Love your channel man. I’m currently in my first tax internship, and despite being very proficient in financial accounting, tax definitely posed some new challenges. I’ll be watching a lot of your videos for sure! I love how you throw in little details that encompass more of what you need to know in order to prepare the return correctly, such as the safe harbor, section 179, M-1 and M-2 adjustments, etc. It’s good to have somebody actually slow down and explain what they are!
Thank you so much! Can you please teach a class about from LLC single member to multi members 1065 and S Corp? How do we allocate the income and liability when entities restructured in the middle of the year? Thank you thank you!
Thanks very much! My two cents: the distribution numbers you choose (see 29:13) implies that John and Jane had to took distributions in 75:25 because their ownership is 75:25. That's misleading because each partner can choose to get any arbitrary amount of distribution as long as their own capital account balance allows, and the company's financial situation allows. In next year's video, you may want to let John take out 4k and Jane take out 3.5k, just to show it's arbitrary.
I have a doubt Jason, In Schedule M-2, Line 3 Net Income (Loss) you should enter the Net income (Loss) as per Tax Return which is nothing but Schedule M-1 Line 9($36,611) but, you entered the Net Income (Loss) as per Books which is Schedule M-1, Line 1($12,209). Please clarify 😃
Jason, thanks for your videos. They help a lot. One question please: I’m trying to e-file Form 1065 using TaxAct but they don’t have Schedules K-2 and K-3 yet and they don’t know when they will have them available. Do you know of other providers similar to TaxAct where Form 1065 is complete with all the schedules and could be e-filed to IRS? Thanks for your help.
Your videos are very helpful. I am confused about where to report deductions for operating costs (office supplies, postage, etc.). On what form should that information be reported?
