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
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
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
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
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
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
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
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
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
Need a workaround. 02/19/25 update now requires RMD info on every 1099-R. Don't have this info, cannot get this info and on certain pensions, etc. this does not... read more
Hi,One of my client did tax with another CPA. CPA took bonus depreciation of his Benz Truck for TY 2023. Client sold the benz in 09/2024. Do i have to recapture... read more
It looks like the Had Coverage code (Z) is returning an error at the bottom that says that they had a Penalty (X)Anyone experiencing the same situation?
