From the Washington Post: Parents who put money into their children’s “Trump Accounts” might face a headache come tax time: Even the smallest contributions may ... read more
I was excited there for a moment, I thought he said Lawyer Dividend Will they be taxed? No. The payments come in the form of a one-time basic allowance for hous... read more
One shareholder (called 'A') wants to limit salary to the SocSec limit (to save PR taxes). I told him that reasonable compensation doesn't consider this factor;... read more
In the instructions (page 5), line 3 in Part II refers to "net long-term capital loss". But what about the deduction limit on capital loss and short-term capita... read more
I have a client that sold their S Corp as an Asset sale, with the seller financing the sale through cash up front and a Note for payment over the next 7 years.I... read more
Hi Everyone,I’m looking for clarification regarding the authority granted under Form 8821 (Tax Information Authorization) and whether it is sufficient to reques... read more
Hi there,Is anyone familiar with the Employee Emergency Fund (https://emergencyassistancefdn.org/relief/)?A client of mine is looking at setting up an Employee ... read more
Hello Intuit/Pro-Series Team,I am writing as a long-time and loyal user of Pro-Series Professional software to express my deep frustration with the recurring is... read more
Hi everyone - can you knowledgeable folks recommend a good book on S-Corp taxes? The books on Amazon are too cursory and seem to be aimed mostly at folks who ar... read more
I have a client who created an EIN for a irrevocable TRUST which was created from a revocable Living Trust after the death of the owner of the Living Trust.The ... read more
I have a owner of a business 1120-S that is selling it's business to a third party with payment terms over a 36 month period. They are selling the business truc... read more
I'm a newer tax preparer, so any input would be greatly appreciated.Has anyone ever converted accumulated NOLs to PALs on a current return instead ofamending pr... read more
The taxpayer is 64 years old and is a general contractor. he is winding down his business. He is a sole proprietor. His 2022 net income was $125,000. His 2023 n... read more