I did a Teams meeting today to help a colleague with a tax return. She uses CCH Axcess. When she calculated the return, a picture of a calculator appeared. Wher... read more
I have a charitable lead trust that has both a husband and wife as trustees. The CLT includes stock and an investment account. The wife passed away this year. M... read more
Friends, Romans Countrymen (and women) lend me your beers....So I have a client who I filed a 1120-S Income Tax Return for an S Corporation last year. 2023 was ... read more
I have a taxpayer couple that he is on medicare and she has a marketplace plan. Both their incomes cause a large tax bill due to the marketplace plan. Since the... read more
Taxpayer has a negative MAGI because of an NOL carryforward. His Household Income as a Percentage of Federal Poverty Line on Line 5 of Form 8962 is 0%. Even wit... read more
Taxpayer paid tuition in December 2024 for program starting in January 2025. We have a 1098-T from institution for which box 7 is checked (indicates amounts pai... read more
New in 2024 shareholder called Mr. X. S corp.These payments to Mr. X sound like guaranteed payments. But S Corps don't have GP.What is the tax treatment of thes... read more
My client has a partnership which conducts rental real estate activity. He has a net income after expenses. He has Sec 179 expenses which would offset the net i... read more
Hi Everyone,I have a client who files as single, and he pays for his son's child care. The child's mother pays her share of child care, files Head of Household,... 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
First, I know the rules for the energy credit for new furnace, one being an energy credit audit. However, my clients did not put in the new furnace for the cred... read more
Proseries shows this to be a required field and flags it as an errorI just spoke with Mass Department of Revenue and was told this is not a required fieldHow do... read more
A friend, retired teacher, reports a $16,000 deposit from Social Security for retroactive 2024 benefits. The question asked, of course, is whether an ES payment... read more
I have a client that received ERC for 2020 but never amended their 1120-S. They also have available 179 expense after adding back wages for the ERC. I think I c... 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
