ILLMAS

Yes, sell one and use the funds to improve the second property.

The cost of the property plus improvements combined is around 350K, value of the property is around $700K and the monthly cash-flow once rented makes perfect sense. And there is no mortgage or debt on the property.

TP bought an investment property to rent, improvements cost are getting out of hand and is running out of money. If the TP were to sell another investment in a 1031, can they invest the money in the money pit property? Thanks

Amen to this and I cannot wait for ERC recipients to realize the company that charged them 25% to get the credit DID NOT amend the business tax returns. @schirallicpa charge them another 25% to amend it

Wow, that was around the time the states of California, Nevada, Utah, New Mexico, most of Arizona and Colorado, and parts of Oklahoma, Kansas, and Wyoming were part of Mexico.

This happens all the time, just some races fall below the radar. Just watch the TV 90 Day Fiance.

I did not catch that, thanks for pointing it out.

I found it odd, in all the years as a tax preparer, reading, tax seminars etc... I have never heard of the IRS penalizing the preparer for a "reasonable salary" until this story. I see myself and other preparers dropping their non-payroll 1120S clients.

Seems like a real story about reasonable compensation. https://rcreports.com/blog/tax-man-cometh/?mibextid=Zxz2cZ

Ah, as a partnership.

I have looked over the rules, I have not seen a mention of a partnership not being able to file a late election, can you point me to the source. Thanks

Has anyone been successful in making a late election to become a S-Corp? I have partnership client that would like to do a retro election to January 1, 2022. I am aware this goes against a timely filed form 2553 and this a last minute decision by the client. Thanks

I like the fact that some “outsourced” countries can fall below the radar compared to manufacturing countries.

Husband lost job and has been paying Cobra, can the wife’s LLC pay the premium? Wife and family are under the policy, husband is not an owner or shareholder of the LLC. From the research I have done, it seems the policy has to be under the wife’s name. Thanks

Can ChatGPT make someone wealthy? Asking for a friend.

I have a CPA sister that did the opposite and works too much.

CPA's are even leaving the profession and becoming CFO, comptrollers etc... They no longer have to take CPE hours or be licensed and probably earn more and are less stressed.

I see this program being hacked to do the opposite of what it’s supposed to do.

I'll stick to this still main( ) { printf("hello, world"); }

Just out of curiosity, does anyone here use ChatGPT on a daily basis? Like for what reason if I may ask.

https://www.accountingtoday.com/news/chatgpt-retakes-cpa-exam-as-v4-0-passes

What is worst, people not going into the accounting field or accountants leaving the field?

I wonder how many “Made in the USA” companies already outsource some of their operations in the recent years.

I could imagine people rejecting this technology just like people who do not find value in using social media.