WITAXLADY

That must be why 5 farms have received letters you never paid! your 943! Including my husbands.. And after "yelling" at his accountant and threatening to change - after proving it was paid - He got a letter 2 weeks later saying they were forgiving the interest. Nothing else - no apology, no received payment, etc.. Nice - when they thought it was our mistake! D

So Dennis - is that reimbursement then taxable? for health insurance if an officer? Or does it gert added back into box 1 on teh W-2? thx

I understand the more than 2% health ins being added to the W-2 wages. Bookkeeper - took the salary and subtracted the ins for all lines 1,3,5 - giving him a lower paycheck so it is like pre-tax health ins. I can add the health ins back to line 1 and correct the W-2, W-3 But shouldn't it be the original salary 3,5 and box 1 salary plus the health insurance? Then I know they have an employee health ins plan - I do not know if he is part of it or this is reimbursing his own family plan? Does this make a difference? Does he have to be part of the company health insurance plan? They have 10 employees. Thank you, D in snowy WI

Thank you He paid but didn't file as last of dividend paperwork not in will have to see the repercussion.. Darn stock companies - really messing tax returns up this year

So a farmer, Sch F does not have to pay until March 1st if filing by 3/1 So if the farm is now an S corp and the individual is no longer a farmer but a Shareholder - does he still owe by 3/1? or by April 15th? Bu then he would have to be making estimates? If he does not have all his stuff together - can he make a payment 3/1 and that is good? and finish up later? Thx d

Thank you - that is what I did.. thanks for verifying it - there are some doozy of laws out there!! D

Mine does warn me - I click the icon on the right corner and save and keep working,, eventually I close it.. But then I cannot re-open it!!! I have to go to Task Manager and end task - and it is already ended - It is the 2nd portion of running in the background and end it there!! Sort of scary! D

Farm has a capital investment of $12,000 into the coop/cheese plant- Is this a non deductible item to keep track of or depreciate, amortize? or a deduction? Thank you I did do reading and it talks about patronage - I know that. Thank you, Darlene

When I check yes - third party - the name etc populates but the checkbox does not - - has to be done manually - Main Info page meaning if I do not - I am not the designee. It should automatically when I click yes? Did in 2021.. Error pls fix, thx WI Tax lady

Volunteer worked 6 months and the organization got a grant and split it up amongst the volunteers. Taxpayer forgot to claim it in 2021- no 1099, just her check stub. Amend? - Claim as other income? Only expenses would be miles.. Thank you, darlene

so last year we did our own WISP - thought it was fine. Now after review - I think it is not adequate - We have the IRS 15 page document filled out, read and signed by each employee, etc - what we are doing ourselves monthly and a quote for $100/month for the servers (2) to monitor them and $15/month to monitor each laptop or desktop - Is this comparable? Thank you, D

hm - this still seems to me to be a tax issue??

update - WI Sch C - mom has 1 with both luncheonette and organic market splitting off into 2 businesses as luncheonette can now stand on their own with a manger Market very profitable now- = LLC to S corp in WI so as to have wages and distributions with retirement to lower SE Tax due the 2 LLC's under 1 S corp and the S corp would be the parent company doing the payroll as holding company The 3rd company splitting off is a skincare line that is doing very well - but has another person involved with the mom - so a separate LLC - for liability My question - can LLC's with different members all be under 1 S corp - if the S corp does not have all of them as shareholders - as the other person is only involved in the 1 LLC Or should that be it's own LLC and then it's own S corp 2ndly, And then can the 3rd LLC/S corp contract to the first S corp to do it's payroll? And if so - would there be still 2 payroll accounts/EIN's or just 1 from the 1st S corp as contract labor - like a temp agency does? Make money! or would not consider D

yup! me too...

ORGANIC business has a store and a luncheonette. They also have started a wonderful skin care line. 1 party is common to all 3 The skin care is mother daughter The other 2 businesses are mother and (husband) Husband is the rental LLC for the building and another property they rent out and grow herbs on The Sch C's have become profitable and looking at LLC's and S corp I know the S corp can be the parent co or holding co for the Market LLC and the Luncheon LLC with the mom being the sole shareholder. She wants to put the skincare under the same S corp - Is that possible with different shareholders? of each LLC in the S Corp? Or does the Skin care need to be a separate S corp? Thx payroll would be done by the s corp as the parent company

Thank you He has a couple kinds of cancer - surprised he is still alive.. A phenomenal year but worked really hard this year and is willing to pay taxes if need be - but no insurance company will cover him - has been on WI Badgercare but need to have low income for that. Maybe get by 1 year 2022 as an aberration and then from here on less $$/income as wholesaler Or just a draw with putting money into a Foundation 1x/1 year - this year and taking a salary yearly. I thought it might be too late to do. Thx D

Sch C - LLC client came in today - made way too much money!! and he is up to 4 cancer surgeries a year.. and struggling with keeping insurance coverage and high income.. First we talked about an S corp - if so - do we put it into his wife's name so he has no assets as future develops.. could go on disability then. She works with him as bookkeeper. Or they inquired about setting up a Foundation. Donate most of their profits ($300,000) from 2022 this year - to a newly created Foundation, non-profit - pay themselves a salary - under $40,000 total for management and donate the 5% each year. Would that then bring the Sch C or S corp down to $20,000 income as charitable donation to the foundation and Fopundation non-profit/non-taxable? Sounds too good to be true?? No issue with being a non-profit - can live on $40,000 For 2023 - Could they then just turn the business into the Foundation and rent the building/shop to the foundation to pay those bills? Continue the business within the Foundation? Or just quit their business ? Are a retail used car dealer and looking at doing wholesale so do not have to deal with rude public. Thank you! darlene

THANK YOU!

I would do that as the new laptops all come with Windows 11 loaded?? Happiest of thanksgivings - counting our gifts and blessings. D

All my current desktops and laptops are Windows 10 I am looking to purchase a dell on black Friday with windows 11 - for ATX - Will this be compatible with dropbox and flashdrives back and forth remote? Thank you, D

grrr - $440,000 of Goodwill? Is that an usual amount?

http://archives.cpajournal.com/old/12543355.htm

if the cost of the client list can be separated from the goodwill - it could be considered a separate property. In this case it is a milk truck route and the client list is the list of farms sipping to a specific cheese plant - So I think a case could be used by #'s of milk per farm could be used to make part of the the $$$ be tangible. ?? And the excess GW? D

Ours are the reverse - but 10 a year and S corps as trade or business... Not happy with the new K-3 offer!! Explaining Why THEY DO NOT WANT A -0- k-3 WITH TONS OF PAGES OF INSTRUCTIONS - oops - maybe a falt $750 fee as none of them have foreign income and now having to do an Operating Agreement - as most are single shareholders. D

we discussed the verifyle/mango/efile approach to delivering their tax returns - But what do we do with those who gave us their tax papers? Easy decision when they emailed their documents - not sure what the solution is when they mail or drop off? D