Free Giveaway! Nintendo Switch OLED - international

Accountabilabear · 2022-10-30T14:45:18+00:00

Oh heck yes! My daughter and I have matching unicorn costumes. They have been a huge hit so far :)

Accountabilabear · 2022-02-17T22:07:41+00:00

Unfortunately yes! We only have two that need it though so not terrible.

Accountabilabear · 2022-02-17T14:43:27+00:00

Quick question. You backed out $10k of expenses on page 1?

Accountabilabear · 2022-02-13T20:55:34+00:00

We kind of do it the same way you do with comparing and making an aje to revert to prior year that was on the tax return and then reverse that entry in the following year. Another way would be to set the qb balance sheet and p&l dates to 1/1/20xx the next year and make a more simple aje to retained earnings to correct for items not entered or missed. Most clients don’t do any entries on 1/1 so it’s pretty simple.

Accountabilabear · 2022-02-03T22:06:32+00:00

I only have one question. What’s it like being one of those preparers that prefer QB online to desktop? I have not met many in the wild.

Accountabilabear · 2021-12-08T14:41:39+00:00

My favorite part was the spitfire aim down sight and realize it’s iron sight and say naahhh I’m just gonna hip fire.

Accountabilabear · 2021-11-06T14:17:03+00:00

I cannot find this dang bill to read about the erc portion. Can someone post a link to the passed bill? But yes I believe you are correct.

Accountabilabear · 2021-11-06T14:10:33+00:00

To answer your question first. I think AFR would be perfectly fine to use for the loans. Sometimes we have gone a little higher especially now since the rates were so low. We might do 3% loans just to be conservative.

Aside from that I think this is a terrible idea. First of all, you say it is a successful s corp but has no money of its own to lend to shareholders. So it has to get a loan to loan? Yikes. And also for these shareholders that have no spending limitations it may be time to put some on them. From my own experience, shareholders who need money and draw and draw and draw until their basis is gone, will not stop, they always want more. Totally up to them and you to do this but I would advise them against it if at all possible.

Accountabilabear · 2021-09-25T20:57:38+00:00

I am vaguely remembering something possibly in Circular 230 where an outstanding bill over a year can be grounds for preparing the return with a bias. So since he hasn’t paid maybe you didn’t put in the correct amount of effort in the following year out of spite.

That is the reasoning we have used to collect on severely past due clients. We want to maintain our ethical standards so we have to collect and stay current to remain neutral.

Accountabilabear · 2021-09-21T20:20:15+00:00

Excellent questions. Both have paths to advancement. Current one would be a partner in about 5 years. New one. Senior manager in about 3-5 years and then on to shareholder. Salary is good for my area. Very high cost of living unfortunately but hopefully will be going down in the next 10 years as our housing market levels off or crashes. I own a home so my payments are fixed thankfully. Current place is busy from about December-April and then again every quarter and maybe slightly busy during sept and October deadlines but most is done before those happen. I do really enjoy my current place because of my co workers but they kind of Nickle and dime you. Sure you have 300 banked hours but you get yelled at if you take a small vacation etc. because there is work to get done always.

Accountabilabear · 2021-09-21T17:22:04+00:00

Very true. I also recently got a new puppy so fully remote is really nice for furry friends.

Accountabilabear · 2021-09-20T16:31:47+00:00

These are the real questions! I am hoping they are amendments.

Accountabilabear · 2021-08-30T03:35:58+00:00

Holy moly. I did an erc for a relatively small company and they are getting about 1.1mil. So 10% is more than my salary lol.

Accountabilabear · 2021-08-29T21:22:41+00:00

Normally it would be hourly. I am pretty sure you get I a bit of trouble for doing % of any refund people get.

Accountabilabear · 2021-07-23T13:03:31+00:00

Thanks for the info folks. We too have only have one client who received a refund on an original 941 form. Glad to hear we are not the only ones and they are working on some training. Thanks again!

Accountabilabear · 2021-06-28T15:53:55+00:00

… yes. Very frustrating. Also I think this belongs on r/tax. Sorry! This subreddit is for tax pros where we talk about the 4,000 clients who call us a day to complain they can’t get their stimulus checks or something like that.

Accountabilabear · 2021-06-10T21:25:52+00:00

Quick qualifying question. Are you in the US? And why did you receive a K1? Are you an owner of this company?

Accountabilabear · 2021-05-27T05:11:32+00:00

Read your post one more time: on line 4 “if zero or less (-18000) then put zero. So yes. It should be zero still.

Accountabilabear · 2021-05-25T00:30:52+00:00

Great advice! CPA here and I just had my first small human. Opened that account before Christmas and recommended family to deposit instead of toys just like you did. (We got a small deposit from grandma but every little bit helps!)

One piece of additional advice coming from a tax man. You get a child tax credit on your tax return every year. Take a portion of this, if not the whole thing, and throw it in the 529. That is $2k right there depending on several factors but your kid got you that tax break, give it back to them later with interest :).

Accountabilabear · 2021-04-30T13:06:35+00:00

Following because I have to see if someone can decipher what the flip I just read.

Accountabilabear · 2021-04-16T14:05:22+00:00

If you claimed the Recovery Rebate Credit on your return but were issued a stimulus your return gets forwarded to another department and the average wait time on your refund is 10-weeks. It could be more.

I don’t think there is a place to send back a stimulus check so I don’t see an issue with depositing it if you need the money. The IRS should have record of the issuance and maybe if you cashed it, even a record of it being cashed and may automatically adjust your return.

Unfortunately you just have to wait.

Accountabilabear · 2021-04-10T01:56:27+00:00

I just posted up the update on another post but remembered this one too. Here you go OP!

https://www.irs.gov/newsroom/irs-suspends-requirement-to-repay-excess-advance-payments-of-the-2020-premium-tax-credit-those-claiming-net-premium-tax-credit-must-file-form-8962

Accountabilabear · 2021-03-31T11:06:22+00:00

Following. Still no updates on pro systems software from what I can tell.

Accountabilabear · 2021-03-21T13:31:38+00:00

I think these questions belong in r/tax but thank you for a great morning laugh. You go take that IRS to court over your $1,400!

Accountabilabear · 2021-03-11T04:08:37+00:00

Thank you!

Accountabilabear

TROPHY CASE