I could really use some guidance here if anyone has experience with this. So, I have the official paperwork confirming my new Family Farm status, but since I first opened things up back in May, I haven't actually registered any livestock or land in the system yet. It’s been a bit of a slow start—you know how it goes!—but now I’m wondering: if I don't get anything logged before the end of this year, will I run into any issues or obligations regarding the 2021 tax year? Specifically, am I required to file any particular paperwork by the end of 2021? Just for context, I’m retired, so I don't have any social security or payroll contribution requirements to worry about.
During our cash drawer reconciliation for August 19th, I spotted a little hiccup regarding how one specific transaction was recorded. Basically, the customer paid via credit card, but the system has it logged as a cash sale—a classic clerical slip-up! What would be the best way to handle this? Should I just let the transaction sit as is and simply attach a formal memo explaining the error to the record?
I have a quick question regarding how income should be reported for sole proprietors: In the updated tax forms, I noticed the line for "receipts from excessive shortages" has been removed. Does anyone know where those receipts should be added now? Also, does this mean if I'm reporting a transfer of assets, I'll end up having to list them twice?
Could someone walk me through the exact process for recording an advance payment invoice—specifically for construction work? In this scenario, the client is a sole proprietor filing as an individual under the standard sales tax system. The advance was paid back in October, but the actual work isn't scheduled to be completed until November.
I have a quick question regarding the sale of long-term assets at a value below their book value. Here’s the situation: we're looking at an asset that's partially impaired—so the selling price, excluding sales tax, would be $667, while its current book value sits at $2167. I was wondering, do we need to account for sales tax on the difference of $1500 as well? If that's the case, what's the best way to handle it? Specifically, should this be recorded in the "other data for input tax adjustment" section of the sales tax return?
I finally got an official response from the IRS regarding those little notification messages that pop up when you're filing the DI form: If the only code you're seeing is this one: ''1.2200.2.0.3.28 - Informational Message: The write-off amount must equal the purchase value multiplied by the write-off rate and divided by 100, per Section 35(2)(8) of the Internal Revenue Code'', then you are totally fine to hit submit—it’s just an informational note.
It won't actually block you from submitting the form correctly; think of it more like a helpful heads-up rather than a red flag. Even after you send it off, you might see it again marked with a little yellow triangle—don't panic! That just confirms it was merely a notice and not an actual error.
I really hope this clears things up for someone out there!!!!
I have a couple of quick questions regarding my City Hall membership fees: 1. If I already paid my dues back in 2015—say, like an early investment—can I count that toward the down payment required on my 2016 City Hall filing? 2. Does the discounted rate apply for 2016? Specifically, I noticed the top tier isn't sitting at 0.20 anymore, but has dropped down to 0.17.
I have a couple of quick questions regarding the membership dues: 1. If I already paid my dues back in 2015—think of it like an early deposit—can I apply that amount toward the down payment required on the 2016 membership form? 2. Does the reduced rate for 2016 apply here? Specifically, I noticed the top tier isn't sitting at 0.20 anymore, but has dropped down to 0.17.
I have a quick question for the group. I’m working with a small business owner who handles all their expenses in cash—basically paying out of their own pocket—since they aren't required to keep a formal petty cash ledger. What I'm wondering is, can they just withdraw the total sum of all those monthly expenses from their business bank account at once, or do they really need to make separate withdrawals for every single individual receipt? Also, when they're filling out the withdrawal slip, what should they actually write for the purpose of the transaction?
I’m looking for a bit of guidance here. I run a restaurant, and we had a credit card transaction processed back on September 20th. However—somehow—one of my employees went in on September 29th and voided that charge, switching the payment method to cash instead. Now I’m stuck on the bookkeeping side of things: should I be recording this transaction twice—once on the 20th and again on the 29th—or should I just log it in my sales journal under the 29th? To make matters more confusing, the deposit for the 29th was already finalized using that specific receipt, and the credit card processor has already sent over the funds from the original charge. I hope that makes sense! If anyone has dealt with this kind of mess before, I would truly appreciate the help. THANKS!! Rachel Allen21 is online now Quincy Multi-Quote This Message Quick reply to this message
Good afternoon! I have a few questions regarding the P-PPI form. Specifically, I’m looking for some clarity on how to reconcile the differences between my bank statements and the income reported in the KPI: 1. Should owner loans be categorized under "other non-taxable receipts," similar to how we handle tax refunds from the IRS? 2. Where should I record sales tax? It’s included in the total deposits, but since the KPI requires me to report gross receipts excluding sales tax, I'm not sure where that gap goes. 3. For credit card transactions, the KPI asks for the full amount charged, but my bank account only shows the net amount after the processor takes their fee—how do I reflect that discrepancy on the P-PPI?
I really hope someone can point me in the right direction; the deadline for filing the DOH form is creeping up fast, and I still have so many unanswered questions!
Hi there! I have a quick question regarding those infamous forestry fees. I just realized that my former accountant completely missed the payments for 2012 and 2013—oops!—so now I’m trying to get everything squared away. If I go ahead and settle the outstanding debt for both of those years, do I need to file separate reports for each individual year, or can I just submit one report covering 2013? I tried reaching out to the US Forest Service for some clarity, but I haven't had any luck getting a response from them. Thanks so much for the help!