Practice Advice

I have a small practice and have an inquiry to do 990 Forms. The Lacerte pricing sheet does not seem to list 990s as a Form you can process return by return. Does anyone know if it is included in Rep and what the cost per return would be? Ill call them tomorrow but was hoping to find out something today. 

Until this year my CNA caregiver was issued a 1099 by John Hancock long term care insurance.The insurance ran out and I now pay her as an Independant contractor.Can I now issue a 1099 to her?    

We are seeking Tax Preparation Support to join our team (20-30 hours per week, January through April, with the option to extend). A future full-time opportunities is possible for candidates seeking a long-term position.  Familiar with Lacerte Tax Software Previous experience preparing federal and state tax returns for individuals, corporations, estates CPA, EA, or interested in pursuing Do you know anyone who may be interested? I appreciate all assistance.   

I have a Proseries Basis license with 50 returns.  If I run out, can I buy more other than on an individual basis?

I am a 26 year or more lacerte program user, I called  to make two payments on my auto renewal today and was told I would lose my discount if I paid in two installments. The program is pricy enough with a discount and now much more for the program. My business lost business during the pandemic.  With that said, I love working with the lacerte program and their support team is great, thus I was willing to pay the price. If I do a deferred payment I will lose my discount of 1,232.56 and will have to pay $8,804.00 for the unlimited individual program and continue to use REP for my business tax returns.  I am looking at Drake software....I love the pricing and the person I spoke with was very customer service oriented. Has anyone out there used Drake software? If so what is your opinion on the program? The pricing is extremely affordable.  If I purchase the Unlimited Users program by November 30th I believe, I will pay $2,345 as opposed to 8,804.00.  Wow!  The

I'm having trouble to Attach and Submit the From 2848 with the IRS e-filing tool after the update of october 2024. Does anyone have any idea what the problem might be or have any suggestion on how to file the form? I can't find anything in the IRS official page, nor can I submit a question to them. TIA.

Trying to avoid doing real work, I looked up the status of this case.  Turns out the 11th Circuit held oral arguments last week: "Oral argument held this date. Oral Argument presented by Steven H. Hazel for Appellants Secretary, U.S. Department of the Treasury, U.S. Department of the Treasury and Acting Director of the Financial Crimes Enforcement Network and Thomas Lee for Appellees National Small Business United and Isaac Winkles. [Entered: 09/27/2024 12:40 PM]" The three-judge panel no doubt was reminded that a decision by the end of the year would be helpful.   Meanwhile the Community Associations Institute (advocacy group for what are commonly known as homeowners associations, or HOAs) filed a lawsuit earlier this month to ask for an exemption for its members.  They also filed an amicus brief in the NSBU case: The Corporate Transparency Act (CTA) was signed into law Dec. 2020 and is now in effect for many community associations. This law will require community

Hi All, I'm experiencing an issue with RightSignature's KBA authentication.  I have had several clients enter their correct information and the system is not accepting it.  Has anyone else experienced anything similar or have another program that they are using for e-signature and happy with it (outside of Lacerte)?Thank you for your feedback!

Did anyone else fail to receive a certificate for attending the live training webinar on Cybersecurity on Aug 22, 2024? I got a follow up email the next day from Intuit, but no certificate. I responded to polling questions at 2:10 pm EST, 2:27 pm EST, 2:35 pm EST, and 2:51 pm EST. There was no “submit” button on those polling question windows. I asked a question about that, as did other attendees. We were told that simply making a selection of an answer was sufficient, and would serve to register our presence. Any suggestions on how to resolve this, or whom to contact, would be appreciated. The one email I sent to Intuit remains unanswered.

Two different firms: one uses Lacerte, the other uses ProConnectMy original installation is ProConnect.Now I am going to a firm who uses Lacerte. Logins and emails and passwords are different, but I can't seem to get to Lacerte ... I'm always routed to ProConnect. I "should?" be able to have two separate installations on my same device?Mike in Salem Oregon 

I am trying to recreate a tax filing for a potential new client.I have their 2023 filing but I don't have the carry forward information as a carry forward file.I have their completed Form 8582 but I can not recreate it in PRO SERIES BASICAny suggestions about I can create it?Also one rental property was sold during 2023 can they still claim depreciation for a portion of the tax year on the property ?

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, within the 1031 guidelines.  How do I set up the new properties on the 4562?  How do I allocate the basis from the original property that was exchanged?Thanks for any help

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 1099-MISC with the amount shown in line 3 (Other Income) $70kHe also has legal fees which were not covered by the settlement. This his specifically stated in the settlementWhat is the best way to report this on Schedule C.

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 involves a business sale (C-Corp shareholder), home sale & retirement assets to place client in best tax favorable position. Requesting EA / CPA to partner.

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 requirements for these states. NJ - no other requirements besides the IRS ones, correct?NY - need to register and take a free course?CA - if not physically living in CA are there any requirements?If living there, is there any other exemption to the bond and course requirement?

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/yearOriginally, it was one person, the 2nd who is leaving did not put in any money to get shares (they did not start out as an S Corp).  The person leaving put up all the money to operate the business and got paid back when they season was over.  This was the first year for payroll.  The previous years, they just split the profit or loss equally on the k1 to put on their personal return.Is the person leaving entitled to some money?  I know this is very vague, but any suggestion is appreciated.

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 year as an Excel file then import the excel transactions to QBs. I noticed that for the business payments made via check, the description on the checks won't show up on the excel file (see picture attached below). Is there a way to auto-fill the check descriptions from the bank statements?

Hi,I am new member of this community. I want to know how I can use this platform to grow up my career and attend any training sessions specially bookkeeping?

I have a new client that is a sole proprietor who sells art. She works out of a stand-alone studio on the family property owned by her and her husband.  They put $30K into renovating it to suit her needs. The studio is not currently considered an asset of the business, and the family takes a home office deduction on their tax return. They would like to be able to include the renovation expense as part of the business, and I'm wondering what would be the best way to handle this.

One of my clients asked me to "do his taxes right" for him because his past tax preparer has been filing a Schedule C instead of an 1120 -- he is worried that he will be hit with a penalty and interest on the past 16 years of incorrect tax return filings....but he has also paid SE taxes that were pretty huge.  I called his tax preparer and she said she HAS been filing 1120s but  I think she doesn't know the difference between Schedule C and an 1120.My question:  Client is concerned that if he awakens a sleeping giant he won't be able to pay the penalties, and any corporate taxes due for the past 16 years -- even considering the SE taxes he paid.My suggestion:  terminate the corporation and have a talk with the tax preparer that the wrong taxes were filed.  I'm kind of stumped that IRS hasn't contacted him that his Corporate Taxes have never been filed. 

In 29 pages, he concludes: "In our opinion, the Maryland courts would most likely hold that a CPA may, without violating the prohibition on unauthorized practice of law, provide clients general information about the Transparency Act and the BOIR requirement without tailoring the information to any client’s individual situation, or fill out and file a BOIR form using a list of beneficial owners submitted by the client. Though the question is closer, a CPA likely also may help a client to determine whether it is a “reporting company,” or to identify its “beneficial owners” within the meaning of the Transparency Act, by walking the client through FinCEN’s instructions, by defining terms that are familiar to nonlawyers and/or CPAs, or by answering questions for the client where the question and answer do not call for legal knowledge or skills. However, a CPA generally should not answer a BOIR-related question for a client where there is uncertainty as to the answer and resolving that uncer

I have a new client that called me the other day for some advice.  She left the US 25 years ago to live in France.  She got married to a French resident and they had a child.  For the last 23 years she didn't work so there was no income to claim.  So she didn't know that the IRS still wants you to file a tax return.  Well, she started an online business in 2022 and they are withholding backup taxes (20%).  She would like to receive those withholdings, but feels that if she files a US 1040-NR tax return now, that it will open a can of worms.  I researched and she should be able to qualify for the stimulus payments back in 2020 & 2021.  She reassures me that she and her husband have paid the proper French taxes and have followed all the countries rules.  Does anyone have any recommendations?  Because I have tried to call the IRS for some advice and NO ONE answers the phone.  If the phone is answered the automated service tri

Individual Client already received authorization for US/CA and NC. Now adding another state WI. Screen to accept authorization shows already authorized US/CA and NC plus WI. If I accept, will I be billed for all or just for the WI that I am adding?

Dear All,We researched this and couldn't find the answer.Would anybody know, if we have a company that pays all its employees heath insurance and one emplyee and his spouse are on Medicare may the company instead of paying their health insurance pay their Medicare expenses.Thank you,Sandy

Hello,I have a partnership that has several partners, one partner sold their 2% to another one for $2k mid year. They had a capital account of $3600 at beginning of year but business has huge loss for the year so their loss will exceed the amount in capital at beginning of year. How do I handle this transaction on the 1065?I haven't dealt with this situation before and want to confirm how to handle on 1065 return. Thanks ahead for any input.