I'm doing a 2024 tax return for a client who owns a restaurant. It is currently a sole proprietorship so the business activity is on Schedule C. The W3 shows $2... read more
I have a client that the previous CPA did not Depreciate the building that is owned by the company. They have owned the building since 2017. If I depreciate it ... read more
Client has finished up their divorce settlement without completing his tax return. They were still married 12/31/2024.She filed hers MFS with some of the commun... read more
Taxpayer has about 30 separate 1099. They include mostly 1099-MISC / 1099-NEC / 1099-K.1. Is it absolutely necessary to enter all 1099 individually, and then li... read more
Dear professionals,I run into a situation where the client is a nonresident of CA but registered a SMLLC in CA last year. It's at loss. I think the client needs... read more
Case: The taxpayer is a Virginia resident for the 2024 tax year. He has W-2 income and stock income reported on Form 1099-B, both sourced from Virginia. Additio... read more
My client used his home for business. I have calculated the depreciation recapture amount on Form 4797 line 7. The rest of the home sale gain is excluded. Where... read more
I have taken on a new client for the first time. They are a very small company structured as a C Corp.They do about 800K a year in sales and hold about 50-60k i... read more
Dear all,I am preparing a return with a Schedule E single family rental. The QBI is not calculating. The taxpayer/activity meet the safe harbor criteria. I can ... read more
Dear Community,My clients' took early Retirement distributions to cover their children's adoption, education costs and pay their prior tax liabilities.The distr... read more
I used the online version of Taxact until now. I wish to switch to Proconnect. what would be the best way to move my data to Proconnect? The guide I found talk ... read more
I am looking for assistance with completing Schedule P, Schedule J, and Worksheet L of a Form 37 for RITA in Ohio, using Proconnect. What is the trick for getti... read more
Case Summary:The taxpayer received a Schedule K-1 from a partnership. On page 1, under Line L – "Partner's Capital Account Analysis," the ending capital account... read more