S corp client had two equal shareholders (A & B). On 7/5/2024, A purchased B's membership interest for $340k making A the sole shareholder.Would the $340k go on... read more
I am using ProConnect Tax to amend TY 2022 for a new client that has NOL (Sch C) carryforward from 2021.Income includes W-2, 1099 R (non taxable) & Sch C (net l... read more
I'm sure NY preparers are following this, but the rest of us might have clients who moved away from there since 2023 and should be looking for this, or wonderin... read more
I have a client who passed away. He lived in the US and his wife lives in Canada and has dual citizenship. When he passed away, his wife sold a property in the ... read more
Hi professionals,I run into a case where a client lives in VA all year and have a new rental property in MD. The rental is having a net loss, and it's disallowe... read more
Proseries is limiting the amount of SE health insurance for a partnership because of at risk. Is this correct or should we be able to deduct it because the k1 h... read more
Unlike other countries that use plastic or polymer notes for their fiat money, the US Treasury has confirmed that it will continue to use paper, even though a l... read more
MD resident until 2007, then moved and rented residence until 2023, when sold.Lives in PA, employed in PA, only had rental losses each year so never filed MD re... read more
Does anyone do returns for online content creators? For now the following is a hypothetical question, but I am surprised it has not yet been asked here. Patron ... read more
Every January I have been sending letters out to my clients via U.S. Mail. In that letter I include a punch list of common items for them to gather for their up... read more
This illustrates, for me, the risk of having a client who is a friend. As a friend I was going to answer his question quickly then I realized that this is more ... read more
The new tax laws present opportunities for $$ from tax planning. My question is how to start. By contrast I already know that clients come to me for preparation... read more
I have been a ProSeries user for about 30 years. I have decided to retire. I see turbo tax will only (IRS actually) let you efile 5 returns. Can I keep my EFIN ... read more
