Hi, am I missing anything major with the calculations below? Sole prop looking to convert to S corp. Thanks!Sole PropS CorpNet income$111,835.00$36,835.00Wages$... read more
I am working on a return with a 1031 exchange of rental property. One of the transfers was completed in 2023. The other in 2024, but was identified in 2023, wit... read more
Hi, any tax implication at exercising at above FMV and holding for a qualified sale? Client is comfortable with the risk of paying more (company is not public t... read more
My Client's LLC received a mutually agreed court settlement for damages to property, mostly research results and documents, used in his business.He received A 1... read more
Hi Community,I have a client who ran an early learning center, Schedule C, that she just sold - using two installment agreements. The first is for the real esta... read more
Can someone please get a message to coding regarding page 2 of the IT-40? I spent 2 hours speaking with customer service yesterday only to hear that my printer ... read more
I have a project where I am interested in collaborating with another Tax Professional using Tax Advisory Software for a specific case (Florida client). This inv... read more
I have a client that owns a duplex where she rents half of it out to tenants and her sole proprietorship uses the other half. For depreciation, I believe the bu... read more
Hi I'm looking to hire a preparer with their own ptin primarily NJ, NY and CA returns. If they're not EAs, CPA, attorney I have a few questions on the requireme... read more
Hello I have several small business clients 1120S and sole proprietors that travel to their client's place of business and use their business credit card for th... read more
I have a client who owns a business (LLC) that rents a unit from her other LLC that owns the residence. Would I report the rent as an expense under Sch C and th... read more
So, Intuit is laying off a bunch of people. See this link: Tech giant cuts 599 workers in California amid massive layoff round (kcra.com) Per Intuit CEO Sasan G... read more
2 partners in an S Corp...one wants to leave...i am not sure if he was asked to leave or was it voluntary.This is a haunted house that only operates for 6 weeks... read more
Client has 42% of Schedule C net income allocated to MT due to part year residency. The Part Year Allocation worksheets have been completed within the Pro Serie... read more
Hi,To classify transactions from a business's bank statements,I typically use an accountant login or OCR software to export all deposits and withdrawals for the... read more