Industry Discussions

If your clients ask about proposed legislation, you can tell them you don’t even look at it before it is signed into law. Or, you can tell them what you know, especially if it might affect their tax planning and you might not see them again until next year.I don’t expect some of the bill introduced in the Senate yesterday to be passed, but there are some ideas there that have a better chance than others. Here are some provisions about individual income tax:1) The due date for 2019 returns would be July 15. That would also be the payment date. The first quarterly payment would be due on October 15.2) Some taxpayers would get a $1,200 rebate – $2,400 on a joint return. The amount would be phased out between $75K and $100K AGI ($150K/$200K joint). This would be based on 2018 returns, unless one was not available, in which 2019 would be used. First, the rebate would be limited to tax paid after credits, except for the child tax credit and certain other credits. But even if tax was zero, th

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Any news on delayed payment?

going forward, trying to fix IRA withdrawal taxable calculation. 

Hi, I have one owner of a 50/50 LLC has property draws from the LLC of improvements made on his behalf to his personal business property. The draws have created negative equity for the owner and in turn created a capital gain on his personal tax return.In order to avoid the capital gain I am proposing that the other 50/50 owner, in the tax year after the draw, back date a loan to the LLC in order to cover the negative equity. (Cash for the loan was not made in the prior tax year.) Is there a valid loan?

client registered her llc in wyoming but lives in california. Does she still need to file llc in california? and pay the $800 state fee?

Why is software forcing a state designation if a taxpayer no longer has a drivers license (but did in past years?)  Looks like a bug to me!

@IntuitAustin  Has anyone heard anything other than the rehashed impotent canned platitudes espoused by our elected officials? I hear Intuit has a slightly influential lobbying concern... perhaps you've heard whispers? Or is that all information siloed off campus, and unavailable for cascading here in Support? 

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Do you expect your clients to ask for help with this?  Are you ready for their questions?The following is part of a House Appropriations Committee summary of  HR 6201, expected to pass the House tonight and be sent to the Senate for action as early as Monday. The final bill may not have the same provisions.  Edited:  Apparently this was not included -- it may be the subject of a separate bill.  The program is administered by Social Security and it is expected that applications will be made online, by phone or by mail. As easy as a short form, right? And the phone lines will not have music on hold. But one of the questions will be how much income applicants had in the “most recent year of wages or self-employment income for which records are readily available.” (Note, there doesn’t seem to be an adjustment for those who earn most income in the first four months of the year.)Note the final provision – benefits are not taxable.DIVISION D – Emergency Paid Leav

Hi,I am using Form 6765 to calculate the R&D credit. I am using reduced credit and have members of controlled group so i have to allocate the total R&D credit in between two partnership tax returns. How can i override or tell Lacerte on how to allocate? for example, total R&D credit is $100 and how to i tell Lacerte to allocate 20% (20 dollar in this case) to company A and 80% to company B?Everything is calculated fine with Lacerte except for Line 17 on 6765. I cannot find the place to override and hence Schedule K and K1 arent correct. Help! 

Can a parent claim HOH status if they are not claiming a child as a dependent, but provided 50% of the living expenses, and the child lived with then 50% of the time.? 

I have a customer who received a W-2c, Corrected Wage and Tax Statement. The only correction that was made was the total amount of State Wages reported box 16.  Because there is no amount listed in Wages box 1,  Proconnect identifies this W-2c as a critical error since no wages are in box 1.Should I include the W-2c, Corrected Wage and Tax Statement with this return? If so how?

Does NY Allow any Section 179 deduction on an S corp return. I thought I read it allows up to 25,000. I cannot find any information regarding this . Thanks,

Where do I enter 199A Dividends related to stocks.

Situation: Client opens an LLC, one partner is a Roth IRA and the other partner is a traditional IRA.I've not prepared a partnership return with other than Individuals as partners.Want to clarify how to enter the partner information.Thanks 

Taxpayer owns a Mobile Home Park/RV Campground.  Would you report this on Schedule C or Schedule E?

Need to add 3 k1s forn3 partners Will not let me add more than 1 

I would like to understand the data entry for the foreign tax credit Line 16b - all income (Schedule K sum of lines 1 to 11 or including gross rents rather than net rental?) Line 16c - Gross Income Sourced at Partner Level - How is this different than Line 16b? How do I show foreign qualified dividends and capital gains?

The LLC taxed as an S-Corp is shut down as of March 2020, they were calendar year, can I extend the period covered with the 2019 filing to include Jan-March 2020?

When I select "Final Return" for an S Corp in Lacerte does it automatically populate the approp forms?Also, do I need to select disposal of assets at 12/31/2019 for this final return or delete next year, in Lacerte? 

Is it possible for an individual to e-file form 7004?

Taxpayer has Revocable Trust.  Personal Residence was purchased by Revocable Trust, and used as a personal residence for 14 years.  House sold in 2019 by Revocable Trust.  1099S issued to the Trust.Is the gain on the sale of the house taxable to the Trust.  

have a customer that is a single member llc of a used tires and repairs business. they bought a truck load of tires, where should I enter this on the schedule c? Also were do I enter start up cost? 

How should a Single Member LLC pay themselves? They have ADP and he is currently getting a w-2 and a 401k. ADP saying that a lot of customer have it st up this way. he is wanting to pay himself and pay all the appropriate taxes like a w-2. How should he have ADP set him up?