ILLMAS

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.

What did state say when you called them?

No worries, Proseries has the same problem, I’m working on a multi state partnership and so far I have used ATX for some forms and some manual forms.

Tell me about it, they have an annoying pop up to remind you if use the payroll module. I finally installed 2021 and moved my payroll clients this week.

Exactly, a high school custodian saved $17,000 on electricity by using the school power on a handful of machines.

Since 1993 when it was called Turbo Tax and since 2008 I process returns in ATX and ProSeries.

That was going to be option 2. Thanks

Can I resubmit an extension that was filed last night to include a payment today? If yes how does one supersedes the prior extension? Thanks

Hello Teresa, you would report it as like any other stock sale but you need to go back to date of death and look up the value of the stocks. That would be your cost basis, there is a chance the stock didn’t appreciate in value between DOD and when your client sold them.