First time I have a loss on an 1120S, however, the shareholders do not have any basis anymore. So they should not be able to deduct the loss. I can't seem to fi... read more
The TP had an exception for Jan. and Feb. (Code C = Short Coverage Gap) and then for Mar. through Dec. they were covered with a Market place ins. So, code Z = H... read more
My client over contributed $14K in his SEP in 2023. He did not report it on his tax return. I entered his 2023 return with the excess contribution and proseri... read more
Hi to all.If a client installed an outlet plug ( 50-60 Amp up to 50 Ft and paid $1800) for his electric vehicle (EV) instead of an actual EV charger, can we sti... read more
Where do I enter IRS Direct Pay amounts for tax year 2024? There is a large balance due and no estimated payments were made. ProSeries shows the calculated Line... read more
I have this situation for a client. The inherited home sat vacant May 2021- 7/2/24. I am using Proseries Basic and cannot seem to find anywhere in the 1099B wor... read more
Originally from PAHas a camper in NJ they stay in and work in the summerPurchased a home in NJ AprilSpouse started working in NJ in JulyTaxpayer started working... read more
I have finished Form 8936, claiming the $7,500 credit as instructed for a taxpayer, but the credit is not reflecting in the calculation tax liability. I've care... read more
As of February 2025 Intuit has a market cap of $158.28 Billion USD. This makes Intuit the world's 97th most valuable company, and a closing price of $565.47 per... read more
I have a client that is the custodial parent and is releasing the child tax credit to the father of the child. I have indicated that the child does qualify for ... read more
I'm working on a tax return for a client who has an NOL carryover. The Carryover Worksheet, line 14 has the amount carried over but shows an error. The error me... read more
Hi,Just wondering how other accountants input the NYS and NYC PTET deduction amounts on the Form 1120-S return. Have you been putting the NYS and NYC PTET tax a... read more
Has anyone ever filed an amended return to apply a portion of a refund to next years taxes? I have a client still waiting for his 2023 refund, and was wondering... read more
Instructions for M1PR say to select Renter/Homeowner/Mobile home owner/Nursing home resident to select the type of the form to file in the "M1PR Information" se... read more
