Bart

It is the MO NRI you need to use

2 hours ago, kathyc2 said:

I would say it falls under land improvement with  15 year MACRS which would make it available for bonus depreciation.

I do not think a septic improves the land maybe even the opposite.  Seems like 27.5 year property

The 10 year rule says you have to take the money out of the inherited retirement plan by the end of 10 years.  You could take it all out in year 10.

28 minutes ago, Margaret CPA in OH said:

Okay, then, about no community if filing single.  Since they are not actually divorced

"If they are not actually divorced", she cannot file single can she?

2 hours ago, JohnH said:

Bart: 
If you have any clients for whom you enter the EFTPS info, you can log into each one individually with the same ID.me or Login.gov account. You'll just have to add the MFA step before accessing the EFTPS login for each client. Not really a big deal, PROVIDED you have a Login.gov or ID.me account already set up.   

But for those clients who do their own EFTPS, they need a "heads up" email, text,  or phone call.  Each of those clients  needs to register with Login.gov or ID.me before attempting their next EFTPS transaction.  (They can also do at payroll tax deposit by phone, but I'm betting the phone lines will be jammed since so many people didn't know this was coming.)

If we add MFA to each EFTPS client, where is the MFA code sent?

We have 60 payroll clients.  How are going to comply with this change?

Paying SE tax on a "draw" is filing an inaccurate return

10 hours ago, DANRVAN said:

 

No, only the heirs of the final deceased partner.  Nothing changed for the rest.

 

The heirs of the other two partners should have gotten a step up at the date of death of the partner from whom they inherited

The first time I went to Chicago the clerk in the store checking me out asked if I wanted a beg for the item.  I said i just paid for it why do I have to beg for it also.  He meant did I want it in a bag.

Sounds to me like this client is so upset you do not need to fire her.  She will leave.  If she comes back triple her fee.

What are you trying to fix

Your ATX tax software does not support electronically filing for the following types of New Hampshire tax returns: business, interest and dividends, meals and rentals, or real estate transfer.

However, you can e-file these returns using the New Hampshire Department of Revenue Administration Web site at: www.efilenh.govconnect.com/web/introduction.asp

Have the client breakdown all expenses by vehicle.

79-113 says extension could be invalid if the tax liability is not  properly estimated.  It does not make any reference to paying.

Previously, to receive a 1099-K from a third-party payment network, you had to exceed $20,000 in transactions for goods and services and have more than 200 business transactions in a year. So, for the 2022 tax year, that $20,000/200 transaction threshold applies.  After 2022, the limit drops to $600.  So many more people will get a 1099-K and the IRS will be looking for that tax payer to be reporting something.

It is important that your business books and records reflect your business income, including any amounts that may be reported on Form 1099-K. You must report on your income tax return all income you receive.

8 hours ago, mircpa said:

@JohnH

I will not be worried about employee living in NC or employer headquartered in MA. I will be looking at where end client work is being performed & that is exactly what respective states will look for.

If in fact work is performed in MA then employee will be filing MA non resident & would take MA NR tax credit in NC resident tax return. I believe this is the safest approach based on facts stated.

You should also check if NC & MA has any reciprocal agreement.

OP said that only 26 days were work performed in MA.  Still need a MA non resident return but only for 26/280 days.

You only need to file the 2553.

It is a residence so it is residential.

Yes.  Sorry.  M-1

It is an schedule M-2 adjustment.  Income on the books not included in the tax return.

No reporting necessary

Is partner A taking QBI?

What type of entity got the PPP forgiven?

29 minutes ago, mcbreck said:

Stock market earnings in 2022?

Earnings since the first retirement contribution was made.

Client purchased equipment in 2019 and 2020. All equipment was set up as capital leases and bonus depreciation and section 179 were taken on those assets. In 2021 we find out that these are actually operating leases. Can we amend 2019 and 2020 or should we file a change in accounting method?