Lee B

There are some variations on the standard 401 k that affects the answers. Solo 401 k, 401k safe harbor or ?

Most people who do it themselves never have Articles of Incorporation or a Buy Sell Agreement etc etc Then they don't treat their Corporation as a separate legal entity, which if they end up in a big lawsuit makes it much easier to pierce the Corporate Veil.

Why does it matter what date the SMLLC was formed?

It doesn't matter whether it's one QCD Distribution or six QCD Distribution. My 1099 R from Charles Schwab doesn't give any indication of how many or how much.

Several websites say that if you are an SMLLC you are halfway there.

Some days it sucks to be us

My reading says that since your client is already an LLC then they can file the 2553 to be an S Corporation. Tom, if they were a SP then they would have to become an LLC or incorporate first.

Ideally the fiduciary would report the total distribution in Box 1 and the taxable amount in Box 2a, net of the QCD. However there are so many potential variables which go into determining the taxable amount that fiduciaries leave Box 2a blank.

There is a Rev Proc you need to follow.

It hasn't shown up on my own 1099 or on the 1099s of several clients who also make QCDs. I make copies of the fiduciary QCD Documents including the checks, plus the charities usually indicate on their acknowledgement letter that it's a distribution from an IRA.

My reading says no step up for the assets held in an irrevocable trust.

Yes, I have a Fujitsu ScanSnap that is still going strong after many years. Excellent scanner!

Excellent question

Last year I gave up and mailed in my clients W 2s

There are some cities on the West Coast where the cost of child care is over $2,000 per month if you can even find an opening.

The next day I couldn't log in at all, "a configuration or server error has occurred" was the message I kept getting. I emailed Eric directly and he replied "I've run some updates on the server and cleaned up a few issues." After that my log in problems disappeared

Almost all of my clients are Blue Collar Businesses. Every single one of them has a knee jerk response to avoid using Attorneys. When they do reluctantly use an Attorney, they won't ask the Attorney to explain all the stuff they don't understand. So in the end their expectations were fulfilled, it was waste of money.

There are of things which will be reduced as the pandemic related expenditures expire, Medicaid, WIC, SNAP and the Child Tax Credit. In addition none of the usual year end extenders were passed.

I assume the forfeiture is due to an employee leaving before they were fully vested. What does the plan document say about forfeitures? Sometimes forfeitures are allocated to the other participant accounts? Or if the forfeitures are offset against employer contributions then the employer just makes a reduced contribution, in which case I wouldn't make any journal entry.

Hopefully this will free up some employees to work on the 8 Million Tax Returns currently in suspense waiting for a live body to work on them.

"WASHINGTON – The Internal Revenue Service recently completed the final corrections of tax year 2020 accounts for taxpayers who overpaid their taxes on unemployment compensation they received in 2020."

Is it a PTS or a Joint Venture? Either way I wouldn't issue a 1099.

I had two clients that got in and out of crypto in 2021. Fortunately they had all of the necessary reports. Curious, if your client hasn't done a good job of keeping track of their transactions and they don't have the reports you need then what?

Dell is still selling systems with Win 10 Pro including an upgrade license to Win 11.

I believe there is a backup withholding rule that applies.