Parent has two dependents in college.1- Son has 1098-T with 50,000 tuition and 60,000 scholarships. He used the excess for room and board.Does the son include t... read more
Hello, I am filing for an extension for a NYC S Corp and the software is calculating 25% MFI on top of the current liability. If I'm not mistaken, this was disc... read more
I like to present the balance sheet for small S Corporation even when not required as it helps me reconcile beginning and ending cash and helps me locate expens... read more
Hello.I know that the USBP Agents are not covered under FLSA for overtime. However they do have their own rules for overtime. Has anyone confirmed if their over... read more
Hi all,I have a client who took out a large sum from a 401(k) as part of a divorce decree. The divorce was finalized by the end of 2025. The 1099-R is only in m... read more
We've just been wasting our money paying some guy to do that all these years. IR-2026-36, March 13, 2026 WASHINGTON — Consistent with applicable law and longsta... read more
Republicans were hoping tax season would begin with a bang, but something curious is happening: The number of people filing is down. The IRS says it has collect... read more
My grandson works as a tax preparer in a Deli/restaurant and gets paid a hourly wage plus a "promised tip" fixed amount per hour worked. All tips both cash and ... read more
I have a divorced client with 2 children. As per the divorce agreement, the father claims the oldest child every year and the mother claims the youngest.They ha... read more
I have a S-Corp client who owned two personal vehicles and used them 100% for business in years prior to 2025. In August of 2025 they legally transferred owners... read more
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?
