I have read that a Plan administrator tracks an employee's tax basis in a Roth 401K. Is it a good idea to enter the (AA) contributions into LC so that the taxpa... read more
In January, IRS announced this year’s standard mileage rate would be 72.5 cents per mile. That was when the average retail price of gasoline was $2.93 per gallo... read more
How can I e-file a tax return when a non-resident alien does not have an ITIN with the letters NRA entered in the Social Security line on the information sheet?
Parent gets 1095-A with their information and grown independent child under Part ll " covered individuals". The parent said to allocate 100% to them and 0 to th... read more
Client has about 25 pages of sales, with maybe 30 wash sales. Am I able to just summarize the sales using the financial house on a 8949 and not list each one in... read more
Anyone else having trouble with Form 8582? More specifically, the unallowed carryover losses from 2024 are not correct when they transfer to 2025?The client I a... read more
HelloClient decided to revoke S corp status back to Schedule C as disregarded entityJust to confirm if that is all we need:efile Final 1120 S for 2025 and Final... read more
HelloPlease advise how to record Loan Repayment to shareholder on the Balance Sheet in Proconnect?Is it ok to reduce cash balance at the end of the year for tha... read more
I have a client that has spoken to anumber of other troopers they also get to claim out comp time hours used which would be the state patrols comp and holiday c... read more
Dear Client,It is nice that you think I want to know that you're about done with preparing your tax documents for me. However, I have plenty of work and I don't... read more
I am curious if we have any tax attorneys or any other tax preparers out there in this great big beautiful world of IRS insanity that has had the IRS ask the re... read more
My older clients, meaning 80+, get confused. I give them paperwork and they don't know how to find information that I consider to be simple. Example: I sent an ... read more
