Hi, client paid a contractor $100K+ for primary residence capital improvements. The contractor is bankrupt and this money is deemed lost. Would this be a capita... read more
Section 179 depreciation was elected for an asset purchased in 2020 and traded-in in 2024. Purcahse price $57700, trade in value $47,000. I believe I need to re... read more
The bank acct numbers and routing information is not being posted in the clients returns.All federal returns and some state returns (MD)Does not post for either... read more
I installed the 990 software after I swore, I'd never do a 990 again. Evidently IRS issued the final regs allowing churches who do not file 990s to file a 990-T... read more
A Tax Court summary opinion today, involving a driver for Uber and DoorDash, points out: "We note for the record that the strict substantiation requirements of ... read more
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
