Client received a CP14 letter, charging them $54 dollars to be paid by October 15th. No explanation, no recalculations of their tax return. Client did not have ... read more
I need some clarification for the Self Employment Health Insurance adjustment to income for a more than 2% shareholder coupled with the Form 1095-A and PTC.I kn... read more
I have a great deal of experience as a financial accountant but only started doing tax last year.The previous CPA reported 2022 K-1 amounts from 2022 on both th... read more
Client did 1031 in 2015. One Texas property was relinquished for one CA property. Amherst facilitated.In 2025, the CA property was sold. Large gain, large tax.A... read more
Good morning all,Customer came to me with a W2 from previous employer (US government). The situation is this: She worked for one agency of federal government in... read more
My client rented one part of the house and lived in the other. few years back he sold the entire property and invested in a 1031 exchange DST consisting of mult... read more
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
