Statement of activity and statement of financial position from entity quickbooks was used for the revenues and expenses. Everything seems to be carried over fro... 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
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
This illustrates, for me, the risk of having a client who is a friend. As a friend I was going to answer his question quickly then I realized that this is more ... 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
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?
Just learned this yesterday from a former client. He owns a profitable company in California doing commercial building services. His current CPA charges $700 pe... read more
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
(NYT) The acting commissioner of the Internal Revenue Service is being replaced after Treasury Secretary Scott Bessent complained to President Trump that the la... read more
