How long should I keep electronic client records? Also, within ProSeries, a number of prior 1099 & W-2 prepared form(s) from prior years remain on the record ev... read more
Is the accrued market discount recognized for tax purposes on schedule B after showing an adjustment to the gain on the form 8949 tax exempt from Iowa as intere... read more
Facts: Son, mother and father are all owners in a home. The son lives in the home, but the parents do not. The son wants to sell the home.Question: If the paren... read more
My client's mother died in Feb. 2023 and sold her mother's property in Sept 2023. Two 1099-S were report. 50% under the mother's social security and 50% under t... read more
I am trying to populate 2023 form 3800 part III line 4a columns h and i.I have made an elective payment election.on screen 28.2 I have entered a 1 for gross ele... read more
U.S. faces accountant shortageThe accounting sector in U.S. is facing a shortfall of workers, with people put off the industry by issues including rates of pay,... read more
What are the main factors that decide an entity tax filing selection?1.) If an entity net income is at 37% individual tax rate, can select C corp without thinki... read more
It is heard very often about a concept called "deprecation recapture".On K-1 form, there also has a line called "unrecaptured section 1250 gain".What is the dif... read more
Below two information are obtained by google search. However, I would like to know how to obtain the source of information from IRS directly?This IRS link looks... read more
For years I have been accepting credit cards running them through the website, Quickbooks payments. I can also run payment through using the client's bank routi... read more
Hi, is this the correct website to make an estimated payment to MD? Client needs to make a fairly large payment, so I want to make sure this is the official web... read more
James Counts, a California CPA who sends out a daily newsletter that is often informative, related the following yesterday: "Not sure if anyone is interested bu... read more
A holding company is a parent company usually a corporation or LLC that holds the majority ownership interest of other companys. Here is my question:Does divide... read more
Health insurance premium expense seems treat differently among LLC, S Corp and C Corp.Please correct me if I am wrong.If it is LLC entity on Sch C, health insur... read more
