How do you read this provision from today's House vote? 1) Say someone gets paid $20 an hour, but $30 for overtime. How much is excluded all $30, or just the $... read more
From the February 4, 1960 article: What do the waitresses think of the goings on?Many of them are strangely silent. Others speak up. Most of them are just wai... read more
Can taxpayer elect to deduct different amount than total investment interest expense?? Here is scenarioTotal investment Income ST capital gain152KTotal investme... read more
Is anyone else experiencing a rash of notices where the IRS is reducing or eliminating the underpayment penalty calculated with Lacerte? I have quite a few clie... read more
A client received 1099-B for which the cost basis is not reported to the IRS. However, it shows the cost basis on the form with code (e) next to it.How do I cal... read more
In past years, I have included the Form 2210 penalty in the amount owed on the return if it is more than $100. IRS for decades hasn't assessed it, if it's less ... read more
Has anyone been receiving what appears to be incorrect underpayment of estimated tax penalty letters on Forms 1041 for tax year 2024? We are on about our 6th on... read more
Interesting provision from the tax bill released today for the House Ways & Means Committee hearing tomorrow: Sec. 112211. Restriction on regulation of continge... read more
Client filed a 1065 in 2023. There were two members of the LLC. For 2024 there is now a single member LLC reported on Schedule C. In 2024, the client paid the 2... read more
need to know how others handled the best way to file NJ part year resident and non resident for same client. All paper entries? part time efile and nonresident ... read more
Well, we know he has until June 15 to file his 1040. Or October 15, if he filed an extension. From The Washington Post: Pope Leo XIV, the newly elected pontiff,... read more
I have 2 taxpayers who are unmarried but live under the same roof with their 2 children. The parents of the children both work outside the home. The father of t... read more
I have a client who has a 28 yr old son.The son owes IRS from 2022 and 2023.Son had $0 Income in 2024 and lived with parents the entire year, providing none of ... read more
Hello friends! As the subject line says, this client has penalties for both failure to file timely and failure to pay. Couple of questions. In Pro Connect, is i... read more
