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ILLMAS

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Everything posted by ILLMAS

  1. TP graduated college in May 2022 1098-T as follows: Box 1 26,000 Scholarships 20,000 TP only paid $4000 out of pocket, TP qualifies for AOC on the $4K. TP in July starts a fellowship (non education related) and earns $20,000 and receives a 1099NEC. In the past the $20,000 would go on 1040 line 1 SCH, but now it should appear Sch 1 line r. My question is do I have to mix the 1098-T with the 1099 to show the $20,000 on line r and the TP loses the AOC credit for the $4,000? Thanks
  2. Some tax preparers are using something called ChatGPT to help them write professional emails or text responses.
  3. I do have a client that needs to use the most current desktop subscription version because they process payroll via QB, but if a company doesn't run payroll, pre 2021 desktop version should still work. FYI the subscription version is exactly as the desktop version and I don't think it's cloud based. There are third party companies that run the desktop version on a cloud.
  4. Here is a good read, our office currently working with a specialist on nexus and it’s very interesting how some states are coming after business: https://answerconnect.cch.com/topic/b43988327c6c1000a1f2d8d385ad169407/income-tax-nexus#:~:text=States cannot just impose income,physical presence is not needed.
  5. Most likely the extension will not accepted as an 1120S, I recommend paper filing the extension.
  6. Ask to speak to their manager, think of it as a second opinion.
  7. Look up source of income for online sales.
  8. If a TP is barely filing their 2017 and 2018, 2017 has a balance due and 2018 has a refund large enough to cover the 2017 tax liability, would the IRS offset each other by any chance? I am aware the statue of limitation expired for 2018 for a refund.
  9. Please add my fee to your fees for reading this and as the young whipper snappers say now a days, have TT help you.
  10. Someone shared this information in another group I participate, they added a note on line 17, Sch K - Other Items.
  11. See pages 13-15 for example: https://www.irs.gov/pub/irs-utl/2018ntf-pros-and-cons-of-full-expensing-and-section-179.pdf
  12. Good question, I have a client that reimburses the full amount when volunteering directly for events, passing out flyers, surveys etc….
  13. Can someone guide me to the right publication or point me to a good source? Zero activity corporation had a loan forgiven and in 202X it will be the only reportable non business related income on the tax return. I am trying to determine if the available NOL can be used against the COD. Thanks
  14. Can one use form 9465 to setup a payment plan for an 1120? My first time creating one for a business. Thanks
  15. Has anybody ever encountered a situation like this? Agent is requesting book vs tax reconciliation work paper from the tax preparer when the only reconciling item is depreciation. The financials used to prepare the tax return is a mirror copy of tax return.
  16. Have you called ATX for technical support by any chance?
  17. Imagine if employers pushed to be allowed to give negative references to equal the playing field.
  18. If one already have 10 Pro and want to upgrade to 11 Pro for free, do you automatically get the Pro version?
  19. Contact ATX, you should be okay.
  20. If you want to see something scary try this, with your smartphone being closed, the say any of the following words: Thinning hair cellulitis receding hairline Then open Facebook and you’ll start seeing ads for hair transplant, cosmetic surgery etc..
  21. Exactly, I prepared the prior year but the TP did not have Health insurance via the exchange.
  22. Sorry it's MFS, not HOH.
  23. It happens to be both, the grounds of divorce is not set in stone yet, but the TP is working on obtaining a doctors letter to support the claim. I spoke to a CPA friend and he mentioned for stuff like this to make sure you have supporting documents to cover yourself.
  24. I think sometimes it’s our fault clients or people in general treat us bad, because we permit it. A couple of years I had a tenant that had every excuse to pay the monthly rent, the rent was paid late, but paid, this happened for a couple of years, until I had a talk with them. They had the nerve to get upset because I was no longer a nice person and threatened not to pay the rent, they were evicted in less than a month.
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