I was unable to transmit e-files yesterday and thought it was due to the holiday. This morning I am having the same problem; I am able to convert but unable to ... read more
I understand that the shareholder has a L/T cap gain, but I'm confused about how to report this on the books and return. What is the entry on the S Corp books? ... read more
New biz client. Tax return reports cash basis but they've actually been using the accrual basis. If I do a 3115 it will have zero effect. Hoping someone will te... read more
I do not do many CA returns so any assistance would be appreciated. My client owns two rental real estate properties, both in CA, and had loss carryforwards on ... read more
HelloA client received a K-1 from an estate for 2023 tax year, however the amount is roughly $25k off. The accountant and the executor are not accepting or retu... read more
Hi,I have a corporation that will file a 2023 1120 tax return for thefiscal-period from 04/23-03/24. The corporation sold a rental property it owned on 01/24. S... read more
I sold my house that I used 10% for income tax business for 19 years. Depreciation taken through the years was $11,564.Can someone give me step by step instruct... read more
I have a client with a rental property being reported on 1065 because 2 brothers own the property. The property generated losses, however the tax payer does not... read more
Does anyone know if the Tax Planner software in ProSeries is (will be) updated for 2024's tax brackets? Looks like the program is still using 2023 tax rates for... read more
I submitted a few 9565 forms electronic with the tax return and the taxpayers are getting a balance due letter and later the 9565 form response but its taking a... read more
If I purchase a mower for 3 rental properties, do I break that cost up for depreciation to put 1/3 of the mower on each property, or do I put 100% of the mower ... read more