Bill Romanowski and his wife have around 15 million in tax liability. How was the IRS able to go so far back in years for that assessment of taxes? It even soun... read more
This is why I don't do 1065's. 1. Is a deemed distribution of a partnership interest in an assets-over merger of two partnerships under § 1.708-1(c)(3)(i) of th... read more
You didn't get the memo? It says right here in the Manual that IRS issues a memo. 20.1.3.2.7.1(12-10-2013) Estimated Tax Penalty and Reasonable Cause ... read more
Anybody know what to do about efiling nonprofit short year tax returns, as well as the requirement to file 2 in the same calendar year?The IRS has required this... read more
Hi, is there a limit to contributing after-tax 401K when switching employers? Client maxed out on previous employer with the pre-tax 401K and made after-tax con... read more
What is the tax effect on someone gifting a non qualified annuity to child? gifter is 70+ years old and child is 50+ years old. Can this be done by adding a rid... read more
I've had three 1040 clients this week tell me that they got a refund check for the underpayment penalty that was calculated on their 2023 return in ProConnect T... read more
I have a small non-profit that pays for sensitive medical costs. Do the donee's names and address have to be on sch O for grants given in excess of $5000? Can w... read more
In 2023 taxpayer moved into rental home. Home rented since 2017. ZERO days rented in 2023 (proseries is giving an error on Schedule E saying must be at least 15... read more
The taxpayer is the only owner of an S Corp. His spouse works part time for this S Corp and receives W-2, but is not a shareholder of this S Corp. The health in... read more
A disallowance per IRC 280A of net rental loss on rental property with -0- rental revenue.Property amounts were input with 224 days available for rent in "days ... read more
Greetings,An associate has a tremendous problem with their eFIN. They have been in practice as a CPA for many years and in good standing all around. In a nutshe... read more
I own a single member S corp. I am also a 50% partnership in a partnership. I'm uncertain to record the K-1 data from the partnership on my S corp 1120s. The k-... read more
From Politico: If it seems like you’re not getting a tax refund like you used to, you’re not alone. The share of taxpayers who get money back at tax time is slo... read more