Solved
Tax Implications of Client Buying An Acupuncture Practice
I have a new client that bought an acupuncture practice in 2022 consisting of just the book of business, no other assets. She paid 55k with a 10k down payment and is paying the rest in installments over two years with no interest. She had a sole-proprietorship acupuncture business prior to the purchase and she became an s corp mid-year. So, I'm wondering how to show this on her tax return--do we need to file form 8594? Is there any other forms that need to be filed or other tax considerations?
Any advice on this is appreciated. Thank you!
