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RE: The Law Firm's return



Hi Marcy,

 

There’s nothing you will need to do for 2009 to your QB.    You just have to remember for 2010 and report the amount to the Payroll Serv  at year end.   I have other adjustments made for this year’s tax return.    You will find the list of adjustments when you pick up your stuff.

 

Unfortunately, we can’t not e-file business return, so you will have to do a paper filing for S-Corp.   Your personal return will be efiled (except for IN).

 

You will get a call from our office manager soon and you can pick up the returns. 

 

I attached Mr. Haytham’s K-1.   It is password protected and I will send it to you in a separate email.

 

Let me know if you have any questions.

Helen

HaeEun (Helen) Lee, CPA
Renner and Company, CPA, P.C.
700 North Fairfax Street, #400
Alexandria, Virginia 22314
Office : 703-535-1200
Fax: 703-535-1205

__________________________________________________________________________________________________________________________________________________________________________________________

The information contained in this electronic message is confidential, and is intended only for the use of the individual or entity named above. If you are not the intended recipient of this message, you are hereby notified that any use, distribution, copying or disclosure of this communication is strictly prohibited. If you received this communication in error, please notify Renner and Company CPA, PC at 703-535-1200 or return e-mail to sender, and purge the communication (e-mail) immediately without reading or making any copy or distribution.

Disclosure required by Internal Revenue Service Circular 230:
In accordance with Circular 230 Treasury Department Regulations we are required to advise you that any tax advice in this e-mail may not be relied upon to avoid penalties under the IRC. If you are interested in a written opinion that can be relied upon to prevent the imposition of tax related to penalties please feel free to contact us.


 

From: Marcelyn Atwood [mailto:marcy@puckettfaraj.com]
Sent: Friday, March 05, 2010 11:00 PM
To: Lee, Hae Eun (Helen)
Subject: Re: The Law Firm's return

 

Thanks Helen!  I think I understand that you fixed the entry for the health care for 2009.  What do I have to do to my Quickbooks to fix that?  Also, I assume you are filing the Bus tax return electronically? Since Haytham is in town this weekend, can we pick up the K-1's this weekend so he can do his taxes?  Thanks!  Marcy 

 

On Mar 5, 2010, at 7:30 PM, Lee, Hae Eun (Helen) wrote:



Marcy,

 

I’m completing the Law firm’s return and have one comment.

 

Health Insuarnce Premium paid for more than 2% shareholders.

 

-       the health insurance premium paid for more than 2% shareholders are not deductible on S-corp return.  To be deductible, the amount has to be reported on the Sharehoder’s W-2 and then, the shareholder can take the health insurance deduction on their personal return.    It’s income as well as deduction on shareholder’s personal return, so it’s zero out but it just has be to included in W-2.

 

-       There was about $1700 for shareholders’ health insurance in 2009.   Since it is too late to include in 2009 W-2, I made some journal entries for the tax return so that it is reported accordingly for S-Corp return as well as for K-1 for personal return.   So, you’re okay for 2009.

 

-       For 2010 – if you make any payments for health insurance, just to remember to call in ADP at year end for this amount.  No actual paycheck will be issued but the amount will be reported on each shareholder’s W-2.   ADP should know what they need to do. 

 

I’m moving on to your personal return and may have some questions.

 

Helen

 

 

 

HaeEun (Helen) Lee, CPA 
Renner and Company, CPA, P.C. 
700 North Fairfax Street, #400
Alexandria, Virginia 22314 
Office : 703-535-1200 
Fax: 703-535-1205

__________________________________________________________________________________________________________________________________________________________________________________________

The information contained in this electronic message is confidential, and is intended only for the use of the individual or entity named above. If you are not the intended recipient of this message, you are hereby notified that any use, distribution, copying or disclosure of this communication is strictly prohibited. If you received this communication in error, please notify Renner and Company CPA, PC at 703-535-1200 or return e-mail to sender, and purge the communication (e-mail) immediately without reading or making any copy or distribution.

Disclosure required by Internal Revenue Service Circular 230: 
In accordance with Circular 230 Treasury Department Regulations we are required to advise you that any tax advice in this e-mail may not be relied upon to avoid penalties under the IRC. If you are interested in a written opinion that can be relied upon to prevent the imposition of tax related to penalties please feel free to contact us.


 

 

Marcelyn Atwood

Business Manager 

 

The Law Firm of Puckett & Faraj, PC

2181 Jamieson Ave, Suite 1505

Alexandria, VA 22314 

 

888-970-0005 ; FAX 202-318-7652 ; marcy@puckettfaraj.com

Please View our Website:  www.puckettfaraj.com

The information contained in this electronic message is confidential, and is intended for the use of the individual or entity named above. If you are not the intended recipient of this message, you are hereby notified that any use, distribution, copying of disclosure of this communication is strictly prohibited. If you received this communication in error, please notify Puckett & Faraj, P.C. at 888-970-0005 or via a return the e-mail to sender.  You are required to purge this E-mail immediately without reading or making any copy or distribution.