I have a partnership that invested in a QSB stock. Stock was sold and meets all criteria of a QSSB stock sale, therefore no taxable gain for Fed. I am not able ... read more
NO INCOME GENERATED OR EXPENSES INCURRED FOR 2023..HOW TO SHOW AND REPORT "NO ACTIVITY" WHEN FILING FORM 1120 PROSERIES PRO 2023..FORM 1120 WILL HAVE INCOME AND... read more
Final 1065 will be 2024. In 2023, my client, a 1/3 partner died. I do prepare the 1065? How do I allocated stepped up basis for only asset, a building, that wa... read more
Trust distributions for TY2023 was $17,500 prior to date of death, then another $35,000 after date of death for a total of $54,500 in corpus distributions. No i... read more
Good day, Can anyone help with an entry of form 1099A in a partnership return. The client started a business and abandoned in the same year. They bought a truck... read more
I have had 2 clients who received letters from the IRS along with refund checks for the amount of their penalty which was system calculated. The letter states t... read more
If I do not see any returns rejected by the end of the day, then it is likely that I will not notice any rejected returns that day. To avoid opening my Pro seri... read more
New partnership that was formed in 2023. One of the partners is foreign. No SSN and ITIN.There was a loss for 2023. So, while there didn't need to be any tax wi... read more
Client received Form 1099 R, Taxable amount of distribution is $197K, Dist. code is 1 Early withdrawl He is Not 55. Have checked all exceptions to early distri... read more
I have limited experience or a lack of confidence. Any guidance would be helpful.I believe the W2 is incorrect and before I request a W2C to be prepared I want ... read more