I have a owner of a business 1120-S that is selling it's business to a third party with payment terms over a 36 month period. They are selling the business truc... read more
I'm a newer tax preparer, so any input would be greatly appreciated.Has anyone ever converted accumulated NOLs to PALs on a current return instead ofamending pr... read more
Military client in 2023 earned wages from DFAS and a w-2 from Home Depot bef9re he enlisted.He stationed in Virginia, but his residency is in California. I have... read more
The taxpayer is 64 years old and is a general contractor. he is winding down his business. He is a sole proprietor. His 2022 net income was $125,000. His 2023 n... read more
I am in the process of filing forms for an estate in MassachusettsThe assets at death of the second parent to die were transferred from a revocable Living Trust... read more
TP has a S Corp K-1 with a $10K 2024 profit and F 7203 shows $4K allowed loss carryover.Per all the instructions and posts in the Community, I thought I could r... read more
I am doing a tax return for a family member, unpaid. His federal tax return rejected becuase of 1st time home buyer issue. He is going to file on paper due to d... read more
lacerte says the following:In order for an e-filed return to be considered timely filed, it must be filed by 11:59PM in your respective time-zone on the defined... read more
Hi, all,I have two Texas SMLLC returns* to file via Lacerte. There is no indication in the Lacerte letter that the owner has to sign anything when I e-file. Is ... read more
Hello Everyone,I would like to ask if sending Form 8832 for a C-Corp election by fax is an acceptable method of filing. The instructions only provide mailing ad... read more
S corp client had two equal shareholders (A & B). On 7/5/2024, A purchased B's membership interest for $340k making A the sole shareholder.Would the $340k go on... read more
I have a CA return with multiple rentals, a sch C and points going to Sch A. The depreciation adjustment per the forms 3885A is $8,172 but on the Sch CA it is $... read more
