have a prenup delineating property separation.

Some folks received their first stimulus money in April 2020. And the second as early as 12/29 or into January/February 2021.

That is

Judy, in ATX K-1 is no longer marked as draft. I looked at all the lines for code V and don't see anywhere to input the 199a dividends received. It's not a lot of $ (under $10) and probably will have no tax impact for the S/H. Thanks for responding.

Client is an S corp with an investment account. The 1099-DIV reports line 5 Section 199A dividends $x.xx. I am mystified as to where on the return/worksheets/schedules to enter this information. I hope someone else has run across this in the past and has an answer. Thank you,

Schirallicpa - the client does not have to pay back the extra EIP received. While the IRS might say to return those extra funds, there's no payback requirement in that stimulus package.

But if he's already received the $1,200 and $600 then IRS already has the correct bank details. My guess is the letter is just an FYI, just in case, you might need to ......

It takes a couple days for the ACK to come back, and the time frame extends the closer you get to the filing deadline, My early ones took 2 days , and now I am looking at 3-5 days.

When the TDF form was filed It was a mixed bag. That changed when the FBAR filing is allowed only on the FINCEN site . I provide general FBAR filing requirements but do not want the liability of doing so. My 3 individual clients with foreign assets all file their own FBAR and provide a copy to me. The FBAR for a US trust is filed by the trustee, who also provides a copy to me.

What I have done is edit the letter to add a paragraph

IRS does match 1099-K, or at least the ones issued for $368,000

line 10B ? click on the arrow to the worksheet. enter the cash charitable contributions on line 5 of the worksheet. that's what shows on my system. Did you do the program update when it came out a couple of weeks ago ?

I stopped mailing w2’s to ssa and 1099s to IRS; they are Efiled, the w2s through my writeup software via nelco (howell) and the 1099s via ATX. A few are manually entered directly at SSA BSO

Close 2020 PR. Open 2019 PR. Close 2019 PR. Reopen 2020 PR and try again.

I opened the 2019 return; all fixed assets are there. I'll delete the 2020 file and re-add it. (Hope that does the 'trick' ! ). Thanks,