michaelmars

150-250 sound about right, just wondered what HRB would charge. Catherine, I think you worry too much about these penalties. We have had clients face the loss of 50% penalty and another facing jail time but never once were we questioned once we showed the documentation presented to us.

technically NY says yes but we hardly do it in this situation. With the crazy rules a small entity with a few partners could be filing in multiple states.

Got a simple fbar, 1 country 3 accounts. Mostly curious what H&R would charge?

A bit more complicated than you think. First of all mortgage is Qualified NonRecourse thus is counts for basis, that's for the new property. On the old property you have to follow the interest tracing rules. The percentage of new money that was distributed [for new partnership] is reported separately and on schedule K line 13D. It will flow to the k1 as such. Then it is up to each partner to determine the use of the money they received. Invested on a partnership, deduct on sch E, invested in the market, deduct on sch A, bought a yacht then not deductible.

I would do this form and consider it a learning experience. Software got much better in flowing the credits from 1099-Div statements. I don't use ATX anymore so can't help with input but you should just have to enter counrty or I always use various and type of income. In this case passive, and everything should flow. Other option is to enter it on sch A as an itemized deduction if taxpayer receives any benefit from that. But honestly, 1116 is only a pain in the but when its from earned income or K-1

the entity was set up as a SMLLC in 2020, totally inactive till 2022.

I am aware of the late election for a corp to S but what about a disregarded LLC to an S?

Can a late election be made for 2022? And in any case do I just file 2553 or do I have to do a reclassification too?

if they operate as LLC then no payroll is needed for the owners.

I had to do this with 2 clients, similar situation. took about 5-6 years of correspondence and then one day a client got the letter saying everything is ok and the other client never heard but the letters stopped coming.

Once the person dies revocable trusts end and they usually become irrevocable.

yes, in 2022 they have a capital gain on a piece of property so i want the payment to show on the 2022 federal return.

but on a cash basis taxpayer, they won't get the reduction to next year and this is just a one shot deal. their won't be a tax return for 2023.

Anyone have some expertise in Missouri taxes? I know the ptet is new this year and I can't figure out how to make the estimated payments. On line they tell how to do so for an S corp but not for a 1065. This client is 1 shot deal with St Louis capital gains of 2.5mil

I have had this a few times. you can not charge if a subpoena is issued. Definitely contact your carrier and they may be able to squash or limit what you have to provide.

We are forming at least 10 entities a week here and I would say 90% are LLC's taxed as partnerships. This is for real estate and investment ventures. Some retail or wholesale businesses will go with an S corp. Yes they cost more to set up in NY but a year or two of paying us to prepare payroll taxes negates that.

NY has a state registry of CPA's with addresses on line

Can someone tell me why do people create a LLC then elect S corp when they can just create a corp to start? Also what are the advantages of an S corp? I know some people like to avoid fica tax with distributions but by you also have to now have quarterly payroll taxes, workers comp and DBL insurance etc.

Be aware of who the W-2 is from. Some qualify for unlimited exclusion.

You just treat it as any withholding and claim it on the return. This is to force non-residents to file returns when they have income within the state. Many states are also doing this for K-1 income.

IRS just cancelled an assessment against me that also when to collection - From 2014! 8 years of letters. You can just tell the collection agency in writing that you want to deal directly with the IRS on the issue and they are required to send it back to them and cancel their contact with you.

if you don't file you lose the cap loss carryover

depends if you ask NY or NJ tax department. NY is pretty aggressive going after people that are working temporarily out of the state due to covid. If the w-2 is showing NY wages there isn't much harm in putting it on the NY return. The rates between the 2 states isn't that much in the long run. Your situation though is a bit different since he isn't working out of a NJ shore beach house but out of an other company office. Could be considered that they transferred him and it should all be NJ.

Not 121 but does get the step-up.

Its not an IRS issue, proseries rolls over most states but not NY