So I saw the below link and I got curious what type of group they had set up. Evidently there aren't a lot of requirements to become a member because after clicking it on, I became the newest member. I wonder if someone from Intuit is going to be contacting me to instruct me on the group secret hand shake. https://proconnect.intuit.com/community/proconnect-tax-news-updates/discussion/getting-started-with-proconnect-tax-for-new-users/00/234698

Good afternoon community, I have a client who has noticed a spelling error on his EIN paperwork. Is business should end with a PLLC but instead it states PLCC. I checked Publication 1635 but still not sure the best way to advise the client as it isn't a full name change exactly, and certainly don't trust any phone numbers. 😉 Any suggestions?Thank you!Dawn

When applying for EIN for self-directed IRA, do I select sole ownership and apply EIN using the Tax Payor's Name?I am told the TP has to file 990T. 

When will e-file shut down for filing form 1041?  Is it the same as for form 1040, which appears to be November 26, 2022?

Trying to renew my PTIN and the new IRS system needs to send a code via E-mail to log on to the system.  I click on the "Receive a code via email" but never receive the e-mail so cannot proceed.  I have a Spectrum roadrunner e-mail account and not sure if it is an IRS issue or a Spectrum issue.  I can't find a IRS phone number to call on this issue to see if the code can be by phone or if there are any options.  Has anyone else had this issue or have a IRS contact that deals with on-line PTIN renewal issues?

I will start it off - I use Thunderbird to handle my multitude of e-mail accounts. I have the following: ***@Comcast.net - everyone gets an account with the internet provider and you likely will be with them for a long time, but what if they get pricey and you want to leave. Then you get: ***@gmail.com or ***@yahoo.com or ***. neverheardofit.com Thunderbird is one of several e-mail applications that can let you gather all those e-mail accounts into one spot. Between my wife (who never really does the e-mail) and myself I manage 6 email accounts in one spot. On my phone I use manufacturer (Samsung) e-mail to handle the same 6 accounts (wife & I with internet provider, my wife's hobby, my hobby, my tax, a group I handled.)   What do you run around the ethernet road on? 

 We filed 2021 LLC tax return for AZ State LLC . The business is a hotel that is in the state of AZ. Ca FTB wants us to file a CA LLC tax return since the member manager lives in CA state. We prepared the CA LLC return showing income allocation of 0% sourced to CA and 100% sourced to AZ state. We paid the $800 FTB tax upon filing. This LLC had large amount of new assets additions on which we took Bonus depn. AZ state allowed the bonus depn, but the CA state does not allow bonus depn. On the CA state k-1,  CA income is higher than Federal income by the amount of the bonus depn. This bonus depn difference shows on Ca k-1 Line 1 ( c ) and col ( d) that says "amounts using Ca law" shows higher income. Col ( e ) shows $0 as "CA source income".   Question: Will the member manger who is a resident of CA report income as shown on Line 1 Col (d ) i.e., higher income due to Bonus not allowed by CA even if the hotel had 100% income sourced from AZ state ?  This does not s

client received a grant and purchased equipment.  he then S179 that property.  next year (over 1 year) he wants to donate that property with sizable FMV to a charitable organization.  since his basis is 0 does he get any donation deduction?

Hello, As mentioned before my mommom passed away and I am keeping her legacy going. I got my EFIN (very fast)I know I have to get my PTIN How do you get a CAF number?Anything else I need? Anything else I need to do?Does anyone on here buy any type of insurance? Any recommendations? Any good contact numbers I should have for IRS? or State?I know about the tax practitioner number, and I also have a tax advocate number. I have my state phone numbers for practitioners. Any courses you recommended? / re-fresher courses? Where do you personally read up on the new laws for tax year 2022? Anyone part of the National Society of Accountants? Thank you for all your help

Prize winnings in Box 3 of 1099 Misc, can this be offset with gambling losses

Taxpayer divorced in 1991.  Decree allowed former spouse to live in home for as long as she wanted.  Title was kept in both names.  Now, former spouse has moved into nursing home and the house is being sold.  This jogged my memory enough that I looked up Section 121(d)(3)(B), and the nonresident spouse qualifies for $250,000 exclusion because the ex qualifies.  (Or would it be only $125k?  In this case, it doesn't matter.) Even when the law wasn't changed until 1997.  This reminds me of a unicorn I saw back in 1994, when the old rules applied.  Taxpayer sold two primary residences in same year (or maybe it was a two-year period).  Gain was rolled over from first to third house.  Gain on second house was taxable.  

1041 Estate Return - US Treasury interest paid to estate, decedent last 1040 took 454a  election, options for estate 1041 us treasury 1099-int. Background using example numbers - 1) The decedent had 1000 paper US Treasury bonds with supermajority matured but not redeemed.2) 454a election was taken on the decedent’s last 1040 and tax on estimated accrued interest up to DOD was paid on decedent’s last 1040 return 2) US Treasury bonds did not have a POD/beneficiary 3) US Treasury disbursed proceeds from matured bonds at date the US treasury processed the paper bonds to the decedent’s estate under the estate EIN.  The interest income is slightly larger than interest reported on decedent’s last returned as a result between DOD and US treasury processing date.4) US treasury reissued treasury bonds that have not matured to beneficiaries as directed by the administrator of the estate. Question and issue.1) is there an option to report interest income on

As long as this place evidently has turned into a "how to" stop, I thought I would get in on an important educational opportunity.  Sign up now for a virtual beginners class on how to prepare lutefisk.  We have decided that the beginners class should be virtual since we lost so many students last year that were overcome by the odor of the lutefisk.  World famous chef Lars Larson will be providing the basics to preparing a lutefisk dinner that will allow most of your guests to make it through dinner without a trip to the hospital emergency room. There is no cost to the class and a free Intuit clothespin will be provided to all that successfully complete the course.  The clothespin will come in handy if you decided to attend Lars' advanced lutefisk class.  The class is scheduled for 8:00 am central time on November 31st.  A registration link will be provided shortly.  For any technical problems, Sven and Ole and will be standing by to cover customer sup

Have a trust that completed a 1031 exchange on land & building in 2020 (this is the trust's only asset). The trust (& trustee) is in a state that does not have state tax so no issue with the state for the 1031 exchange.Beneficiary is in another state. For federal purposes only, how long does the trust have to hold the exchanged assets before they can distribute the property out to the beneficiary? Or is there even a holding period or can they distribute them at any time and file a final trust return?Thanks in advance.

We will soon have clients asking about amending 2021 1040's to claim casualty loss due to Hurricane Ian. Most news sources are already telling them they can do this. Any word on when or if Lacerte will allow for this? they are still only showing disaster codes for 2021 and earlier.

I've been learning a bit about CSED and the 10-year rule.  Generally, the IRS has 10-years from the date of assessment to collect.  And there are suspension periods which make it complicated. What does the date 06-11-2027 taken from a transcript indicate?  Are they the date that the 10-year limitations period end?

Can a physician who does not see patients at his residence claim home office expense for doing admin work and or continuing education at his office office? 

Hello All,I have a client who is receiving $37,000 ($5,000 in 2022 + $ 28,000 in 2023) for buyout by landlord of her apartment lease. Per Stotis v. Commissioner I am treating as sale of a capital asset.1) How do I handle the related legal or moving expenses? Can these be recovered/included and do I just add to her $0 basis?2) Is the ST or LT aspect of the gain determined by the date she entered into the lease through termination date (date landlord sells the property) or date she vacates the property?Thanks all for your help!   

The provision to treat Mortgage Insurance as Mortgage Interest expires for 2022. While there is a good chance Congress will do their traditional retroactive renewal, let's say it is NOT renewed. Is it still a deduction on 8829 for a Home Office for 2022?  It wouldn't be listed as mortgage interest, but to me it still seems like a business expense (perhaps an "other" deduction on the 8829). The 2022 Draft instructions for 8829 just say it has expired, but nothing else about it. Any thoughts?    P.S.:  I normally wouldn't care until January, but I specifically need to figure this out in the next couple of days.  

A request for a huge favor.My client has lost his W2 forms.  I need the CA employer ID number for Heartland Payment Systems (Brook Park, OH) and Vivint Solar Developer (Lehi, Utah).My client has big medical problems and big tax problems and can't find time to locate the W-2s. It's a sob story so I'm asking if you can search your LC Table Editor and look for the CA employer State ID number.I have called these 2 employers but have not received a call back.

Taxpayer is coming forth to fix the issue / pay back taxes / file amended. Taxpayer is asking for my assistance. Does anyone know where I should start? Has anyone had to deal with a situation like this? So far I've been told that taxpayer needs to report this to criminal investigations unit of IRS for starters. Any other suggestions on where to start? Who to contact? Thank You.  

I have a C-corp with a fiscal year ending 10/31 that is going to be doing a spin off to separate a portion of his business.  My question is this....can the new entity have a different year end than the parent company?  He would like to put the new entity on a calendar year end.  I have done tons of research but cannot find an answer to that question.  Any help is appreciated!  Thanks!

I would like to know if any Tax Preparers are having trouble renewing their PTIN's??

Taxpayer died in 2020, filed timely final 1040 with surviving spouse in 2021. Taxpayer had IRA with no named beneficiary.  IRA issued a 2021 Form 1099-R in decedent’s name and social security number. How can I report this to minimize the income tax? 

Just read article that states this.. I think others have commented about this on this forum.