Tax Talk

Can a green card holder who married a US citizen in 2021 file MFJ.Also can she get the recovery rebate?

Used Deluxe TurboTax online, paid for it, went to file and return was rejected.  5 times I tried. Gambling Losses DO match Gambling Winnings!

After reading some of the recent questions posted here – and some of the answers – is anyone else more scared than usual about the tax preparation industry?

New owner wants to buy in for 500k which is above the approx value of the shares. Assumption of approx value based on current equity as no formal valuation has been done.1) Does a valuation need to be done-required2) Should the owners sell a portion of their stock 30% (15%/15% to new owner or should the Company Buy back the 30% and re-issue. What's best for tax.Thank you in advance.

I made an excess IRA contribution in 2020 when I prepared my 2020 Tax Return.  And immediately I removed the excess contribution before I filed my 2020 tax returns. I received a 2021 Form 1099-R showing this distribution and its taxable earnings with a distribution code 7..Taxable in 2020.  When I download this 1099-R, TurboTax does not include this taxable earning in my 2021 tax returns.How do I report this taxable distribution, i.e. the earnings?

I have a married couple who decided to form a LLC with another couple to rent at a home.  They registered with the State of Texas but never bothered to get a federal EIN.  There was a 1099 issued from the management company that is in one of the member's social security and mortgage interest that is under the same member's ssn but also lists the husband (not hers one of the other members) name.  I am struggling with how to report this.  Obviously it should be on a 1065 but no EIN.  If I split everything down the middle and place half on couple A's joint return, it creates a disallowed loss;  couple B is out of the country so I do not have an idea of what the ramifications will be on their return.  I worry that attempting to split and place on the return will cause problems with the IRS this year and into the future.  But if I place everything on Couple B's return, how do I determine what the tax consequences should be for couple A? I would apprec

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I have a client that received a refund from both Idaho and UtahThey do not have a 1099-G from either stateWhere can I obtain the State ID number for Idaho and Utah to input into the return information

Hello,what to send with the return when paying via EFTPSWould  attaching the EFT Receipt  to the return sufficient?ThanksSusana 

Can some one explain, if employees are paying  100% of the cost of Paid Family leave why is it taxable?Hasn't it always been if after tax dollars are used , the resulting benefit is not taxable?

Only now that I learned about IHHS payment. Amending 4 years tax return, 2020,2019,2018 and 2017

Hello all,I have entered special allocations and the federal K-1's schedule L look right. 1. Do the profit, loss percentages at K-1 box J reflect special allocations or do the reflect what will be the split once special allocations are finished.2. CA K-1 (568) is making massive adjustments at column (c) row 1. I suspect it is unwinding the special allocations. Is there a way to override that? Is it doing something else?

IS ANYONE HAVING PROBLEMS WITH THEIR PREP FEES BEING DEPOSITED INTO YOUR ACCOUNT. I HAVE NOT RECEIVED ANY DEPOSIT SINCE FEB,27 2022. I HAVE CALL THERE TO CUSTOMER SUPPORT OVER 7 TIMES IN TWO WEEKS. 1st I WAS LIED TO THAT MY BANK WAS NOT ACCEPTING MY DEPOSIT, I CALL MY BANK AND THEY DENIED THAT ANY FUNDS WERE REJECTED. I CALL AGAIN TO SBTPG AND THEY SAID THE SAME THING OVER AND OVER AGAIN I TOLD THEM MY BANK WOULD ALWAYS ALERT ME IF ANY TRANSACTION WERE NOT ACCEPTED.AFTER FOUR MORE CALLS BEEN PUT ON HOLD FOR THREE MINUTES AT A TIME FOR THE REP TO COME BACK AND SAY PLEASE HOLD, I AM CHECKING INTO IT EACH CALL LAST OVER 90 MINUTES AT THE END OF THE 4 DAY I WAS TOLD THERE WAS A GLICH IN THE SYSTEM AND THEY WERE WORKING TO FIX THE PROBLEM. THIS WAS LAST THURSDAY, ON MONDAY 3-28-22 THEY STILL HAVE NOT FIXED THE PROBLEM. I HAVE OVER TWO THOUSAND DOLLARS SITTING THERE WITH NO RECOURSE ON HOW TO GET THAT MONEY TO ME, BECAUSE THEY ONLY DEPOSIT.  

Can I flip flop a kid from one married spouse to the other from last years return and recoup the advanced child tax credit a second time since this parent did not receive it.  We can do this if they are divorced, but I have seen nothing that says we can or cannot when they are married.  Additionally, if this is legal, clients that filed joint last year could file separate this year an only claim the half of advanced child tax credit they received.  

I have a K-1 where I1 and I2 show that it is for a retirement plan "IRA/SEP/KEOGH"When I try to enter it into ProSeries, it comes up with an error message saying "Retirement Plan checkbox is checked indicating that the K-1 is for a retirement plan and should not be entered on an individual's return." It says I should either uncheck the box or remove the form.Is there somewhere else I need to report this?

I’m preparing the final tax return for a partnership with 3 partners. I have 2 questions I’m hoping someone can give me guidance on how to report these items on the final return.Facts: 2 of the partners have a positive ending capital balance and 1 has a negative ending capital balance. They all net to the correct reported ending balance on the balance sheet. The partner with the negative balance apparently, over the years, made withdrawals through his capital account at a higher % than his P&L %.QI: How do I treat these ending balance on the final return? My thinking is to just attach a statement telling them their ending balances may be deducted as a capital loss (positive balance) or reported as a capital gain (negative balance).Q2: How do I deduct my cost to prepare the final tax return when the partners will have to contribute monies to pay my fee after the year end. I can book the payable but how should I record their contributions after year end to net zero out the ending cap

This is for a passive rental income. The question goes" indicate if [rental property] qualifies as a trade or business under section 199A.It has the following options:Check if this business is a qualified trade or business for section 199ACheck if making the safe harbor election provided in Revenue Procedure 2016-38I checked the first one as the owner is managing the property is involved in everything related to maintenance. I previously selected the De minimis safe harbor election, so does that mean I have to also check the 2nd option?  

Do all eventual beneficiaries, including all contingent beneficiaries, get a K-1 annually or does the trust only prepare a K-1 for those beneficiaries who receive a current distribution?If only current beneficiaries get a K-1, is it safe to assume that the K-1's issued may change from year to year?

I am receiving an error in state review where the program is forcing me to check the "Disabled" box on for NY IT 216 in order to allow the dependent care credit.  This makes no sense.   Please advise.   There are no updates pending to download, which I thought might fix this New York problem.

Why is the IRS website not showing return but return have submission ID and shows that is was accepted? Also when customers clients call the IRS with submission ID they are letting them it's not they. 

If 1095-A is provided to a parent who covered two dependent children....but now one of the children will NOT be a dependent and will be filing a separate return.  I understand that there has to be a shared policy allocation.  But does the adult child need to include a 1095-A with their tax return as well as the 8962 Form? And if so, which name should be in Part I (Recipient)? The parent who received the 1095-A or the adult child?  Who should be listed in Part II - Covered Individuals? All that were covered under the policy or just the adult child taxpayer?

1)Taxpayer passed away in March 21 and had only earned $10,000 W-2, single no kids. I know he is eligible for full standard deduction. Is he also eligible for full EIC credit?2)Another scenario. 30yr old kid lives with parents. Eared $12,000 on W2. Is he also eligible for EIC? (No Investment income, us citizen, parents can't claim due to age and income threshold).  Both seem unlikely candidates, but rules seem to indicate they eligible. Is this correct? Thank you 

I have a client with earnings of 140k and up he just bought a house and took out 19k from his 401k for a down payment. To my understanding, he can only write off if it is an IRA. Now he has a hefty bill to pay for the distribution. Is there anything I can help him with to reduce his liability as a first-time home buyer? 

When will the form 8915F for the 2020 Disaster Relief be made available...does any one know?

I have a client that built poultry house $1.2 m, the bank that financed the construction. would put the draws in a interest earning checking account.. He drew $6000 in interest., but also paid $65000 in interest. This should not be considered as investment income and report on schedule B, I think it should be farm income. If reported on schedule B he losses his EIC. any suggestions. They IRS is not allowing him to count as income on schedule F.