Dear community,I am completing a final partnership return for a company owned by two people. In February 2024 they assigned it to someone else for $1. Became a ... read more
I have a client who is a business operating as a sole proprietor and filing Sch C to file their business income. The client is planning on buying a used EV and ... read more
I did a Teams meeting today to help a colleague with a tax return. She uses CCH Axcess. When she calculated the return, a picture of a calculator appeared. Wher... read more
I have a charitable lead trust that has both a husband and wife as trustees. The CLT includes stock and an investment account. The wife passed away this year. M... read more
I have a taxpayer couple that he is on medicare and she has a marketplace plan. Both their incomes cause a large tax bill due to the marketplace plan. Since the... read more
Taxpayer paid tuition in December 2024 for program starting in January 2025. We have a 1098-T from institution for which box 7 is checked (indicates amounts pai... read more
Friends, Romans Countrymen (and women) lend me your beers....So I have a client who I filed a 1120-S Income Tax Return for an S Corporation last year. 2023 was ... read more
New in 2024 shareholder called Mr. X. S corp.These payments to Mr. X sound like guaranteed payments. But S Corps don't have GP.What is the tax treatment of thes... read more
My client has a partnership which conducts rental real estate activity. He has a net income after expenses. He has Sec 179 expenses which would offset the net i... read more
Hi Everyone,I have a client who files as single, and he pays for his son's child care. The child's mother pays her share of child care, files Head of Household,... read more
First, I know the rules for the energy credit for new furnace, one being an energy credit audit. However, my clients did not put in the new furnace for the cred... read more
Proseries shows this to be a required field and flags it as an errorI just spoke with Mass Department of Revenue and was told this is not a required fieldHow do... read more
I have a new S Corp client. Their gross receipts will be less than $26 million. Can I file as a cash basis and still report the inventory on the Balance Sheet a... read more
