![Jason D. Knott](/img/default-banner.jpg)
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Jason D. Knott
United States
Registrace 15. 01. 2020
Welcome to the channel!
We post videos covering topics in accounting, legal & tax matters.
DISCLAIMER:
The content on this CZcams channel is owned by Knott Learning LLC. This content may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. The use of these materials does not create an attorney-client or confidential relationship. Please reference the Terms of Service on the KnottLearning.com website for more information. Your use of the website and related content on CZcams constitutes acceptance of the Terms of Service and Privacy Policy.
We post videos covering topics in accounting, legal & tax matters.
DISCLAIMER:
The content on this CZcams channel is owned by Knott Learning LLC. This content may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. The use of these materials does not create an attorney-client or confidential relationship. Please reference the Terms of Service on the KnottLearning.com website for more information. Your use of the website and related content on CZcams constitutes acceptance of the Terms of Service and Privacy Policy.
Texas Form 804 (Periodic Report for Limited Partnerships) - Step-by-Step Guide
Texas generally does not require its entities to file an annual report. Most companies have to file an annual franchise tax return instead.
Annual reports, however, are required for Texas limited liability partnership (LLP). Texas limited partnerships (LP) are not required to file annual reports but may be required to file Form 804 periodic reports once every 4 years. Form 804 and the requisite filing fee must be paid in order to keep the entity in good standing. Failure to file or pay the fees may result in termination of the entity.
For a larger database of tutorials, please visit our website and search for your question:
knottlearning.com/
DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials.
#Texas #LimitedPartnership #LP
Annual reports, however, are required for Texas limited liability partnership (LLP). Texas limited partnerships (LP) are not required to file annual reports but may be required to file Form 804 periodic reports once every 4 years. Form 804 and the requisite filing fee must be paid in order to keep the entity in good standing. Failure to file or pay the fees may result in termination of the entity.
For a larger database of tutorials, please visit our website and search for your question:
knottlearning.com/
DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials.
#Texas #LimitedPartnership #LP
zhlédnutí: 333
Video
Texas Sales Tax Return (Form 01-114) | Step-by-Step Example
zhlédnutí 617Před 3 měsíci
Texas sales taxes are assessed on most products and services. Businesses must collect sales taxes on taxable sales, file sales and use tax returns, and remit the taxes to the Texas Comptroller. Businesses are encouraged to file returns and pay taxes electronically using their online system. In some cases, the business can file a paper return. The Texas State sales tax rate is 6.25% on taxable s...
IRS Form W-7 (ITIN Application) - Form 1040-NR with Schedule C (Profit & Loss From Business)
zhlédnutí 715Před 3 měsíci
The IRS Form W-7 is submitted by nonresident individuals to apply for a U.S. Individual Taxpayer Identification Number (ITIN). An ITIN is required if a nonresident needs to file a federal income tax return. In this example, we look at a nonresident who opens a single-member disregarded LLC in Florida. The Florida LLC operates a local furniture store, which means the nonresident is engaged in a ...
Georgia Form G-7 (Quarterly Return) - GA State Withholding Taxes from Wages
zhlédnutí 377Před 3 měsíci
Georgia employers are generally required to withhold GA state income taxes on compensation paid to employees. Once the taxes are withheld, they are submitted to the Georgia Department of Revenue. Employers are encouraged to submit the filings and taxes electronically. The timing of payments will vary from employer to employer. For small employers with very little state withholding tax, taxes ca...
Form SS-5 (Application for Social Security Card) - Original Application for a Child
zhlédnutí 317Před 3 měsíci
The Social Security Administration (SSA) Form SS-5 is used to submit an original application for a Social Security Number (SSN) and SSN Card. It can also be filed for a replacement card or to change/correct information. In this example, we look at two parents who must submit the original application for their newborn child. It's important that the application is submitted as soon as possible be...
IRS Form 8582 (Passive Activity Loss) - Special Allowance for Rental Real Estate Losses
zhlédnutí 829Před 3 měsíci
Rental real estate activities are "per se" passive activities. If a taxpayer actively participates in the rental real estate activity, and the activity operates at a net taxable loss for the period, the taxpayer may be able to claim the Special Allowance for Rental Real Estate activities and deduct up to $25,000 of those passive losses against nonpassive income. In this example, we have a taxpa...
Alabama A4 Employee Withholding Certificate - How to Prepare for Single Filer
zhlédnutí 388Před 3 měsíci
Employees living and working in Alabama must provide their employers the Alabama A4 Employee Tax Withholding Exemption Certificate and the Federal Form W-4 withholding certificates. The A4 withholding certificate establishes how much Alabama state income tax must be withheld from your state wages based on your filing status, number of dependents, and request to have any additional state tax wit...
IRS Form 941-X (Amended Payroll Tax Return) - Step-by-Step Example
zhlédnutí 622Před 4 měsíci
The Form 941-X is filed to correct errors on previously filed Form 941 quarterly payroll tax returns. Form 941-X can be used for either underreported or overreported tax amounts. In this example, we have a single shareholder S corporation that needs to amend its payroll return because it overstated the wages for the quarter. For a larger database of tutorials, please visit our website and searc...
IRS Form 1120-X (Amended Corporate Tax Return) - Step-by-Step Guide
zhlédnutí 585Před 4 měsíci
Form 1120-X is filed by a corporation to amend a previously filed Form 1120 corporate income tax return. Corporate returns can also be amended using Form 1139 if the changes relate to NOL carryback, capital loss carryback, unused general business credits, and other adjustments under Section 1341(b)(1). For a larger database of tutorials, please visit our website and search for your question: kn...
IRS Form 941 - S Corporation Example for 4th Quarter
zhlédnutí 511Před 4 měsíci
This Step-by-Step instruction on completing Form 941 (Quarterly Payroll Tax Return) for an S corporation with one shareholder employee. Employers file Form 941 to report company payroll, which includes wages, social security taxes, Medicare taxes, federal income tax withholding, and any available payroll tax credits and payments. In this example, we look at a Form 941 filing for the 4th quarter...
Georgia Sales Tax Return - Form ST-3 (Sales and Use Tax Return) Step-by-Step Example
zhlédnutí 976Před 4 měsíci
Georgia requires businesses to collect sales taxes on taxable sales. Georgia has a statewide tax rate of 4%, and most counties will have a local sales tax rate ranging between 3-5%. The sales tax return (Form ST-3) can be submitted and paid electronically or, in some cases, paper filed for smaller taxpayers. In this example, we look at a new food truck operating in Georgia that needs to collect...
Arizona Form A-4 Employee Withholding Certificate | Step-by-Step Guide for AZ Residents
zhlédnutí 530Před 4 měsíci
Arizona charges a flat state income tax of 2.5% on AZ taxable income. Employees living and working in AZ are subject to state income tax withholding on their gross taxable wages. AZ Form A-4 allows the employee to select various withholding tax rates. It is recommended that an employee estimate their Arizona state income tax liability and choose the appropriate withholding percentage to match t...
IRS Form 941 - S Corporation Example for 3rd Quarter
zhlédnutí 496Před 4 měsíci
This Step-by-Step instruction on completing Form 941 (Quarterly Payroll Tax Return) for an S corporation with one shareholder employee. Employers file Form 941 to report company payroll, which includes wages, social security taxes, Medicare taxes, federal income tax withholding, and any available payroll tax credits and payments. In this example, we look at a Form 941 filing for the third quart...
IRS Form 1040-X | How to File an Amended Tax Return - Change of Filing Status Example
zhlédnutí 1,3KPřed 4 měsíci
For additional Form 1040-X Tutorials: Form 1040-X for Child Tax Credit: czcams.com/video/rXKtfRn7740/video.html Form 1040-X for IRA Contributions: czcams.com/video/pEu0aZw72uk/video.html Form 1040-X for Capital Gains: czcams.com/video/FU3sto0NNAg/video.html Form 1040-X for Foreign Tax Credits: czcams.com/video/Ki7rYZL4tYQ/video.html Form 1040-X for Passive Activity Loss: czcams.com/video/5gBZv5...
IRS Form 944 (Annual Payroll Tax Return) - Sample Return with Step-by-Step Instructions
zhlédnutí 361Před 4 měsíci
IRS Form 944 is an annual federal payroll tax return used to report employee wages, federal income tax withheld, and social security and Medicare taxes. Form 944 is filed annually, while Form 941 payroll returns are filed quarterly. Form 944 is generally only permitted if you expect your annual federal payroll tax liability to be less than $1,000. To file Form 944, the IRS must notify you of yo...
Form 1040 Schedule A (Itemized Deductions) - Mortgage Interest Deduction and Limitations
zhlédnutí 1KPřed 4 měsíci
Form 1040 Schedule A (Itemized Deductions) - Mortgage Interest Deduction and Limitations
IRS Form 1040-X | How to File Amended Form 1040 - Passive Activity Losses and Form 8582
zhlédnutí 510Před 4 měsíci
IRS Form 1040-X | How to File Amended Form 1040 - Passive Activity Losses and Form 8582
How to File BOI Report with FinCEN - Sample Filing for S Corporation
zhlédnutí 895Před 4 měsíci
How to File BOI Report with FinCEN - Sample Filing for S Corporation
IRS Form 8582 (Passive Activity Loss) - How to Record Publicly Traded Partnership (PTP) Investments
zhlédnutí 788Před 4 měsíci
IRS Form 8582 (Passive Activity Loss) - How to Record Publicly Traded Partnership (PTP) Investments
IRS Form 3520 - Reporting Gifts from Foreign Corporations
zhlédnutí 589Před 4 měsíci
IRS Form 3520 - Reporting Gifts from Foreign Corporations
IRS Schedule A (Itemized Deductions) - Deducting Real Property Taxes
zhlédnutí 506Před 4 měsíci
IRS Schedule A (Itemized Deductions) - Deducting Real Property Taxes
Over $1 Billion of Tax Refunds Left Unclaimed from 2020 - File Your Tax Returns ASAP!
zhlédnutí 217Před 4 měsíci
Over $1 Billion of Tax Refunds Left Unclaimed from 2020 - File Your Tax Returns ASAP!
IRS Form 8582 (Passive Activity Loss) - Sale of Passive Activities with Suspended Losses
zhlédnutí 607Před 4 měsíci
IRS Form 8582 (Passive Activity Loss) - Sale of Passive Activities with Suspended Losses
IRS Form 8582 (Passive Activity Loss) - Special Allowance Limits for Rental Real Estate
zhlédnutí 1,3KPřed 4 měsíci
IRS Form 8582 (Passive Activity Loss) - Special Allowance Limits for Rental Real Estate
IRS Form 3520 - Gifts from Non-U.S. Individuals
zhlédnutí 2KPřed 4 měsíci
IRS Form 3520 - Gifts from Non-U.S. Individuals
IRS Form 709 (Gift Tax Return) - Tutorial on Prior Period Gift Reconciliations
zhlédnutí 1,4KPřed 4 měsíci
IRS Form 709 (Gift Tax Return) - Tutorial on Prior Period Gift Reconciliations
IRS Form 709 (Gift Tax Return) - How to Split Gifts for Married Couple
zhlédnutí 3,5KPřed 4 měsíci
IRS Form 709 (Gift Tax Return) - How to Split Gifts for Married Couple
Form 1065 E-File Changes - No Longer Using "FOREIGNUS" for Nonresident Partners
zhlédnutí 513Před 4 měsíci
Form 1065 E-File Changes - No Longer Using "FOREIGNUS" for Nonresident Partners
IRS Form 709 (Gift Tax Return) Example Reporting for Charitable Contributions - Step-by-Step Guide
zhlédnutí 1,8KPřed 4 měsíci
IRS Form 709 (Gift Tax Return) Example Reporting for Charitable Contributions - Step-by-Step Guide
IRS Form 8582 (Passive Activity Loss) - How to File With Passive & Nonpassive Income
zhlédnutí 1,1KPřed 4 měsíci
IRS Form 8582 (Passive Activity Loss) - How to File With Passive & Nonpassive Income
Hey Jason, great video. I've been struggling to complete my 1040NR to claim back a 30% withholding on gambling winnings. This video has helped me greatly but I do have one question. The 1040NR asks for my Identifying Number, however, I will be filing for my ITIN (W-7) alongside filing my 1040NR. Can I just leave the Identifying Number box blank? And will this be completed by the IRS once my ITIN is issued? Also, on the W-7 under the reason for submitting. Can I select 2 boxes? I.e. NR needing an ITIN to claim tax treaty benefit and NR needing an ITIN to file a US tax return? Thanks!
Is a real estate appraiser considered to be a real estate professional?
Where to enter $5000 from form 8621 on 1040 return? Should it be also entered under interest section on Sch B? But it is shown there on the video.
I really want to tell you thank you for taking the time to share this information with us, you are a blessing 🙌
How to file sales include low tax and hi tax? Example: Total sales = $10,000 Food Sales (Low Tax) = $7000 Tobacco Sale (Hi Tax) = $3000
1120S page 1, ordinary busines income does not include health insurance deduction on line 18. Can anybody verify which line is the health premium deduction $2000 on 1120S?
M1, does net income per book $12,209 reconcile with net income $13,340 per tax return?
Ty
You're welcome!
Your videos are very useful.
Glad you like them!
you have no idea how much this helped me thank you so much
Glad it helped. Thanks for the support!
Would a real estate appraiser be considered a professional?
This is the best explanation I've ever heard. Thank you!
Glad it was helpful!
Can you tell me where you would handle rollover losses of previous years? Thank you.
Does 1120S form include QBI deduction line?
I have a question related to 1120S QBI. is it 20% of net income of 28,596? or 20% of gross profit 221,918 -wages (both ee and officers 142,000+18,500) ?
Very useful! Cleared the doubts for 1116 schedule B. Thanks 🎊
Glad it was helpful!
Thanks
"unrecapture" is to the extent to SL depreciation amount. "recapture" is the the amount excess SL deprecaiton ?
I received my sales tax certificate in June and received mail saying I had to file a return in July but but hadn't made any taxable sales with my company within those 2 months yet am I still required to file? I just recently went through my mail and found the form.
Can you help with line C and the new 2% Commercial rents from 4.5% the form online always tells me that my figure and discretionary are not enough?
if an ss-4 for an llc is filed indicating 2 members but only one becomes an owner and files activity on schedule c of form 1040 is notification to irs required
How do we count tips if given informally at work like, as a cashier/waiter a customer gives us tips.
In the Publication 519 (2023) says: Foreign‐owned domestic disregarded entities. If a foreign person wholly owns a domestic disregarded entity (DE), the domestic DE is treated as a domestic corporation separate from its owner (the foreign person) for the limited purposes of the requirements under section 6038A that apply to 25% foreign‐owned domestic corporations. The foreign-owned domestic DE must file a pro forma Form 1120 with Form 5472 attached by the due date (including extensions) of the return. The only information required to be completed on Form 1120 is the name and address of the foreign-owned domestic DE and items B and E on the first part. A foreign-owned domestic DE may have had a reporting requirement before 2017 if it had a U.S. trade or business or other activity that otherwise required reporting. See the Instructions for Form 5472 for additional information and coordination with Form 5472 filing by the domestic DE. Also note that because the domestic DE is generally a transparent entity, the foreign person will include (or continue to include) on Form 1040-NR any of the domestic DE's tax items that are subject to reporting. A DE (foreign or domestic) may also have a separate reporting requirement related to employment or excise taxes. See Regulations sections 301.7701-2(c)(2)(iv) and (v). In the minute 8:10 you have said that one has to be careful because you are filing 1120. But according to the law, 1120 must be filled anyway by any disregarded entity, since it's treated by default as a domestic corporation separate from its owner.
How about not allowable loss of $3821? Does it treat as carryover loss for the coming year? So part VIII(b) is the data needs to enter for at line 2 (c) on 8582 for the current year return?
The first one to mention how to categorize taxes paid for general wages. Every other video skimmed over this central detail.
Glad to hear it was helpful. Thank you for the support!
Thank you for this video!
I’ve been wondering how this works so here goes my question. I am planning to order a Tesla this week and unsure if I qualify for the $7500 credit at the point of sale based on the eligibility requirements. The IRS regulations state that one can use the lower MAGI from the current year tax filing (2024 for 2023 income) or the previous year (2023 for 2022 income) to determine if a household meets the threshold. But on the Tesla website it only asks for the most recent year tax filing. However only the AGI for the 2023 1040 meets the income requirement. Would it be OK to state that I meet the eligibility requirements on the Tesla payment page?
I was told that limited partners are silent partners only, yet you put them as limited active partners. Would you clarify?
Where did the $7200 come from Admin Staff?
How do you determine the "corpus" amount that is required to be reported on Form 5227 Schedule A Form?
My name is too long for me to finish my EIN application, is that a problem?
Informative😊
Thank you! Just straight to the point and not some person who loves the sound of their voice or seeing their face to a absurd amount.
Thanks! Glad to hear it was helpful.
“If we have Real Estate Taxes Commercial , do we need to include it in the gross sales income ?
Got a question, Can I list the Corporation and their info in box 1 and my Trust/ ESTATE in box 2 as Representative, and the plan number box list the the acct # I have with the Corporation? Thanks
THanks for the info! Can we sign and fax the form to the IRS instead of mailing it?
How does the FBAR filing work for married filing jointly who have separate financial account?
I dont under stand is it $18,000 or is it the Lifetime IRS Gift Tax Exemption amount?
Can an individual file a 1099NEC for roof replacement for $16,500 to a roofing contractor in Rockwall Texas
Hi. Would he owe self-employment tax if the profit was reported on Schedule C? Thank you.😊
Grace be to you for helping with what the IRS makes ridiculously complicated. What the controllers do to the joy of gift giving.
My multimember LLC is becoming a single member LLC. This conversion will take place in alignment with the tax year, so no partial year tax returns will be required. The multimember LLC has been taxed by default as a partnership. I want the single member LLC to be taxed by default as a disregarded entity. Do I need to file form 8832, even if both entities will have the default tax status? Thank you.
I need to submit a "signed copy of my income tax return". My tax return is comprised of several Forms, Schedules & Worksheets. Which Pages should I submit? For example, just the 1st 2 pages of Form1040, or do I include the Reconciliation Worksheets associated with Form1040 also? Other Forms I have are: 8879, 8938, 2555.
Jason, what do you do if a client comes to you and don’t know what their basis is in the company?
What a great human. Thanks man!
You're welcome!
if basis was $0 at the beginning of 2021, there is a $46k carryover from 2020 (thanks covid), 2021 K-1 shows S20k QBI and there is nothing else to account for.. correct me if im wrong please.. Basis sets back to $0, new carryover will be $26k for 2022, I will not get the QBI deduction and QBI is now $0 after deducting the allowed carryover? this is where i start to get confused. and then I cant figure out if i write off the $20k of allowed losses on my 1040 somewhere or Schedule E line 41 and Schedule 1 line 5 show $0 of business income and I leave it at that? or both? i assume the carryover just cancels out any QBI and any QBI deduction so I will be claiming $0 of business income which leaves only W2 wages.
Thank you for your help!
You're welcome!
You didn’t go over what I was needing- need help with 1&2
Hello Jason! A Great video and so helpful. What about if Emma would choose a LLC (sole proprietorship) instead of the C Corp? How would that affect taxes? Thanks a lot!
Thank you so much. You saved me a decent amount of money by helping me complete the form myself!
Glad to hear it was helpful