Tax Talk

Hi,I have a client that their main business is rental property but they also have some land for future development.  Can I include the land on schedule e and deduct the property taxes that way?  Even when he was not trying to lease it.Thank you for your consideration

Client's CA 2016 return never received (he was not my client until 2019); I prepared 2016 CA return after getting IRS 2016 transcript, just tried to e-file it and am getting no feedback -- the "green thumbs up" or "red thumbs down" are only showing 2018 and 2019 activity, and this client continues to sit in "Pending" tab, says it's ready to e-file. Can I still e-file CA 2016? Thanks! 

I have an online business based in NJ in which I sell a product that I have physically put together and sell  along with with a service (separate price for product, separate price for service). I sell to 9 different states. Do I collect sales tax at NJ sales tax rate and remit to NJ only or do I have to collect sales tax for each individual state at each states sales tax rate and remit to each individual state? I do not have any physical locations or any connections with any state other than NJ. 

Been using UT for 20 years and getting tired of paying close to $20k. I know lacerte is the program equivalent to UT. When I look at most of our returns 95% are not complicated. Several k1’s, maybe som rental properties etc. Should I look at Proseries, what more does lacerte do for an extra $10k. Also looking for ease of use for client portals etc. We are a firm of 5. I know many small firms use Drake and like it. I saw it once and it seemed like old DOS.Any thoughts appreciate.

I need help because I am so confused on how to report non-statutory stock options on my client's tax return. I have entered the information from the 1099-B and it brought the taxpayer refund to owing.My client sold company stock, his W-2 shows Code V in box 12 for $9,429. I understand the W-2. His 1099-B from the brokerage firm who handled the sale and the proceed ($10,665) minus cost basis ($6,619) shows gain of $4,046.So I included the 1099-B info on his taxes, but it seems like this is reporting the gain twice and it goes from refund to owing.What am I doing wrong? Or, have I entered the information correctly, and the client does owe?

Taxpayers spouse is a Spanish foreign national, without a SSN. When I do the MFS return, and enter FN in the field for spouse"s SSN, final review says" this must be corrected " ? Efile will reject this unless I correct?

This update was posted yesterday by IRS on their "Operations" page.  I haven't seen it mentioned elsewhere.E-filing your 2020 tax return: To e-file you will need to enter your AGI from your tax year 2019 tax return. If your 2019 return has not yet been processed, you may enter $ 0 (zero) as your prior year Adjusted Gross Income. If you used the Non-Filers: Enter Payment Info Here tool last year to register for an Economic Impact Payment, enter “$1” as your prior year AGI.https://www.irs.gov/newsroom/irs-operations-during-covid-19-mission-critical-functions-continue 

How do I enter PPP loan income & forgiveness in Turbotax Business for an S-Corp?

I am also confused on how to report non-statutory stock options on the 1040. I have entered the information from the 1099-B and it brought the taxpayer refund to owing.I sold company stock. My W-2 shows Code V in box 12 for $9,429. I understand the W-2. I have the 1099-B from the brokerage firm who handled the sale and the proceed ($10,665) minus cost basis ($6,619) shows gain of $4,046.So I included the 1099B info on Schedule D but it seems like this is reporting the gain twice?What am I doing wrong? Plus now it shows I owe instead of refund.

If I received Federal Care Act Funds in 2020 and returned them to my State in this year will they need to correct the dollar amount on the 2020 1099-G?   

Lacerte does not include forgiven PPP loans in gross receipts.  It is my understanding that they are includible.  Does anyone know different?  What are your opinions?

All my NY State returns came back rejected it said missing Drivers License info...Everything was entered correctly like past years and Lacerte approved the Efile...WTF.......Is it Cuomo again? 

Light is starting to emerge at the end of the tunnel for telecommuters who could be exposed to double taxation? It is reported by taxnotes that MA DoR has just drafted a directive, not to change its position on the taxation of nonresidents who telecommute due to the pandemic, but to allow its own residents who are subject to similar telecommuter tax of other states a credit on their MA returns.  The directive also provides guidance on how nonresident telecommuters, who would otherwise have worked within and without the state of MA, if not for the pandemic, could apportion and source their wages. Meanwhile, CT governor and the Finance Committee of the legislature are advancing SB873 that would offer some reprieve to CT residents who telecommute, by allowing them a credit on the CT return for taxes paid to the employer's state. Most notably, the provisions in the CT bill go beyond addressing the exposure created by pandemic-induced telecommuter tax, such as the one imposed by MA, an

Parents expatriated and gave up US Citizenship a few years ago and live in India. Two children are still US citizens. Son attends college in the US. Daughter studies in India. Parents pay the fees and expenses.  What is the filing status of the son and daughter, as they are US citizens and have some investment income.  Thanks.

The $10,200 tax free unemployment bill was sent to committee in September.  Has there been any updates? What's the likelihood this will become law for the 2020 tax returns?

SO a client received unemployment in the state of Arizona 2020.  to date she has not received a 1099 g. i told her to log on and check and her online account says no money was paid?  i googled and see there are issues with 1099 forms being issued and no money received but this is opposite of course client has called and can never reach a human.  anyone have this issue?  thank you

Well, it slows them down if they don't e-file, because Florida returns get mailed to Austin, Texas, where ICE these days isn't a reference to immigration enforcement. Meanwhile, Lacerte's headquarters is located in Dallas.  I know they used to have staff in Tucson, but didn't they move from there?  How many programmers and support personnel are in Texas?  They have probably been working remotely for a while, but that's difficult when the power is off.  

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Maybe I missed this, but can someone please explain why we are being required to report the individual sale dates on capital gains transactions now?  This makes no sense and I noticed Pro Series has eliminated the Capital gains worksheet in direct entry mode (I think it was form 31 last year) so you can't enter "various" to aggregate brokerage capital gains. From a reporting point of view, this is a step backwards since the brokerage firms already report to IRS. Do they really expect prepares to waste valuable time transcribing in some cases 100's of trades that have already been classified and summarized?  

A retired minister has (2) 1099R forms issued from the church and said the person issuing the 1099R said one of the forms represents his housing allowance and is eligible for the fededaral exclusion. I have doubts that it should have been on a 1099R. Suggestions??

I have a new client that received Third party sick pay in 2019 but had to repay a part of it due to an overpayment. I'm looking for guidance on how to report the amount they had to pay back. Do I amend the 2019 return or is there somewhere we can account for it on the 2020 return? I'm thinking I can do the same as if someone pays back unemployment after the fact, but would like more input. Thanks in advance

I checked some Intuit job listings. Seems they are hiring software engineers for locations like Bangalore and Bengaluru. They also need people in Petah Tikva. I had to look that one up – it’s just east of Tel Aviv.But they are also hiring in San Diego and Plano. That’s Plano, Texas, not the one in Illinois where they make tackle boxes.And in Mountain View, which has to be one of the most expensive places for a software engineer to live.When I think of California and Texas, I think of high Covid infection rates. So maybe that’s why there have been some delays and glitches this year. At least Mountain View is not having ice storms this week. Let’s hope the tax programs come from there.And there’s a job in Eagle. Is that the one in Idaho? It requires someone to “partner effectively with all team members spread over multiple geolocations and time zones for a 24x7 coverage to deliver against commitments.”

With the latest Proseries update, Form 4835 won't be efile ready until March 2nd.  Previously it was February 25th.  With the due date for most farm returns being March 1st, this is going to pose quite a problem.  Any guidance from the Proseries moderators would be helpful.

Non refundable, non transferable June 2021 cruise cost $28,000. Any suggestions on what charities and how taxpayer could get some charitable deduction (not willing to go now due to covid). Maybe like donating a car to an auction?

I'm aware that federal wont be accepting returns until February 12th< but when does NYS?