It is important to understand the difference between inside and outside basis for tax planning purposes, since a partner cannot receive tax-free distributions e... read more
A final 1041 was filed for the 2022 tax year for an Estate. In 2024, an additional (sizable) asset was located and a 1099-R was issued to the Estate EIN for 202... read more
Hi,Client owns 2 homes - one that he lived in and the other being renovated where he intends to move into after the renovations are done. Part of the renovation... read more
Hi All - Looking for any help on this odd S Corp sale.Ihavean S Corp (Company) with only 1 ownerOriginal Owner (JB)New owner (SR)The Company purchased the 100 s... read more
THERE ARE SEVERAL PROBLEMS WHEN INTUIT LINK TRIES TO READ A BROKER 1099 FORM.UNDER 1099 DIV IT DOES NOT PICK UP THE 199A DIVIDENDS AND THE 897 DIVIDENDS & GAINS... read more
Anyone heard when the NOL new Form 172 will be released on Proseries? I have two clients I could have filed a month ago if this form were ready. The time it's t... read more
I am getting the duplicate of one that was previously tried to be e-filed. I deleted the first one that had the same error in Pro Basic, thinking that would hel... read more
Friends, Romans, Countrymen (and women) ...lend me your ears....So I have a client who received a received as a gift, a principal residence from his parents. Sh... read more
Client S corporation has a 2024 revenue of 400,000 and $200,000 of wage expense, which is paid to him. He has no other employees. He has a home (high mtg int an... read more
Has anyone received a 1099-Misc for a client from Discover Bank? Is this for exiting the Student Loan servicing and is some taxable refund? Clients have no idea... read more
From an article about the new “gold card” visa for only $5 million: Currently, U.S. citizens, permanent residents, and green-card holders are required to pay in... read more
I have a taxpayer who received a 1099-NEC and when asking the client what this income relates to he explained that as part of his W-2 Job he sells equipment. Wh... read more
Hi - random/odd question: does anyone know if I can use ProConnect if I don't have an EFIN? Just starting off with tax prep and didn't know how long it would ta... read more
