Back in 2021, the owner provided a loan to the business. Since this isn't recorded in the P&L, where does it actually go on the PPI form?
Should an owner's loan be listed under Section V (the supplement for business receipts and expenditures) in 2.4—received loan amounts—or under 2.6—other miscellaneous receipts?
Regarding those government relief funds we received during COVID (the $3,250.00 and $1333)... should those be entered into the PPO form under section V 2.5 for state aid, incentives, and subsidies?
Or do they belong in that final line under "other"?
urbanwalker72, thanks for the reply, but I'm still a little confused.😵 Basically, I track my paper purchase journal based on the invoice date, which seems fine.
But when I'm filing my electronic UN, I report those incoming invoices in the order they were actually paid.
So here's the question: when filing the electronic tax return, should those input invoices be reported by their issuance date or by the date they were paid? Thanks.
I'm all set, since sales tax isn't due until payment is collected. Along with my sales tax return, I’ll be submitting the UN ledger through the IRS portal. I have a question about how invoices should be entered into the UN (IRS electronic system): Should they follow the invoice date or the actual payment date?
In the physical paper ledger for incoming invoices, I record them by the invoice date, but for this digital version, it feels more logical to list them based on when the bills were actually paid. Or does it not really matter? Thanks.
Back in 2019, I messed up the sales tax calculation on one of my quarterly reports. I already filed the incorrect return through the IRS portal, so now I need to fix it.
Does anyone know the right way to file a sales tax correction via the IRS website?
I’ve been digging through the online system, but I can't find an option specifically labeled "amended return" or anything similar...
Should I just submit a new return for that specific quarter and hope the agent at the IRS office voids the old one?
google1, thanks for the reply, but I'm a little confused now. I was reading this 2017 accounting journal about "simple" bookkeeping, and it mentioned something like this: "The sales journal should include deliveries where an invoice isn't issued, but instead, another document serves the purpose—like interest calculations or specific contracts where no formal invoice is required, etc." Do you know anything about how that works?
Following a lawsuit, the invoice was settled along with some late interest. I’ve already recorded the invoice in the sales invoice book, but now I'm wondering... should those late interest charges be entered into the sales invoice book as well? Late interest isn't subject to sales tax, though it does show up under receipts in the KPI. Since there's no sales tax on them, do I still need to list those collected interest charges in the sales invoice book? Thanks in advance for the help.
If anyone could get back to me, I already posted this question once.
The car isn't registered under the business; it’s owned personally by the business owner. Can I still write off parking fees and daily parking passes as business expenses? If it's allowed, what kind of documentation do I need... a contract, some sort of agreement, or something else regarding the vehicle? Thanks.
My car isn't registered under my LLC. Can I still list parking fees as a business expense? The costs are legitimate and occurred while I was working... Thanks
I submitted my IRS form back in late February. But as of today, the status under my submitted forms still says "Form successfully received and pending processing."
It’s been about six weeks since I sent it in, so I’m feeling a bit lost...
Does the IRS process these things automatically, or does an agent at the local office eventually get to it manually?
Or did I mess something up and it’s just stuck forever? Everything looked fine during my initial check. Any advice on what to do next?
Edward Stewart said:If we look back at this very same thread from about two years ago...
A few posts prior to the one linked above, I came across a question regarding version 1 (specifically the number of employees), where the recommendation was to enter "0," yet the IRS system wouldn't accept it—it would only allow a minimum of 1.
Last year, the PPI for 2016 was different. Under 9 TOTAL EXPENSES, it showed 1+2+3+4+5+6-7-8, so I'm not sure how anyone had issues last year. This year the PPI has been changed, and under 9 TOTAL EXPENSES it's now 1+2+3-7-8. I think depreciation should be listed under both III3 and III4...
And as for the number of employees, what does a small business owner like me actually put down?
Edward Stewart, thanks for getting back to me, you’ve been a huge help. Now I’m stuck on the PPI form.
It keeps flagging an error under Section III, Line 9 Total Expenses (The amount doesn't match the sum of III1 through III3, minus VAT in III7 and non-deductible expenses...).
I think the issue is depreciation—where does that actually go? Does it fall under line 3, non-cash expenses, or line 4, write-offs?
I put it under write-offs (line 4), but the math just isn't adding up because total expenses are calculated as 1+2+3-7-8. Why are 4, 5, and 6 skipped over? Logically, if I entered depreciation under line 3 (non-cash expenses), everything would balance out.
Is it possible depreciation gets entered in both fields, under both 3 and 4? (I saw something like that mentioned on an IRS page, but I can't be certain). Thanks,
In section 4.3 regarding income from self-employment and small businesses...
under 4.3.3, you enter Total Income, taxes paid, and surcharges.
Does "taxes paid and surcharges" refer to the estimated tax payments we made throughout 2017?
I don't owe any remaining tax for 2017, even though I was making quarterly installments all year long. Should everything paid between January 1st and December 31st, 2017, be entered under 4.3.3?
If a small business owner is out on sick leave for more than 42 days and receives payments from CMS directly into their bank account, should those funds be recorded as income in the KPI?
I could use a quick answer here, I need to file my payroll report.
A small business owner I know has been on sick leave covered by Medicare for the entire eighth month. During that same month, they also paid out sick leave benefits (as non-taxable income).
The deadline to submit the JPP report for both the sick leave and the non-taxable benefit is September 15th.
Should I just send one single report that includes both items, or do I need to file two separate ones—one for each item?
1. Does anyone know if we need to file the OPZ STAT—that statistical report for overdue receivables—this year? I submitted it last year, but there were rumors they might scrap it... No one on the forums seems to be mentioning it lately.
2. Back in 2016, I took out a loan from myself. Where does that actually land on the PPI form?
Does it go under V 2.3 (loan proceeds), or should it be in V 2.5 (other non-taxable receipts)?
Carol Price4, I saw you mention that the contributions for December 2016—which we pay this January—are still based on the old calculation method, whereas the payments for January 2017, due in February, will follow the new rules (the ones where the amount is lower) . Does that change apply strictly to sole proprietors, or does it affect regular employees too? Will employees see the new rates applied starting immediately in January?
I’ve been doing some digging online, but I'm still feeling a bit uncertain, so I figured I'd ask here. Basically, on December 31st, I processed the holiday bonuses (that $2,500 tax-free amount plus the $600 tax-free child gift) Regarding these payments, my understanding is that I need to file the payroll reports by January 15th... Which ID should go on the report? And for the date, should I use the actual payment date of Dec 31st, or just the date I submit the filing? I'm also tripping up on the reporting period... for those specific fields in the form, should it be Jan 1, 2016, to Dec 31, 2016, or just Dec 1 to Dec 31, 2016?
Would it be an issue if I filed two separate reports this month—one for standard payroll taxes and another specifically for those tax-free benefits—or does everything have to be bundled into a single filing?