Hey there, is it actually possible to file my business premises through the IRS portal using a different computer where I have the software installed, or am I strictly required to use the specific machine that's connected to the cash register?
Thanks, I actually did things the exact same way last year, but this time around the NPR system was giving me a bit of a headache regarding section V.2.1... apparently, I need to report any cash income that wasn't actually deposited into the business account, since the owner kept some of those funds on hand to cover various cash expenses, right?
I’m looking for some guidance regarding section P-PPI under V.2.1. According to the explanation provided in the IRS guidelines, you're supposed to report cash receipts that weren't actually deposited into the business checking account because the owner kept some of that cash on hand to cover various expenses. However, the actual form itself mentions "Cash Receipts" which were already reported under section II.1. So, what am I actually supposed to enter here? Every single cent of our total receipts for 2016 was deposited into our bank account, except for one specific cash receipt from December 31st, 2016, since we didn't keep any leftover cash on hand to pay for upcoming expenses. Should I just list that specific receipt from December 31st under V.2.1. because it wasn't technically deposited within the 2016 calendar year, or am I meant to put the entire year's total receipts there instead?
Hi everyone, I'm working on submitting my first VAT regulations filing regarding owner daily allowances, and according to the NPR guidelines, the filer code should be 5—representing other business entities. However, the system keeps throwing an error at me, and it actually lets the submission go through if I use code 2, which is for individual taxpayers... Is it actually okay to just proceed using code 2 instead?
So, what’s the actual process here—do I really need to go back and file an amendment for 2015? I used to book credit card payments as income on my general ledger too, so honestly, I’m just sitting here waiting for the IRS to give me a call.
I just dropped off my tax return today, and the clerk actually told me that if the IRS software flags an error regarding the write-offs—specifically if the book value doesn't quite match their internal formula—it shouldn't even be a concern because that's on them, so we should just submit everything as is. As for the supplemental documentation, I made sure to bring along my detailed bank statements from Chase that break down every single transaction, including things like misapplied payments or insurance reimbursements, since she mentioned they’d probably want those anyway given how unpredictable their software can be. It's honestly a bit wild when you think about it, isn't it? They were supposed to start processing these filings at the beginning of the month, yet they still don't even have a clear idea of what the final system interface is going to look like.
Nathan Peterson10 said:Does a self-employed professional or small business owner really have to pay the entire tax difference for 2015 right when they file their return on February 26th? I guess what happens if someone doesn't actually have all that cash on hand that day, especially if the amount is more than $10,000 $0.00? Am I just supposed to conjure that money out of thin air? Is there any way to pay this off in two or three installments? And honestly, what is this whole "tax grab" 🙂🙂 even about?
Income tax and local surcharges are due by the deadline for filing your tax return, which would be February 29th, 2016.
Morning! I just sold a car that was being used by our sole proprietorship. I’ve already issued the paid sales invoice, so it’ll be included in the sales tax filings for January 2016. I have a quick question regarding the sales tax return, though—the sale amount is currently showing up under reverse charge supplies along with all my other paid outgoing invoices, but since I also need to report it on the other side under section VIII for vehicle sales, am I doing this correctly?
Carol Price4 said:If you're counting the car as a business asset, you can just file a decision to pull it out of the company holdings—then it just shows up under receipts...
Thanks so much! Since I originally brought the car into the business personally and it's already been fully depreciated, would it work if I just drafted a formal decision and issued an invoice directly to myself as the owner?
I think I misquoted things earlier; I was actually thinking about this response from casualorca5 Oops The 70:30 split rule applies when the vehicle is used strictly for business and stays with the company after hours, right? Commuting to and from work doesn't count toward that at all—that would just be considered taxable fringe benefits. So, to answer the question: no, that's not quite right.
Thanks! I had assumed those non-deductible 30% were meant to cover the private commuting portion. If that's the case, since my car is already fully depreciated, could I as a Small Business owner just file a formal waiver to exclude the vehicle from my business expenses entirely? And if so, what's the best way to handle that through my Small Business?
Thanks! I was under the impression that the 30% they don't allow as a deduction was specifically for the portion used for personal trips. If that's the case, since my vehicle is already fully depreciated, could I just file a formal waiver to exempt the car from my Small Business expenses entirely? And if so, what would be the best way to actually handle that within my business accounting?
Thanks for the help! I have one more quick question for you—if we're heading out to pick up supplies from some 31 miles, and we fill out a travel voucher that doesn't show any extra expenses or per diems, should that still be reported on the IRS filing with a zero amount for payout, or is it better to just leave it off the records entirely?
Hi there, I have a small business owner who commutes using their personal vehicle, which is registered under the company. They’re currently splitting expenses at a 70:30 ratio and keeping a log of all those short trips for local travel. Is it actually okay to include the mileage for the daily commute to and from work in that logbook?
Good morning, everyone. I’ve been chatting with an employee who’s been with us for five years about ending his contract. We were leaning towards a mutual agreement, but he’s really counting on those unemployment benefits from Medicare, which we can't trigger if we just settle things mutually. Is there any way to classify this as a layoff due to redundancy instead, so we can bypass the notice period and still provide severance pay, since that would actually be a win-win for both sides?
Hi everyone, I could really use some advice here! At the electrical supply store where we work, we end up using up things like light bulbs and various cables just to set up our displays and spruce up the shop floor. How should we be handling that on the books so our inventory counts don't end up showing a deficit during an audit? Thanks so much!