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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 __________________________________________________________________________________________________________________________________________________________________________________________ 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: From: Marcelyn Atwood
[mailto:marcy@puckettfaraj.com] 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 __________________________________________________________________________________________________________________________________________________________________________________________ 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: 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. |