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  1. artp

    Tax Act

    Thanks for the feedback and heads up on the Cinven connection. I in the process of demoing TaxAct since I am basically concentrating on individual returns. So far the cost savings may not justify the lost of features in Drake and the effort to learn a new software system in this stage of my career.
  2. artp

    Tax Act

    Does anyone have experience using Tax Act? I am considering other tax preparation software for my small tax practice and would welcome your feedback.
  3. Thanks everyone for your suggestions...much appreciated
  4. Bulldog Tom, Thanks for your suggestion. I just tried Genius Scan and it looks good.
  5. I have many clients that do not have access to stand alone scanners so they take a picture with their phone and I get a jpeg image that is almost unreadable mainly because the image is way too small. I could get a photoshop type software and try to get a workable image, but that is a lot of extra work. Does anyone have a good alternative?
  6. Danrvan The other items listed are on supplemental documents from the broker and are not reported to the IRS. The computations only affect the state return as any muni interest not specifically excluded by the state is taxable on the state return.
  7. What adjustments (if any) do I need to amount shown in line 8 ? These always confuse me. Broker reported the following on 1099-INT Line 8 32,492.16 Tax-exempt accrued interest paid 577.78 Tax-exempt OID 58.97 Tax-exempt OID (lots not reported) 1793.03 Acquisition premium (lots not covered) 103.51
  8. That was my gut feeling as well, but always open to other' opinion. Thanks
  9. Taxpayer wants to install solar at his residence. Roof mount is not feasible on his house due to limited southern roof exposer and ground mount is not feasible due to municipal code restrictions His only solution is to build a storge shed and do a roof mount installation. Question: Can he include the cost of constructing the shed as part of the qualifying cost for the 30% solar credit?
  10. Thanks for the quick confirmation.
  11. TP mother has 2 children from previous marriage, divorced in April 2022, has full custody, ex does not provide any support. Mother lived with new boyfriend all year. Mother's AGI $75,000, boyfriend $60,000. My understanding is if mother can prove she provided more the 1/2 cost of home and the chldren's support, she should be able to file as HOH and claim CTC. Correct?
  12. Thanks for the replies and suggestions.
  13. Taxpayer, cattle rancher, sold all of his cattle in 2022 and got out of the business. He has sheds and out buildings that were used in his business and still have undepreciated cost that he wants to write-off in 2022. My understanding is the fact that the taxpayer decided to cease business does not effect the useful life of the asset and he can not simply write-off the remaining cost. I am correct? or am I missing something? Comments
  14. Thanks for all of the replies and advice. Client finally did get Clickworker to reply and they closed the account. Client is following up with credit agencies with credit report and freeze, IRS fraud hot line, getting a transcript from the IRS, and identity theft pin, ect. We will attach 8275 to the return to disclose the fraudulent 1099-NEC.
  15. Taxpayer received 1099-NEC from Clickworker.com for 2022 in the amount of $1979 showing masked SSN with her last 4 social security numbers and her correct name and address. She has a very common first and last name so a clerical error by the company? She is absolutely positive she did not perform any services or receive any goods from that company or any other company. She has contacted the company to get the matter resolved, but they are uncooperative. She suspects identity theft and wants to file a 14039 immediately. Is this the best action to take? Call IRS Identity Protection Specialized Unit at 800-908-4490? Suggestions??
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