Taxpayer has K-1 from UT. Only income items are -1000 from a passive loss (rental real estate) and 100 from interest,My understanding is that UT recognizes pass... read more
We are supposed to put that on the top of the main tax form. I can find how to do it for federal corporate -but what about California corporate return?
The AICPA town hall yesterday featured a presentation from Lisa Bodelli.She had information and suggestions about work and productivity. I think it will help my... read more
I have a new client that has negative AAA but has over $100,000 in shareholder basis for an S corp. Can they take a distribution if the AAA is negative without ... read more
One of my clients was late in paying taxes owed on his 2023 returns. He wants to request a fee abatement and has not been penalized in the past three years by t... read more
T/P made several withdrawals amounting to $193,000., during the year & had Fed taxes withheld. They were all coded 3 for disability, no penalty. But the 1099R o... read more
Billing ideaYears too late...I'm not going to bill until one week after the ACK is received. Sometimes there are remaining questions from the client or efiling ... read more
I have a client that received ERC for 2020 but never amended their 1120-S. They also have available 179 expense after adding back wages for the ERC. I think I c... read more
Pros—if you have a clear and well-supported answer, please share. If not, I’d appreciate refraining from unhelpful or judgmental commentary.The taxpayer and spo... read more
The taxpayer and spouse are the grantors and co-trustees of a Revocable Trust. The Trust wholly owns an LLC, which operates an Amazon FBA business. The taxpayer... read more
New client for me.in 2023, 22K W-2, one child, single. EIC and child credits resulted in a refund of 7K. Tax prep was $850 + $39 refund transfer fee.While his p... read more
