I have a client that owns a duplex where she rents half of it out to tenants and her sole proprietorship uses the other half. For depreciation, I believe the bu... read more
I have a client who owns a business (LLC) that rents a unit from her other LLC that owns the residence. Would I report the rent as an expense under Sch C and th... read more
Hello I have several small business clients 1120S and sole proprietors that travel to their client's place of business and use their business credit card for th... read more
So, Intuit is laying off a bunch of people. See this link: Tech giant cuts 599 workers in California amid massive layoff round (kcra.com) Per Intuit CEO Sasan G... read more
Client has 42% of Schedule C net income allocated to MT due to part year residency. The Part Year Allocation worksheets have been completed within the Pro Serie... read more
I am preparing a Fiduciary income tax return for a New York estate. New York property was sold and a New York Real Estate Transfer Tax Return (Form TP-584) was ... read more
I have two clients out of hundreds that keep receiving letters saying reviewing returns. They are basic returns so no thoughts on why really. Only thing the two... read more
Hi,Is there any guidance from the IRS for the steps to convert from an S-Corp to C-Corp? If so, can you provide the link? I've tried to look online for this but... read more
I don't understand this 1031 completely.Client 1031 was done with an exchange service provider. Client's investment property relinquished and deferred gain went... read more
Hi there,Have any of you had issues with the Yearli software? We have used it for multiple clients without much problem- except for one that sporadically have h... read more
Vehicle was purchased 8 years ago. In year 9 the car was partially (48%) used for business. Years 1-8 had no business use. Standard mileage rate was used in yea... read more
Hello,Can someone help answer a question I have regarding the number of years a trader can carry back NOL after making "mark to market election.1. How many year... read more