Client paid an amount to buy out contract of an agency, said its non business but can it actually be a business deduction or just a miscellaneous deduction?
I am claiming my sister as my dependent, how ever she was under marketplace and she received a1095A form assign to her name. so how should i file my taxes if sh... read more
I have a client that sold his interest in a partnership in 2022 for $195,000. He received payments in 2022 and 2023 but in 2024 had to file a lawsuit in an atte... read more
Clients often inquire about the service fees for these forms.What is the typical fee charged by a small CPA firm for preparingForm 3115 (Application for Change ... read more
From Bloomberg: After a court ordered the Internal Revenue Service to rehire some 7,000 probationary workers, the employees were put on administrative leave – k... read more
Where in ProConnect do I enter a measly $12 of foreign tax paid as reported on 1099-div, box 7. I know it goes on line 1 of Schedule 1, but CANNOT figure out ho... read more
Hello,I have an individual client with a K-1 from a trader hedge fund. The K-1 reports some interest/dividends/capital gains. In the supporting footnotes, there... read more
A couple clients have received Form W-9 from Chase Bank, asking for their SSN. These people do not have accounts at the bank that would generate a 1099, which i... read more
Do you inherit the depreciation schedule of an asset when the asset comes with a business that was bought, or do you revalue the asset at its current market val... read more
Cedar Fair partnership units holders received 1 share of common stock in the surviving corporation for each owned partnership unit. The adjusted tax basis of th... read more
I had previously classified this client as a consulting firm, which is an SSTB. They have explained to me that their core operations and business activities are... read more
Form 7203 and share repurchase from S-CorpS-Corp shareholder's contract demands that at age of retirement he sells back his shares ratably in four years, 1/4 ea... read more
