Bart
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Everything posted by Bart
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It is an schedule M-2 adjustment. Income on the books not included in the tax return.
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No reporting necessary
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What type of entity got the PPP forgiven?
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Earnings since the first retirement contribution was made.
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Client purchased equipment in 2019 and 2020. All equipment was set up as capital leases and bonus depreciation and section 179 were taken on those assets. In 2021 we find out that these are actually operating leases. Can we amend 2019 and 2020 or should we file a change in accounting method?
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If the IRS did not like the carryback to 2015 consider that none of the loss was used in 2015 and carry it to 2016 and see what happens.
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Sounds like the IRS is processing their paper check as an electronic check and withdrawing the funds from their account.
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Kansas City BBQ fried is best but cannot think any better than any of you.
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basis worksheet
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Bart (or anyone familiar with MO) - MO Estimated taxes in ATX
Bart replied to jasdlm's topic in General Chat
I do not use ATX but it seems to me there must be something on the estimated tax screen that is not factoring in what was withheld in the current year. Sorry can't be more help.- 1 reply
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WOW. Hijacked your own thread.
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I was talking about XYZ doing the closing of the books or proration based on days of ownership not ABC. ABC Inc and ABC LLC will get their own K-1 with their share of profit and loss. Who of the three entities do you prepare taxes?
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You do a closing of the books on date of ownership change or you prorate the whole year by number of days owned.
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Are you trying to restore on a network?
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I will look when I can but I am out of the office this week.
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Son's trust does get a stepped up basis five years later.
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Why and how did the trust receive property from someone who was not the grantor
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There are two ways to opt out of ACTC. One of those was by using ID.me.
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That exempt income should increase basis
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Can they afford a $200,000.00 fee? Maybe per year.
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I can think of a few reasons to opt out
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If the EIN is sent as a part of the efile the IRS can easily check the EINs
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All of the transcripts I have pulled showed the EIN for any payor listed.
