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
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
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 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
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
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
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 am using ProConnect Tax to amend TY 2022 for a new client that has NOL (Sch C) carryforward from 2021.Income includes W-2, 1099 R (non taxable) & Sch C (net l... read more
I'm sure NY preparers are following this, but the rest of us might have clients who moved away from there since 2023 and should be looking for this, or wonderin... read more
I have a client who passed away. He lived in the US and his wife lives in Canada and has dual citizenship. When he passed away, his wife sold a property in the ... read more
Hi professionals,I run into a case where a client lives in VA all year and have a new rental property in MD. The rental is having a net loss, and it's disallowe... read more
