Industry Discussions

Losing an  EA employee do to retirement. Professional employment  agencies in Indiana tell me it will be next to impossible to find anyone to work in house, that accounting jobs have mainly gone remote. Is everyone working remote? I work remote and in office A lot of my staff work in house. I just don't feel good about letting a new employee work remote with all the information we have access to and require. We have a large client base and still have a large portion that wants to meet one on one.  Just curious if anyone else is facing this. thx Michele

I've been approached by a governmental entity that wants my very small firm to e-file Forms 1099-R and Form 945.   Assuming we can get a loadable data file, is there any 945 e-file service you would recommend?  Based on the size of the entity, I would assume the data file would be reasonably large.Thanks

We picked up a new client this year who already had their 2019 return done for their business. They weren't happy with their preparer, so they came to us to prepare their personal returns and double-check their business return.According to their EIN letter from the IRS (dated 2009), the EIN was issued for a single-member LLC.The business filed Form 1065 as a two-person partnership for 2018 & 2019. (The son joined his father in the business. The father filed Schedule C for 2017 and earlier years.)The business should have applied for a new EIN when they made the switch from single-member to multi-member LLC.  We'll apply for a new EIN for them now.But should we do with the two Forms 1065 for 2018 & 2019? In those years, the business was actually a partnership between father and son that filed a partnership return, but used a "disregarded" EIN.Suggestions?

i am getting the following message when I try to check on refund statusgot it friday - saturday - sunday and again todayand just tried to look someone up on my daughters laptop and IT WORKS from itany assistance is appreciatedbill Access DeniedYou don't have permission to access "http://sa.www4.irs.gov/irfof/IRServlet?" on this server.Reference #18.d21c2117.1650989935.16e0dcc

Before the form 7203, lacerte would export repayment of shareholder loan to the personal tax return on the schedule D.  With the 7203, it lists the repayment as non-taxable on line 26 and line 33 so it doesn't show as a reportable gain (line 34) which means it doesn't export it as a gain to the taxpayer.  How do you tell Lacerte it's taxable?  

A couple was married in 2020.  Got a divorce in 2021.  They have to file an amended return for 2020 because one W-2 was not included in the originally filed tax return.  Should I amend using MFJ?  Thank you in advance for any guidance you can provide

I'm trying to avoid the 5% late filing penalty and being CA will not consider an extension unless you send some money with it.  Can you send in an extension with $1 and therefore have a valid extension and avoid the 5% late filing penalty even if the client owes several thousand dollars?

I am retired and part-time now and try to stay away from difficult tax returns.  However, I have been approached by a friend concerning a beneficiary deed and wanted to make sure I am giving him the correct information.He obtained real estate from his mother via a beneficiary deed.  My understanding is that the property immediately became his upon her death. Is this treated the same as a will?If so, is his basis the value of the property at the date of her death?More or less, that if he sales close to the time the property became his, it will be a wash sale resulting in little or no capital gains taxes?Thanks for any input!   

taxpayer rec'd 1095-A with part III column a b & c filled in as follows: Jan column a b& c completely filled in with amountsFeb column A  0.00  column B  0.00 and column C  with an amount for PTC no other amts on 1095-A for rest of year taxpayer rec'd medicare effective 02/01/2021.Coverage is effective on 1095-A   01/01/21 thru 02/28/21.  Believe taxpayer canceled late. if information  off 1095-A is filled in exactly as shown,  taxpayer would owe the PTC for February. Doesn't seem right.  Any solutions?    

I would like to ask the community a question.  If an S-Corp dissolves in 2021 and distributes equipment to the sole shareholder subject to a loan does the loan decrease the distribution to the shareholder.  Here is my understanding of what happens.FMV of Equipment at dissolution  -   10,000Outstanding Loan at dissolution   -     3,000Net Distribution                             -     7,000Adjusted Basis of Property           -      3,000Gain to Company                         -       4,000Basis of Property to Shareholder -       7,000                                                &n

Is it possible to pay the state balance due after the Efile submission?

I am trying to file 2019 Proseries Basic efile return but says to update, do - "already updated", wont complete efile Run fix update tool, still no go, updated windows still no go  

I have a new client that has a green card.  Her son still resides in the Phillipines.   She provides over 1/2 of his support, but he has never lived in the US with her.   Can she claim Head of Household.Everything I've read point to "no".  However, the former preparer claimed HOH status.  The child does not have a Social or Itin.   I'm wondering if I am overlooking something.Thanks!

Can a surgeon who is required by her employer to make bi-weekly trips to an offsite clinic allowed to deduct the extra business mileage incurred? 

Client has expenses in 2021 for purchasing investment property which did not close until 2022.Where can i take these expenses this year. 

Taxpayer received a 6475 letter dated January 12 showing an EIP of $1,400.He filed a joint return in 2020 but his wife died in March 2020.Then he received another 6475 letter dated January 26, with his first name misspelled, showing a $1,400 payment.The first letter has a long string of numbers and letters above his name and a bar code below it. The second letter has neither of these.He just brought this in last week and I haven’t been able to reach him to ask how many payments he received. I suppose it doesn’t make a difference, since he wouldn’t have to pay back a second one.Just something that inspires more confidence in IRS. For those who endorse believing IRS notices before believing your client – maybe something to think about.

I need to know what 2021 income tax return form I have to use to report a person's income who died in 2020?

Base on IRS notice 2014-7, the income is excludable from gross income for federal tax purpose. Do i just leave the income out completely or somewhere to report that's not taxable?Please help.Thanks in advance

If so, the system seems to not being do this automatically...so how do I prompt this carry over?

I KNOW CONTRIBUTIONS TO GA 529 PLANS ARE DEDUCTIBLE FOR GEORGIA INCOME UP TO $4K PER BENEFICIARY BUT WHERE DO WE ENTER THAT IN THE SOFTWARE? I DONT SEE WHERE IN THE STATE RETURN I WOULD ENTER THAT. ALSO IS IT AN ABOVE THE LINE DEDUCTION OR IS IT LIKE ITEMIZING? I USE PROSERIES. HELP PLEASE

Good evening, I have a new client who is filing MFJ senior citizen and made 53k w2 and about 32k SSA statements. He brought his tax paperwork from his other preparer unfortunately she is really sick and can no longer help him 😟... I am entering all his information and he has a total of 88k for income. Which makes him pay. But I am looking at the prior tax preparation forms and the social security benefits are included yet they don't appear in the actual adjusted gross income. Is there something I need to do that I don't know about?

on turb tax where do I enter my 1099 R form?

I have a client with a certificate for income tax adjustment from the Department of Defense.  The adjustment is for $4400. The certificate states: You may be able deduct the amount repaid as a miscellaneous deduction or use the amount repaid to compute a credit against your tax liability (26 USC Sec 1341).My client does not itemize. Any help with the second option is greatly appreciated! 

Client and his ex have been each claiming 1 child the past few years. This year his ex claimed both kids. He has a Child Custody Order from the court showing Joint custody. Can we paper file with the order? Is that sufficient to claim the child?

Why isn't the 8829 printing with the return.  DOes this mean it won't be transmitted.  Seriously, this kind of problem right before the deadline/