| Client Info | Confirm: 1. Names, Address, Phone, Email 2. Dependents: Name, Date of Birth, SSN (any addition) 3. Bank: Voided Check, Sign Bank Page, or Other -list source In Office: Print Pages – Profile, Dependent, Bank Account Info |
| Client – Import K-1 | Check if client has K-1 we prepare; if so, import |
| Corporation | Print from QuickBooks 1. Profit & Loss 2. Balance Sheet 3. Statement of Cash Flows 4. Payments to owners (distributions) 5. Cash Beginning of Year 6. Cash End of Year 7. Assets Beginning of Year 8. Assets End of Year 9. Retained Earning Beginning of Year Check Tax Return for 1. Basis (form 7203) 2. Distributions 1120-S, p3 | 1065 p4 a. for 1120 M-2, line 5; 1120 get dividends on 1099-DIV 3. Schedule L (Balance Sheet per Books) 4. Schedule M-1 (Reconcile of Income/Loss per Books WITH Tax Return) 5. Schedule M-2 (Analysis Accumulated Adjustment Account) 6. Schedule K-1 (issued to each shareholder) 7. If any Depreciation 8. If any Rental Property (Form 8825) |
| Child Tax Credit | Sch 8812; Max Age 16 by end of 2022; Credit Amount $2,000 |
| Dependent Care Credit | Form 2441; Max Age 12 (under age 13) Amount: $3,000 one child, $6,000 for two or more kids. |
| Earned Income Tax Credit | IRS – Earned Income Tax Credit |
| Earned Income Tax Credit -CA | Adjust Gross Income < $30,000; Discard CA FTB 3514 |
| Estimated Tax Payments | If any, write “Estimated Taxes” on project sheet |
| FBAR (foreign bank accounts) | If any, write “FBAR” on top right of project sheet |
| Mortgage Insurance Premiums (Box 5) | For Primary Resident; you can no longer claim deduction for 2022. OLD – before 2022: These are not Points; do not enter next to mortgage. Instead, Enter on Tab: Ln 8d Qualified Mortgage Insurance Premium Deduction |
| Qualified Business Income | Sch E always select Sch C check prior year K-1 check prior year 8995 |
| Refund Married Couple | both must agree with sending refund to a bank account or mailing address |
| Rental – Long Term | Enter on Sch E |
| Rental – Short Term | Enter on Sch C (if rented less than 7 days) |
| Schedule C | No Entertainment write-off Income, Meals, Gifts -if valid expense |
| Voided Check | If bank info in system, ask client to confirm info If bank info not in system, ask client for voided check In-office appt.: print bank record, clients can sign |
| W-2 | 1. Be sure to enter CA SDI, box 14 2. S-Corp should have issued a W-2, check M-Drive |
Check Tax Info For
| Person | Form / Schedule: IRS (refund – owe): State (refund – owe): |
| Christopoulos, Tom and Karen | 1040, Sch 1, p1 – Net Operating Loss |
| 1041 | Box 14 E Entering Line 14E net investment income from an estate or trust K-1 in Lacerte (intuit.com) 1. Go to Screen 20, Passthrough K-1’s. 2. Select Estate or Trust Information from the left section box. 3. Select the appropriate entity in the Estate or Trust box. 4. Select Line 14 – Other Information from the lower-left section menu. 5. Enter the amount in the field Other net investment income (portfolio income automatic) [Adjust]. 6. The amount will flow to Form 4952, Line 4a when the form is being generated. The amount will also show on the federal K-1 Reconciliation Worksheet under the Form 4952 section. |
| Lacerte Diagnostic 42135 | Common questions for Form 8962 Premium Tax Credit in Lacerte (intuit.com) How do I resolve e-file diagnostic ref. 42135: Modified AGI total of lines 2a and 2b are negative? For a return containing a Form 8962, Premium Tax Credit (PTC), under Part 1, if the total of line 2a and line 2b amounts are negative, a 0 dollar amount will appear in line 3, Household Income and the following e-file critical diagnostic will be triggered: Form 8962: Household income on line 3 must equal the total of line 2a, Modified AGI, and 2b, dependents’ modified AGI, for efile purposes. If the total of lines 2a and 2b are negative, zero will print on line 3 and this return will need to filed as a conventional paper return. (ref. #42135) The e-file critical diagnostic is triggered to prevent the return from being filed because the return would be rejected by the IRS with the following electronic filing business rule rejection: F8962-004-01 If Form 8962, Line 1 ‘TotalExemptionsCnt’ has a non-zero value, then Line 3 ‘HouseholdIncomeAmt’ must be equal to the sum of Line 2a ‘ModifiedAGIAmt’ and Line 2b ‘TotalDependentsModifiedAGIAmt’. Therefore, if the sum of lines 2a and 2b are negative, this condition can not be met because IRS form instructions for 8962 require the following: Line 3 Add the amounts on lines 2a and 2b. Combine them even if one or both of them are negative. If the total is less than zero, enter -0- on line 3. As a result, these returns must be paper filed. This doesn’t mean that a taxpayer with a negative modified AGI cannot claim a Premium Tax Credit – only that the return cannot be electronically filed. |
| 8962 penalty if negative adjusted gross income | Is there a penalty if you have negative modified AGI and get marketplace insurance Find out if your Medicaid program counts as minimum essential coverage | HealthCare.gov |
| Sharefile | How check which email is linked to folder when client has multiple sharefile emails. Someone with admin permissions can Navigate to People> Browse employee/ or client> Search their name/email > Bring up their user page> and then under the folder & activity section select the option: View folders and activity logs |
| 7203 | Received for 1120-S Basis Limitation for 1065, 1120-S, |
| Lacerte error for Arizona | Similar diagnostics already posted 52389 The following diagnostic is generating: When filing an extension, the State of Arizona requires an amount due and for the amount to be paid electronically via direct debit. Solution: Verify a… View more SOLUTION: GO TO SCREEN 9, EXTENSIONS; REMOVE EFILE ARIZONA STATE ESTENSION |
| 1095-B | Part I, line 8 codes Form-1095-B-Line-8-Codes (1).pdf |
| 1120-S K-1 | California Box 13 d – (Lacerte) go to 13M, scroll down to Credit from passthrough elective entity tax (PTE) {CA} – flow to CA 3804-CR Line 16 C and D- these are items effecting basis ex: distributions, nondeductible expenses; flow to basis limitation worksheet Box 17A – Lacerte- enter in 12H, other net investment income; flow to form 4952 (federal; for ca, see k-1 rec worksheet, section form 4952) |
| FBAR VS 8938 | IRS Info IRS 8938 |
| CA POA | website |
| Penalty Abatement | Sample Wording 1. Requesting a first-time abatement of tax penalty. Extension was filed timely with IRS. I was told that IRS extension would be accepted by New York. I have learned that New York does not recognize IRS extensions. In future, a New York extension will be filed. I graciously ask that you abate the penalty. Attached is a copy of the filed IRS extension. |
| where does excess deductions non-miscellaneous box 11, code b go on 1040 Schedule A Line 16 Excess deductions non-miscellaneous box 11, code B goes on Schedule A Line 16 of Form 10401. If this is the final return of the estate or trust, and there are excess deductions on termination that are non-miscellaneous itemized deductions reported to you as a beneficiary, you may deduct the excess deductions shown in box 11, code B, on the applicable line of Schedule A (Form 1040)2. | |
| Blank POA | Personal 1. Do not fill out #1, 2. Just sign name, print name, and date on page 2 Business 1. Do not fill out #1 2. Just sign name, print name, date, and Title on page 2 |
| Stepped Up Basis | Wipes out depreciation and all deductions. do not enter past depreciation |