He, my client owns S Corp 100% and - allegedly by a former contractor - he did not follow through with a promised ownership offer. She, the ex-contractor, also ... read more
Have a couple she is retired he will be retiring within 5 years. He is paid a very high salary as well as bonuses. We've been deferring, investing, and saving u... read more
I vaguely remember some California practitioners mentioning this subject. For those who are still interested, there is an interesting article here: https://www.... read more
a client received 1099 q indicating 190000 was received in 2023............form 1098 t plus other educational expenses paid for 2023 totaled 165,000...does the ... read more
using Lacerte SC1041 is calculated taxes due on the SC income and applying withheld taxes to the liability. cannot force flow through of income to K1. if trust ... read more
December 2023 client takes a distribution and receives a 1099-RBox 1 Gross Distribution $264,076Box 2 Taxable Distribution $264,076Box 2b Taxable amounts not de... read more
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