The existence of a thousand white swans does not prove there are no black swans. But the existence of one black swan (many are found in Australia) proves that n... read more
I have a f1099-Int with $5100 on Box 1 and 1250 in box 3- US obligation. Is it correct to assume that the 1250 is included in f1099-Int box 1 $5100? Pro connect... read more
I was directed to this form when my client received a non-cash distribution on his K-1. He does not recall what he received so it is difficult to determine the ... read more
I am a solo practitioner and this is my first time ever dealing with this situation. One member of a 50-50 partnership died July 2024. His wife inherited his pa... read more
MFJ clients asked me if they will qualify for the senior deduction, with an AGI of $200K. It is phased out for (modified) AGI starting at 150K. However, it’s a ... read more
I have exactly two clients whose income includes tips, and both are self-employed. Under the new tax and budget law, one of them qualifies for the new deduction... read more
I just love these little surprises that pop up at the last minute in major tax legislation. Even if I'm not sure what they mean. Sounds to me like you only get ... read more
From the Senate version of the Brigitte Bardot Bill introduced at midnight Friday: "(a) IN GENERAL.—Section 165 is amended by striking subsection (d) and insert... read more
A 15-minute video on YouTube, produced back when the organization was known as the American Institute of Accountants. https://www.youtube.com/watch?v=-C1VU56_d7... read more
If you have bought the Blue Jay AI LLM tool, would you mind giving me a quick review or only a thumbs up or down??Good quality research?High quality memos?
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