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Mr. Lane-You answered my question about my roll over

Mr. Lane-You answered my question about my roll over dismemberment yesterday. Key points:I received a $36900 diversification check from my company's ESOP in December. It was issued on 12/16/16. I had the check sent to me and I deposited into my personal checking account. I want to roll over $25000 into an IRA with E-Trade. I have the IRA account set up. (I know that I will have to pay a penalty and the appropriate tax on the $11,900 that I am not rolling over.) E-Trade says to send them a check for $25000 and put in the note section "60 Day Rollover" and they will put it into the IRA.My questions are:1) Does this recommended process by E-Trade seem to be the correct process for making sure that I avoid the 10% penalty and taxes on the $25000 portion that I am rolling over?2) How will I report to the IRS that I rolled this portion over on my 2016 taxes?3) Do you recommend a better way to do this since I have already deposited the check into my personal account.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,550 satisfied customers
Lane, I have an accounting journal entry I've been trying to

Hi Lane,I have an accounting journal entry I've been trying to figure out how to create to no avail. I'm hoping you can help me.Here's the situation:I have a client that receives in a payment of $8,722.00 from a customer but deposits the money into a bank account that is not in QuickBooks (personal account outside the business). The balance that the customer owes through A/R in QuickBooks is $9,222.00. My client then pays their customers balance off by sending the payment of $9,222.00 out of a checking account that is in QuickBooks (from the business) to the outside Vendor that the money belongs to. How do I create a journal entry for this? If you can explain to me using debits and credits and naming the GL accounts.Thanks,Kathleen

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,550 satisfied customers
I changed accountant for 2017 and they sent me 2 pages of

I changed accountant for 2017 and they sent me 2 pages of items required for my income taxes. Do they have the right to ask for all of my end of year bank statements? Also, do they need every receipt for charitable contributions? I always itemized everything and send them all that was expected in the past. I always had backup for everything but I feel oppressed with the 60 items that they want. Please advise.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: We are an LLC and everything is backed up on ledgers and quickbooks and our bank.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,550 satisfied customers
A parent has given shares of interest in an LLC to her

a parent has given shares of interest in an LLC to her children. The LLC sold its asset years ago, so the funds are in one LLC bank account. The children have "safe trusts" in each other their names. The safe trusts received the LLC shares. It was decided by the parent who holds the all voting shares to leave the funds consolidated at this time and place it into long term CD's.1. Do the cd's need to have the LLC's name as its benefactor? or all the family members trust accounts as benefactors?2.The idea was to have the monthly interest disbursed into the LLC bank checking account, and then distribute to childrens safe accounts at end of year?3.is the LLC or safe trust benefactors fdic insured like a personal name on account?

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Lev

Retired

Bachelor's Degree Equivalent

24,398 satisfied customers
I have a question regarding my LLC and ein number, I created

Hello, I have a question regarding my LLC and ein numberJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I created an LLC recently to protect me in signing agreements for my production company and received my EIN number.JA: Excellent. The Accountant can walk you through setting up an LLC or see if that's the best choice for what you want. Is there anything else important you think the Accountant should know?Customer: Yes, according to the IRS, you can use the same EIN number for another business I want to start

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ABC Accounting Group

Bachelor's Degree

712 satisfied customers
I have been providing 24X7 care for my 90 year old mother in

I have been providing 24X7 care for my 90 year old mother in my home since 8/2011. Prior to that, I had provided her with a place to live in Maryland since the mid 80's at no cost to her.I have been saving most of her SSI since 2011, to cover unexpected cost. I am her representative with SSI and report each year on the use of her funds.The checking account has always been joint since she opened it in the mid 80's. Does Medicaid require these funds be used to cover a nursing home, even though technically they belong to me for the care I've provided.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,550 satisfied customers
I wasnt sure if i needed an answer from a tax advisor or an

i wasnt sure if i needed an answer from a tax advisor or an accountant yetJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I am purchasing a home with cash and planned to the funds from an estate account that I am on. Is this ok?JA: Is there anything else the Accountant should be aware of?Customer: no, that should be it

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,550 satisfied customers
I own a pass-through S Corporation and I am the sole owner.

I own a pass-through S Corporation and I am the sole owner. I have been asked to prepare a balance sheet. For this example, the business has earned $1000 in revenue over the year. My business has a checking account balance of $100 as of today. I have paid myself $200, taken a cash distribution of $300 and have had $400 in expenses. I have 0 outstanding liabilities and 0 invested personal equity in the business. I'm sure this is a very simplistic balance sheet, but how should this look in the assets, liabilities and shareholder's equity portion of the balance sheet?

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Kirk_CPA

Master's Degree

38 satisfied customers
A year ago my checking account had a five figure amount

A year ago my checking account had a five figure amount wired into it. The bank froze the account and placed it in their Fraud Department. That account also has one of my payroll checks in it. My savings was frozen too but they mailed me the amount that was in that. I've been in contact with the woman in the Fraud Department. Her argument was that I don't know the people who sent me the money but I told her that I do. I've been to customer service at many of their branches and had them call her or email her to at least send me my payroll check but she never gets back to them or me. The people who sent the money have not tried to retrieve the money. The money is mine. I just spoke to her about 10 days ago and she said she wrote something about my money on a list and that she'll call me. I want the money from that account. What should I do?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,550 satisfied customers
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