The IRS will not allow paper filed returns for the 990 starting in January 2022.Please update your software so Form 990 clients can file short year and 2 tax re... read more
You didn't get the memo? It says right here in the Manual that IRS issues a memo. 20.1.3.2.7.1(12-10-2013) Estimated Tax Penalty and Reasonable Cause ... read more
Taxpayer has tax exempt interest which must be added in on M1M which flows to line 2 of M1. Proseries is taking line 1 - line 4 to get Minnesota income. It shou... read more
I have a client and her husband, whose entire income is derived from interest, dividends, and capital gains (not taxed), plus a retirement income which is taxed... read more
Well for the first time in a few years, I can go home at 5:00 like a normal human being on April 15th (or the equivalent depending when the IRS gets a bonus hol... read more
Anybody know what to do about efiling nonprofit short year tax returns, as well as the requirement to file 2 in the same calendar year?The IRS has required this... read more
When exporting a K-1s for entities that a relatively large number of shareholders, members or beneficiaries, can the entity name and return year be added as a p... read more
I strongly recommend, once again for next tax season, that on State Returns, especially NJ returns, on the Information Worksheet Part VIII, Direct Deposit, the ... read more
I have a partnership where ownership is 50/50 split. However, they "eat what they kill" so the profit is based on what they bring in. To complicate matters a bi... read more
I have a client who has been paid 50k (sweepstakes) description per customer. He did not receive a W2-G gambling form or 1099. I have been reading regards this ... read more
I have a client who has a business and in 2023 bought a portable metal building that now uses as a working shop. This one is easily movable. He also bought a... read more
I am working on a partnership return and there was a change in ownership in 2023. The partner that left has a negative capital account. Does that amount need to... read more
Hello,I have clients who have recently inherited assets and are interested in setting up a non-profit and/or foundation for the performing arts in their area. T... read more
How we can adjust section 754 depreciation adjustment in intuit pro-connect. How property purchased on 2021 can be adjusted in 2023 by deducting 754 depreciatio... read more