Lion EA

Current issue is not my son's partnership; so no payroll on his. In the case you site, you add $24K in wages and adjust $24K in SEHI. Seems a wash on your 1040. If I'd been preparing payroll for this client, his W-2 would've had the SEHI. But, another company did that, and his W-2 does not have SEHI included in Box 1. And, I'm having trouble wrapping my head around what to do/not do on the 1120-S. And, trying not to sound too stupid when I have to explain to the shareholder &/or to his 1040 CPA. All three of my grandkids were born early, including the two that were only six days apart.

Granddaughters are great !!

We'll never tell. I think I had the same issue decades ago at Block. I think we deducted the SEHI on the 1120-S as employee benefit instead of wages. Then nothing on the 1040. Mathematically that worked, because Block was preparing both 1120-S and 1040 and the 1040 preparer told me what to do/what not to do on the 1120-S and what he'd do on the 1040, because whoever did payroll for that client missed the SEHI addition. Is their a corresponding part to the M-1 adjustment, such as adding it to line 7 or whatever for officer wages? The bad part, is I'm NOT preparing the 1040. So, if M-1 is the way to make up for Paychex not including on the W-2 ('m an IC, but the company's bookkeeper should've reported to Paychex, but this year is crazy with no facetime among us). Then, I have to explain to the shareholder/employee &/or his 1040 preparer that even though there's no SEHI on his W-2 that he DOES get to deduct it on his 1040 because I adjusted on M-1, right? Or, does the math work to do nothing on the 1040 if the SEHI is deducted (as opposed to adjusted) on the 1120-S? I only prepare a handful of entities, and going back and forth between partnerships and s-corporations taxes my non-accountant brain with balance sheets and just where to report things on the two similar but different tax return types? I need to get rid of entity clients, but one is my own son's partnership!

What do the MO instructions say about out-of-state state taxes paid?

And, Other Income -- Nontaxable. Oops, you got that. I was submitting when your post popped up.

The S Corp paid the Health Insurance premiums.

Every year the bookkeeper gives me the health insurance paid for the H&W shareholder/employees. I tell them to report it to Paychex for H's W-2. This year with us all working from home and in different towns, we all forgot. Mathematically, it seems to be the same, right? Should've been on W-2, deducted as wages on 1120-S. Then income on joint 1040 but also an adjustment on 1040. For 2020 it's not on W-2, so does 1120-S still deduct it as employee benefit? And, then joint 1040 does NOT have extra income so will NOT have SEHI adjustment, right? Still same results on both 1120-S and 1040? I know the S-corp owner will NOT pay Paychex for correcting the W-2 and associated payroll reports. Do I have to do something like a distribution from the 1120-S? Thank you in advance for any help with this.

His personal residence NOT in MO? You'll have to read the MO instructions for what to add back. Do you add back ONLY MO taxes paid or worldwide taxes paid?

For 2020, $300 for MFJ and all other filing statuses, except MFS $150.

And, to keep it separate from tax stuff... I'm very sorry you lost your mother and very glad you spent time with her. Do what you have to do. And, keep us in the loop. We all care for you and your health and your well-being during this very strange time for grieving. Prayers.

I would welcome a 15 July deadline. It lets me work longer before I have to stop to prepare extensions.

I realize I live in an area that literally is called the Gold Coast, but I find it exceedingly rare for a recently graduated student to pay more than half his own support in his graduation year, even if he gets a Wall Street job, and especially if joining the military. Have the parents and child fill out the support worksheet, and keep a copy in your files for both sets of returns to have documentation for how the family files.

eServices for the preparer to use to view client data with a POA on file for the client.

Found AICPA charts called 2020-coronavirus-state-filing-relief and the 2021 version called coronavirus-state-filing-relief. They're big .pdf files with awkward formatting. You'll want the latest version, so do retrieve them from AICPA.org I'm guessing AICPA has similar charts specific to the states and TCJA like the above re The CARES Act, unless all state decoupling is summarized in the above charts.

I accepted the defaults. But you can go to your account in AssureSign.net and upload a logo and do a lot of customization. I just changed the colors from blue to green.

I think AICPA was keeping a list and updating it frequently. I'm not a member, so can't find a link now. I think it's outside their firewall. But I probably heard about it in a course who knows when!

I wonder if it's a programming issue at the IRS end if the form has to be signed and attached as a .pdf. That could be because the .pdf is sent one place for processing (manually?) while their main computer program processes the rest of the return. But then I'm an old lady who knows little about computers.

And, I have a client who didn't file 2017 due to COD (2) and is now getting threatening letters from the IRS. She called them and negotiated an extended 4 March deadline. I have partnerships and S-corporations to prepare! I'm hoping more than ever for a 15 July deadline.

No unreimbursed employee expenses during TCJA. Accountable employee reimbursement plan. This is a reason teachers have union reps.

Form 8915-E

I can see this as a new revenue stream for Pacon: bookkeeping and tax preparation for casual gamblers. Flat fee plus % of winnings plus all the food and drink you want. Go for it !!

My clients dropped off/uploaded/mailed/FedExed/UPSed/faxed in mass about the MLK weekend/week, so I now have a huge backlog. And, I'll be working on entities through 15 March. So, that gives me only a month to prepare all the personal returns that dropped off last week. I really want an extension, don't want to stop to prepare extensions during my only month to prepare returns. I loved last year where I kept preparing returns until July and then had many fewer extensions to prepare. Tom: give your clients deadlines to get their info to you. Or, have progressive prices, and let your clients know, to encourage them to come earlier. Or, close/slow down your business when you want, such as 15 April, and not start up again until you want, say 1 September, to prepare those extended or just plain late. Let your clients know how your business runs, so they can schedule accordingly. Don't let your clients run your business.

Max, I think I have one coming up. If COD but liabilities exceeded assets by less than the COD, we still use Form 982, yes? With lots of detail? Just totals and keep backup?

https://www.irs.gov/pub/irs-utl/am2008011.pdf https://www.irs.gov/pub/irs-utl/am2008011.pdf https://www.cpajournal.com/2019/12/24/taxation-of-gambling-income/ If all your clients go to the casinos at least once a year, you might want to give them a gift of the Lady Luck Gambling Diary: www.LadyLuckDiary.com

Report all worldwide income. https://www.irs.gov/taxtopics/tc419