Name: Intuit Lacerte: Business Returns
Uploaded: 2025-10-09T20:16:04.479Z
Duration: 1 h 12 s
Description: Intuit Lacerte: Business Returns

Transcript for "Intuit Lacerte: Business Returns": Welcome everybody to the next webinar for Intuit Lacert, and this session is going to be all about the business return modules. So whether you're experienced or using it for the first time, if you're just interested seeing how it works, you're in the right place. Let's just jump right into it. Moving into its products to make our lives as accountants easier, and, hopefully, you'll see some of that as we walk through this research module. I'm also known as the balanced CPA, and my goal and my passion is to help other firms streamline their workflows and their operations so they can have a balanced and fulfilled life while running the firm. And outside of that, I'm a world traveler. And I've also been a user Lyssard user since 2013, and our firm was one of the first firms using Lyssard since my dad started the business. So we have a lot of experience using it, so I'm excited to walk you through it. So a little bit of housekeeping we have to start with is the webcast will be streamed exclusively through your computer speakers. We recommend using Chrome or Safari, and don't use any VPNs, ad blockers, or firewall walls. You could try using incognito mode. And at the end, there's gonna be a survey as it's been wrapping up. So it's really helpful if you fill out the survey because it your feedback makes a big difference determining what how you like the webinar and what other content you'd like to see in the future. And a recording of this presentation will be available using the same link that you used to arrive here today. Important is participating in the polls. There's gonna be two different ways to answer the polling questions in the lower left area. The go go to polls will be will pop up and it'll take you to the poll tab or you can go directly to the poll tab, which is in between the chat and the q and a buttons. All and if you missed the poll, you could just go to the polling tab, and we'll leave that up for a few minutes. A few seconds after the polling closes, you could get your your CPE credits. And this presentation is gonna have four polling questions. Just a little disclaimer, this section is educational in nature and should not be construed as tax advice. As I mentioned, this will be eligible for one CPE credit and one IRS CE credit. To receive the CPE credit, you have to answer the following questions and attend a minimum of fifty minutes, and the certificates will be emailed to you within forty eight hours. So domain to the content we're going to cover today, we're gonna start with the ten forty and go through the business use of home. We're gonna go through the partnership returns, s corp and c corp returns, the qualified business income deduction, and some balance sheet troubleshooting. So we're gonna start with the first poll. What is your primary reason for attending this webinar? So there should be a pop up, and if you don't see a pop up, just go to the poll tab in between the chat and the q and a section and just answer there. I'll leave this up for a few seconds so you can make sure you get your CPG credits. And I'll leave this up for a few more seconds. And, again, when we move on, it's just the poll tab should still be there. So you get if you missed it, just try checking there or make sure you hit the other polls upcoming. Alright. Alright. So starting with the business use of home. So So we're technically gonna be still in the individual module, but this is gonna be a portion part of the business return if they have a schedule c, schedule e, or schedule f, and they're using their home for business. This slide is really is a really good slide actually. Again, you could download the handouts, so which I highly recommend doing if you're attending today. This IRS publication is really good to understand the differences between the simplified option and the regular actual expense method. So definitely read through that if you if you haven't before. Basically, the simplified and actual expense method is gonna be an annual choice. So when you're working with your clients, you can decide if you wanna use the simplified method or if you wanna use the actual expense method. But you have it's important that you consistently apply either the simplified or the actual expense method across all businesses operating out of the same home office. And that's the example we're gonna actually go through when I live when I get into the demo, and I'm gonna go into the product and show you how to do it. But we're gonna use an example where we have one person with one home office operating two separate businesses out of that same business. And they would have to choose between one method or the other and they can't flip flop. However, if you have two separate offices in your home with two separate businesses, each business could choose which method they'd like to choose to move forward. And the inputs for LaServe, we're gonna walk through them exactly how to do the actual expense method. I always recommend filling out the actual expense method, and then Lacero will automatically give you an informational diagnostic telling you if the simplified method gives you a greater deduction. So it's automatically gonna do that analysis in the background and actually show a worksheet. So you don't have to determine, should I use simplified or should I use actual? If you just complete the form properly, listserv will actually help with making that decision. If you're depending on how you're currently doing business use the phone, it could be fairly complex doing the allocation between the indirect expenses and the direct expenses. But as once we go into the product, you're gonna see how easy it is to if you're filling out the right fields, it's gonna automatically do the calculations indirect that has to be allocated between personal and business, and then there's a direct expense section, which makes it a lot easier to do the business you own. And it's even more helpful when you have multiple businesses, and it's gonna allocate that as well for you. And we're gonna do an example. And it's also gonna automatically adjust mortgage interest and real estate taxes so that non business portion automatically appears on schedule a. And again, the initial year is the most work that you're putting in the square footage of the home and figuring out the square footage of the office, but all that information is gonna carry forward into the following years. So as I mentioned, we're gonna jump into the product and I'm gonna actually show you when a home office is used in more than one business, how you could and how you're gonna enter it. So we'll look through the all the calculations for you. You're gonna enter the full square foot of the home office with both screens. You're gonna enter the indirect expenses in both screens as well for the total expenses for home, and then the direct expenses are gonna be out in its for those specific businesses, and it's gonna show you which method is the most advantageous for you and your client. So I'm gonna jump in. So I I and I just wanted to throw in some screenshots just so you could visually see because when you're downloading the this handout, you'll have this for reference, but all the demoing won't be in the PowerPoint. So what I did throughout the presentation, I just screenshot it just so you know where to look if you forgot after the presentation is over. So these are the screenshots from the business unit, all the areas that are important for you to know. And just a reminder, when you're electing the actual expense method and the taxpayer is paying mortgage interest and property taxes, you're supposed to use over here line ten and eleven if you're itemizing and line sixteen and seventeen if you're using the standard deduction. There's gonna be no numerical difference in calculating the return, but that's the way that IRIS requires you to report it. And it's not something you really need to memorize because you'll see when we could jump into the product. When you enter this information, if it's required to be to be put online sixteen and seventeen and a critical diagnostic will come up and you simply just check the box and it'll allocate that as needed. I think now we're gonna jump the clock. So just give me one minute, I'm gonna jump over into the SERP so you can see me actually do this. Alright. So now we're in the cert in the individual section. And what we're gonna do, we're gonna jump right over and see this client, this example we have, and jump over to schedule c. And when I prepare just to make it easy to go through this example, this client has a real estate business, schedule c number one, and they also have the tax prep business, schedule c number two. So we're gonna in this example, now we're gonna jump over into screen 29, business use hold, which I put some screenshots in. So now what you're gonna do here is you're gonna select the schedule c, just see all the drop down schedule b, All the different options. For this example, we're gonna go through schedule c's for each of them. We have both drop downs for all of any businesses that they have. And we have the business use the business use area. So we have a 300 square foot office and a 3,000 square foot home. So it's 10%. I just pick those numbers so it's easy to follow. I threw this in here as the carryover of unallowed expenses from the year prior. This is only allowable if you are taking the actual expense method where if you're taking the simplified method and there's a loss, there are no carry forward. So I just wanna throw that point that out. And then you're gonna scroll down and you see the indirect spent expenses here, and we have the mortgage interest, the real estate taxes, insurance, utilities. So I put that in, and this is important because these indirect expenses are gonna be the exact same as indirect expenses on home office two, because that's for the total home. Well, if you scroll a little further down, we have the direct expenses. So this direct expenses on the second the second business is directly related to the tax prep business. For on home one, this repairs and maintenance is specifically to the to the real estate business. So I'm just gonna jump over and show you the $88.29. So we're going over to the forms tab. All the inputs are going to detail, and now we're going to the forms to actually see this. And you'll see oh, actually, it went to the back and show you how I allocated these indirect expenses. This is one of those important parts if you have two businesses operating out of the same office. Now when you scroll down to the bottom, it actually will tell you exactly what how you need to put the input. So home office name or number entered up first on screen 29, so we pick home one, and I'm putting 70% is gonna be for the real estate business. And then for home two, hold on to the allocation. Again, you pick home on it again, and that's how it knows to be the allocation properly, and we're doing 30%. So now when I jump over to the home office, you'll see the 300 square foot that we originally put. This is gonna be 70% and that's gonna be two ten square feet allocated to business one and that's a 7% total. And you see here, I'm not gonna go through it all, but you see the indirect expenses column, direct expenses column. So basically as long as you plug all the numbers properly, this is gonna do all the math for you and make it really easy to complete the home office for your office. And then down here with the actual expense method, we're required to do the depreciation on the home, and I'll break out the the home basis with the land and the building and automatically do that allocation. And then this is and then that's for home one, and then for property two and business two. This one's only 30%, so we have 90 square feet, 3% usage, and it's automatic again, doing the math and the direct expenses are allocated. So I'm gonna just show you real quick how this flows through us with the skip and proceed. Scroll down to unlock the section, and you see these these numbers are automatically out carried forward onto the schedule c's individually as hopefully, that's helpful to see how you could run through this. But one other thing I did wanna show that I mentioned earlier is in the diagnostic section, you always come here to see before you are wrapping up a return. So here you can see business use of home. Since this return is not claiming itemized deductions, we must check the box in the business use of home input screen. So you click it, so you bring it right where you need to go. So we're gonna do this for both businesses because they're claiming the standard deduction. It has to be reported as excess, as I mentioned in the in the as we've gone through it earlier. And all of that does is just move these numbers down to the next excess. No number changes, but that's just how the IRS wants you to verify. So this is the most important parts with the business issues at home if you're especially if there's multiple businesses in one office. So now I'm gonna jump back over into the presentation, and we'll move on to partnerships. Alright. So now on to partnerships. I just wanted to again put some screenshots in here just so you're seeing what what I'm gonna demo and shortly. But there's gonna be the main input screen that became the partnerships, which you might be familiar with or might not be. But then we're gonna talk about the special allocations. And the special allocations is first, before we do any special allocations to when there's unequal distributions to partners for whatever reason, we have to first enter all the amounts in the main input screen before we allocate the special allocations input screen. So you can allocate based on percentage or a flat dollar amount, and you you have to just make sure that the full amount is gonna be allocated. If you put it for one partner and don't put it for the other partners, it will automatically allocate any remakers. But I'll show you that when we jump in. And special allocations are gonna work for both federal and the state. And if the amounts differ, you have to make sure you're noting it in the state section as well. Here's the screenshot that I wanted to put in. Well, I'm gonna show you live of this special allocation screen. Looks a bit different from the main input screens. But some of these are not all the things that you could allocate. You really allocate just that anything, but the main things that I'm typically seeing are allocating contributions based on which partners are contributing, if they're contributing unequal amounts, maybe one partner's contributing more than another, distributions or guaranteed payments to the market. So I think those are common ones we'd see. And then we're also gonna go through on the ten sixty five, any other Schedule k items that have to be that get reported separately from income, which will be interest, donations, and partners health insurance, income and deductions. And then I'm also gonna show you the k one packages in Lacert. So when you complete the return, how you can easily send all the k ones out to all the partners and just make a note that it's always important to have all the different partners' email addresses, especially if a lot of partners. Just so it's easy way to get the the returns to them. They're they're payments. So, again, I'm gonna jump over into the product because I think this is more valuable than just talking about it, showing you live. I think it's really helpful. So let me jump over. It'll wait. As I jump into the partnership section here, we're gonna go into a typical partnership, obviously using demo data for the presentation. But wanted to jump through I mean, it's time to just do a quick run through what seeing how familiar you are with the program, but it's gonna be the thing I really like about Wistart is all the different modules are laid out the very similar. Obviously, there's some changes in different code numbers to get there, but we have the breakout is pretty similar across the board. So you're gonna when you go into the client information, you enter the partnership name, federal ID number, primary contact. I like making sure that you put who the main contact is, especially there's 10 partners, who's ever an address in. You have their address, obviously, and it's important here. Email address will typically be the business. The email address that there's a core business email rather than the specific partner. Sometimes it's the same as one of the main contacts, and then you're gonna fill out all the information about the partner, the partnership. And then you jump over into the partnership information here. And in this example, we have Bill North and Susan West, and there are two partners. And right below that, you have the partner percentages. So in this example, we have both partners as fifty fifty owners, and this is important because you'll see when we jump into special allocations, there'll be some of the items that aren't split evenly fifty fifty. But I like the the flow of the product because it's you really just go right through each of the screens and the tab. That's personally how I like to do it. You'd also go across the bottom if that's helpful for you, the active items. And I just put maybe these numbers up, but I put Bill North's adjusted basis and Susan West's adjusted basis is 50,000. And I put that because that'll be part of the special application. So we got with the main input screens, you're gonna need an order of the income, the cost of goods sold, and the deductions. You see here, this is relevant. We have the guaranteed payments and it puts in a little note including partner health insurance of 160. And I like these little hot keys because it gets you right where you need to go. And this is gonna bring it right to just so you see two ways of getting there, other schedule a items. So these are some things that are important to realize where the inputs go is if your partnership is earning interest income or there's charitable donations or partner health insurance. So those are things that are just reported separately on the k one. I'll just jump over to the form and show you the k one just so you visually could see that. So we have the order we have Bill North's k one here, and we have the order of business income. They also this partnership also owns real estate property with some income there. The guaranteed payment is split evenly, 80,000 each. We have split the interest income, which and then here's the other deductions. Half of this was the, the charitable deductions and then m is the partner's health insurance. And if you ever don't know what any of these codes are, what I would like doing is going to the government instructions tab right here, It'll actually give you all the instructions from the government how to complete these forms. If you're not sure of anything, I use that pretty often. And also thrown out there's a search bar here. If you need any help, you just search and search right in the knowledge base in in LaSergue. So I'll just jump back as we're going through this return. Again, here are the rental real estate. This is the day of the rental property, which this partnership does. You could just drop it right here and that's what how that'll get reported separately. You have the balance sheet, the miscellaneous share of liabilities, which is pretty important for the partnership. So I just wanted to show this. So when you have the share of liabilities, it gets allocated on the tailings of the partner. So you have the beginning and you have the ending here and that's gonna also flow through onto the partners a one. So you see how that's allocated. And your capital account, so this is where you're we're going to put the beginning capital for these two partners. I put in here contributed capital of 50,000 and distributions of 15,000. So I'm going to now have to go through just kind of showing you how the flow of the partnership return books. I'm not going to go in as in-depth with the other modules just because they're all laid out fairly similar. I'll just show some of the key differences. And now I'm gonna go actually over into the special allocation screen. So now you see over here, this is the view of the special allocation screen. And that capital contribution, we I allocated the entire 50,000 to Susan because Susan, in this example, put the 50,000 in this hypothetical. She wanted her base her partner basis to be the same field. So that's why I put that in there. And you'll see when you put this allocation, there's a remaining amount to be allocated at zero. So now when I and I'll just show you how that looks visually. So you see Bill's capital contribution is zero and I had to go over to Susan and hers her capital contributed is 50,000. That's just how the special allocation work. And I'm gonna jump back over to the special allocations to just show you the distributions. So in this example, I just put it that Bill took 14,000 and 15,000 total, Bill took 14,000 and Susan only distributed 1,000. You'll see how that also floats through the barge. Down here with 12 and distributions, 1,000 versus the 14,000. So just a note that I would definitely point out is if you have state return to make sure you're also doing the special allocations in the state section as well to make sure it matches. But in this example, I don't have any states on it. So this is where you can do the special allocations. And lastly, what I wanted to show you so now we wanna get these partners that'll pay ones. What I like to do is print tax return, and you arrive right here k one package only. And you could either print it to your printer, file PDF, email it. If you do email, you could encrypt it with a password and send that out, and it'll send to the the emails that are listed in the detail section for each partner. So make sure you're putting in emails for each partner, and you can send that out pretty easily here. Personally, we use SmartVault, so I'm uploading all to SmartVault and all the partners have access to their folder. But email is a good way if you don't have that access. And just make sure I'll show you over here to make sure you have each of the partners' emails in there, and they'll all be included. So Bill and Susan. And I think those are the main areas I wanted to show you for the partnership, but I wanna try to be wary of time. There's so much to go through and I wanna try to cover as much as possible. Alright. So now it's time for poll two. So why might a partnership use special allocations? One, to ensure all partners receive equal shares of income and expenses. Two, to allocate specific items of the income or deduction differently than the partnership agreement. Three, to reduce until taxes paid by the partnership. Or four, to make filing on ten sixty five ECA. So I'll leave that up for a few seconds just so you can get your CPEs and answer that poll. Alright. And I'll keep it open for a few more seconds to just make sure answering. Even if you don't get the right answer, you're still gonna get participation credit for CPE purposes. But just wanted the answer is gonna be to allocate allocate specific items of any kind of deductions differently than the partnership as we showed with the special allocations. So now I'm gonna jump into S corp and corporate returns. And here so I'm gonna jump I'm gonna show you this. I'm gonna jump into the s corps first and show you basically how to in input officer compensation, because that's not gonna be an area in a partnership return, how to input the distributions on an export and the importance of tracking shareholder basis. So that you have to determine if those distributions are treated as a return of capital, return of capital or as a taxable gain. And then I'm gonna also show you how to do you wanna redact the Social Security numbers and only show the last four, I'll show you how to do all that in the test scores. So again, I'm gonna jump over. So here, I jumped over into s corp model modules. I like using the hot keys as you control out and s, brings me right from the partnership module over to s corp module without clicking around, so I use that fairly often. But some of it that you're gonna see is a very similar layout that you're completing the S corp. So I'm just gonna kinda skim through it just to show you. There's not no no real major differences. One of the main things to note is under client information, you're gonna have the officer information. And in this example, this is actually where you're gonna put Beth Forrest who's the officer. She devotes a 100% of her time to the business, and she owns 80% of the stock. So that means that the other shareholder here doesn't is not an officer's business. So she owns 80% and you see her officer's compensation here. We can put it in either section. It's a 58,000, and that's how you're gonna input officer's compensation. And then as you scroll along here, you're gonna see shareholder information. So we have Misty Green and Beth Forrest. And you'll see Misty owns 20%, but she doesn't show up in the officer section because she's not an officer, but she's still gonna get a pay one as a shareholder. You scroll down, you have the shareholders basis, and this is gonna once you have this this will keep calculating based on the activities of the business, so that's really nice tool. Google assert. We have the income, cost of goods sold, similar exact same layout of the partnership section, depreciation. We're not gonna get too much into depreciation, but that's where you're gonna put all the assets. You have the income in the deduction section similar to the way the partnership's other scheduled pay items is as well. And then the other scheduled pay items, this is where you're going to enter the distributions that will ultimately get reported on the k one. So I'm gonna jump over to once you see once the return is completed, the the k one, they're gonna automatically calculate based on the percentages. You have missed the grade. You see the allocations here. Sorry if I'm scrolling all over the place. Purpose of the webinar. And then you also have the multiple pages showing the breakdown, any other important information. And I'm gonna show this on the partnership section, but you're also gonna have on the QBI statements that are gonna automatically generate. And this is gonna be relevant to when we later in the presentation, when we go through the QBI deduction. This information is gonna be automatically imported into your ten forty. Okay. So here to also do if you're doing the business return and also you're doing personal returns, the great part is you could automatically export this data, which is a big time saver and that imports that QEI information as well. So I like going over into schedule k miscellaneous section. Oh, since I'm here, in the schedule k miscellaneous section, if you want to redact the full Social Security number, you could just put a one here, this override, and it this basically would print only your last four digits on the k one package. So sometimes if depending who you're sending this to, if you wanna redact that information, just knowing that is available in all the modules. So it's important. Sometimes it's very useful. So let's go to getting back to my point on exporting the k one, you give us k one miscellaneous. And you can export the k one data, and you would just go to tools, k one data export, and then you could export that either. So, basically, all those k ones are gonna be automatically imported into the return. So it just saves you on the data entry and automates that process. So I think that's a really cool tool that I use very often. Let's show you. That's kinda run through of the returns. I ran through the k one, and you'll see how everything's gonna flow through from this from the s four per term. And later when you get into the balance. So I just wanna give you a quick view if you haven't seen any of these areas for the s four returns. And you'll also see the eleven twenty five eight, which shows the compensations of officers that issued by the bank. So, again, when you're going through this any of the business returns, you'll see that once you start learning the input screens and some of the more complex areas, you'll then later see when you go into form setting and see how it all flows through to help you prepare the return between compensation officers or the the stock basis of shareholders in the Form 70 two-three, all that stuff's gonna automatically calculate as long as you know how to be digitized. So now let me jump out of here and get back into the presentation. And then now showing the corporate return, you'll see the corporate return is very similar to the s corp return. So I'm just gonna identify some of the areas that are a bit different. That's a bit super complex to to figure out, but it's just good to see it if you haven't done it before especially. But showing how the officer compensation, the input screen, just a little bit different. So I screenshotted that in there. And then also gonna show you how to force the eleven twenty five b showing the author's compensation because that isn't gonna a lot of these forms don't automatically generate and it's not required to. But just remember, there's always ways to force a form to to populate if you'd like it to or to even suppress a form if needed for some reason. Typically, I don't do that, but I'm gonna show you how to do that as well when we get over the balance sheet sectionally. So get again, I'm gonna jump over. So again, control alt c, bringing right over to the corporate tax section. So we shortcut you haven't used it before. We're gonna go into a typical corporation here. And again, it's a very similar layout. You'll see here when you go into the officers information screen, we don't have any input for the officers compensation, because it's actually laid out here under the deduction section. So we go to the officer's compensation here, and this is where you're gonna input all the officer compensation for each of those three officers of this business. And then I wanted to show you in the deductions tab. Now if we scroll down to the salaries and wages, you see the note, salaries and wages other than officers. And And then if you ever you're like, oh, I don't remember where Nick went to get the officers section. You have a a input right here. So if you click this, it's gonna jump you right over to where you need where we just were. So they try to put a lot of little shortcuts that make it your data entry easier for you. And then I wanna highlight here, if for some if your eleven twenty five e is not populating and you put a a two here, it's gonna force that to populate regardless. So if you have a business that's gross revenue is 400,000 and they're under the threshold where it's required, you could force it. I typically do do that because it just shows that for the the purpose of just information for your clients, and there's no reason not to put it, but that's just information all again. And then if you only wanna put the last four digits instead of the full Social Security numbers, this is where you're gonna put a one. Right, where it is a little bit different for the s four. So I'm gonna actually show you that. So we go over the 1125, and you'll see the Social Security numbers are redacted, and you're only gonna see the last four. So the one of the main things I wanted to show you on the eleven twenty, Again, it's fairly similar to the partnership module. It's fairly similar to the s four one. And then Slace Word. I'm gonna jump back over. So Lacert has a really cool feature that it could actually prepare and efile corporate consolidated returns, and it's gonna consist of a parent company and its subsidiaries. It's only available in the corporate module. You get the file right from there. Right there is listed all the states that are supported. Some of the states have some limited functionality. So if you need it for a specific state, just check to see if it's available in the state you're looking for. And I'm actually gonna just show you it one more time. So here, jumping back into the corporate section, you'll see we have the two sub corporations. If you're doing the consolidated return, what you're going to do is actually create every corporate return for each of the ones that need to be consolidated. So we have sub one, sub two, we also have the parent corporation. So it's important to know that you're actually going to create a fourth and this another corporate return that's the consolidator that consolidates all of them together. So this is gonna be the umbrella. So when you go in here, just wanna show you real quick. You go into screen three and you see the affiliations on consolidated information. And you're gonna see that we have the parent corporation, the sub one and sub two. Just wanted to show you that. And then if you have a state, you're gonna do it over here, the same thing. I just made it for New Jersey. You have the parent, sub one and sub two. You're not gonna pick the consolidator, which is what we're in right now. And then I'll just show you how it looks, and you'll see if it's the check for the consolidated return. And I just wanted to mention that if if you are looking for a consolidated return, again, you could get you could get help if you need more guidance with this. But also there's there's a KB article attached to the handout, so I'll definitely read through that if you are looking to learn more about this. Alright. So now we're gonna launch the third polling question. How are S corp shareholder distributions typically handled for tax purposes? Are they taxed as wages? Are they included on Schedule K-one and maybe taxable based on the shareholders basis? Are they tax free in all cases? Or are they included as an ordinary income on a form eleven twenty? Again, the poll should be should have popped up and if it didn't, there should be a poll tab in the top corner between your chat and the q and a box. And again, if you have any questions, just put your questions in the q and a section. I'll leave this up a little bit longer. Again, regardless of, like, what answer you put, you'll still get participation, but there is a correct answer in this situation. I'll leave it open a few more seconds. But the answer is that the shareholder distributions are going to be included on Schedule K-one and it may be taxable based on the shareholder basis. We got that one, but if not, don't worry, it'll still get their CPA grants. Onto the qualified business income deduction. So the qualified business income deduction is automatically calculated in Lacert. Again, as long as you're putting all the inputs in properly and giving it the correct data, it's gonna do the calculations calculations accurately. So with a QBI, you're gonna get a deduction of up to 20% for eligible pass through entities, escorts, partnerships, certain trusts in The States. With cert, you calculate the QBI and generate the $88.95 once you enter the income and expenses, including the wages. It's important to remember to check the SSTB, the specified service trader business box if it's applicable. Because if you're SSTB, there's certain limitations. So just checking the box is really important, so make sure you're you're checking out when you're preparing these types of returns. If they're not allowed to claim the QBI for some one of the exclusions, and it make sure you're enter entering any amounts related to cooperatives that may apply. And if it's applicable, enter any aggregate tax ID numbers if you're aggregating the activity with other tax returns as well as the description. And lastly, the schedule eight QBI is gonna be calculated when the activity is marked as land, self rental, real estate crows, or claiming a safe harbor. I had to put a screenshot again because we'll we'll jump into the product and show you. But the qualified business income deduction on the Schedule c area, if you just scroll down, you'll see the the SSTV box there. And if you can see in the screenshot, this will again will be in your handout. So make sure you're checking that off if there's a specified service traded business. And then I showed this in the demo earlier, but I wanted to include it that in the partnership section or any of the k ones, it's gonna automatically input the data that's important to calculate the QBI on the personal returns. Jumping over into the personal return, just so you see where the SST box goes, because it's all not gonna do the the calculation. But here, you have it right here on the tax prep return. Actually, check that off just so you can see where it goes. And then in the k one section, I have nothing populated here. You'll see the QBI information is gonna be entered below, but if you already have if you're importing k ones directly from Lacert, this will automatically populate when you have the QBI section ten ninety nine a section where that will be filled out to help do the calculations and generate the eighty eight ninety five. So this is a quick jump over. Let's get back to your presentation. So now into the balance sheet. Most of the times when you're having any issues with the balance sheet, some of the most common issues are gonna be the ending balance doesn't match the beginning balance from the prior year, and that's just typically caused by an error in carrying forward to prior year data. So I'm always if that ever happened, which is super rare, I always just look at the prior year's return and just make sure that beginning balance is matching the prior year. That's typically a quick fix. A lot of often it's gonna be the assets are not equaling the liabilities plus equity, and you'll get a critical diagnostic for that. So you'll basically identify what your balance is off by, whether the assets is over or under, and they'll help you give you guidance. So definitely using the diagnostics tab in Lacert is really helpful, especially with any balance sheet issues. And then any unrecorded transactions are typically what might cause a balance sheet issue, such as forgetting to enter the loan adjustments, depreciation updates, or entering the contributions or distributions. So I'm just gonna walk through three modules for the balance sheet and just kinda identify some of the differences and I'll jump into one of them just to show you everything I'm discussing. But some of the common issues with the partnership is accessing the balance sheet. So I'm actually gonna walk you through the balance sheet and showing the details tab, which I briefly touched when we were in it earlier. And the balance sheet was scheduled m one, scheduled m two, and then you could actually view the balance sheet in the forms tab. So the details tab, again, is gonna be inputs in the forms, is gonna be viewing actual tax forms, reviewing the automatic calculations, such as inventory, depreciation, amortization, and entering the capital accounts to help balance that your tax return. And then ending entries in the columns would be some of the some of the deals are gonna be automatically calculated by the program. If you enter a negative one, it'll put it put that ending balance as a zero. So just knowing that that's available to you if needed. And again, checking the diagnostics tab is gonna be a a huge help in identifying any issues and help. And then a pro tip is make sure you're flagging any items that you're overriding so you could go back quickly as you're troubleshooting. So if you're doing any overrides just to try to figure out the program, make sure you leave a a missing data land on there just so you can get back to there so you don't forget. And then with the balance sheet for the 11/20 s for the s corps, same same thing, how to access the balance sheet. You're gonna go to details tabs. You're gonna see schedule l. If you go into forms tab, then view the balance sheet, and that's typically identifying any errors when I look at the forms rather than looking in input fields. Make sure you're manually entering direct input items of cash, loans to shareholders, other assets, and make sure you're correcting the ending balance. And then items, I put a screenshot in here just to make it a bit easier to see and understand what I'm talking about, but I will go into the program to show you. These asterisks are gonna be things that are automatically calculated by the code. And then our pro tip, just check any mismatches in the current year depreciation or retained earnings adjustments. That typically will identify some of your balance sheet errors. And then on the 11/20, I'm gonna show you I what I did, I screenshotted here. It's gonna automatically generate the balance sheet when the total receipts and total assets are greater than 250,000. And if you could see in the screenshot here, if you wanna force it to to, generate, you can just put a one there. And if you if you wanna remove it, you could Yeah. See so you could force it by putting a one, and if you wanna suppress it, you could do that as well. Typically, I wouldn't recommend suppressing it. So now I'm actually gonna jump into the program to show you the balance sheet section really quick with running towards the end of time. So I'm trying to cover as much as possible. So again, what I went through verbally, it's a bit easier to see. You get to the balance sheet section. This is gonna be the same on all the modules to get over to the balance sheet. And you're gonna do all your inputs, beginning, ending. These here these sections here with the asterisk, they're gonna be automatically calculated. They're gonna pull from the depreciation set section. So I don't have to fill those out necessarily. And then if there's any differences in the balance sheet, see my federal ending balance sheet is off by 44,000. So that it's giving you that critical diagnostics to help you identify the issue. So you can jump over into the forms tab and you're actually, you know what, let's see. Right here, we have 530,000 where in my assets from that $4.59. It's gonna help me identify probably gonna be something to do with the capital accounts just playing around with this demo data. We just wanted to show you that. And if you wanted to suppress or force the balance sheet, Different right here. So if you wanna force it, you could put a one. Here, it's already generating automatically. So depending on the on the client that you're working on, there's always there's always there's always a way where you could force or suppress this. I don't know a lot of examples where you'd wanna suppress it if it was required, but just letting you know that that's an option for it. And then what I'll do, I'll show you in the the export section as well. So I'll just go right over there. Selections. Quote section. I'm sorry. And again, the more you go through all the different modules, it's gonna get easier and easier to run through these. Miscellaneous information. This is what I had on the screen. The corporate corporations total receipts until last is in are less than two fifty. So if you put one, it's gonna suppress it. From page two, I think those are the main areas we wanted to cover. Again, there's so much to go through and we only have an hour. So, again, if you need more help, just reach out to support and there's a ton of people and ton of resources to get help. So now with the final polling question, if you're here to learn more about the product before you buy, please let us know in this poll if you would like to call from a sales specialist. But, again, just make sure you get this poll. If it didn't pop up, just check between the chat and the q and a buttons up in the top, and you should be able to get this poll. And we wanna make sure everyone gets specific lead credits. But, again, just send a message if you would like a call from a sales specialist if you wanna get contacted or not at this time. Again, I'll leave this up for a few minutes or a few seconds. Sorry. And, we'll get this presentation wrapped up. Alright. Now we'll move on. Thanks for doing the points. We just wanted to do a quick review of what we covered today. So we went over the business use of home and especially if it's a more complex situation where you have two businesses and one home office, how to do that. Again, you could see the KB articles and the handouts to kinda walk you through it. This was a little too too quick for you. So you're always out there just references to get more information. We went through the partnerships and the special allocation section. We went through the corporate return, both s corp and and the c corp in the different areas to do the officer's wages. We also briefly went over the call by business income deduction and showing how the search is gonna automatically do those calculations for you, which is a really nice feature. So as you're putting all those inputs in and don't forget to check off the SSTD box if that's required. And then we went over quickly through some of the balance sheet troubleshooting. If you're having an ending balance that's off, the search is gonna guide you in the diagnostic sections to kinda hear you where you should be looking to fix that and just make sure all those adjusting entries are marked properly. And those are gonna help you fix most issues you have in the balance sheet. And again, your CPE certificates will be emailed within twenty four hours. Steps, there are many upcoming webinars following this one, so I highly recommend you attend them and register. The survey link, hopefully, should have popped up by now. So if you did fill out the survey link, that's really helpful for us. And don't forget to save the handouts because I know we went through a lot, and it's really hard, especially if it's your first time seeing a lot of this. It's gonna be really hard to remember everything. So definitely save those hand handouts, and that's why I put a lot of those screenshots in to hopefully help you. And again, don't forget there's support and community. There's the Intuit account support center where you can get answers to your tax and product questions directly from Intuit accountants. There's also the community where you could post your product and workflow recommendations. So I highly recommend checking out if you haven't. And then if you're looking just for more free training and resources, the education center is there. We're gonna have more live recorded any recorded webinars, virtual conferences, and then there's the Tax Pro Center where you can read articles on what's important, what's trending in the accounting industry. Just wanna wrap up by saying thank you. I know it was a lot, but I really appreciate you being here and hopefully you took at least one thing away from this presentation. And, if you have any questions, just reach out, and have a great day.