ILLMAS

Here it is, extended until February 2023 https://www.irs.gov/newsroom/irs-announces-tax-relief-for-victims-of-hurricane-ian-in-florida

Is the foreign entity related to the US entity?

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Have them call back to confirm and to get back to you.

PTC - Married in November Does someone know the work around on getting the information to populate on the form? On Part V of form 8962 I have entered the TP information and based on the instructions I figured out the alternative monthly contribution, but nothing changes on Part I, it is still picking up the combined income. I called ATX and they didn’t know how to make it work. I tried overriding the information and it works but would hate to do that if there is a proper way to do it. Thanks

I remember a couple of years ago, Ms. Kardashian made a post on social media asking if someone had won the Powerball, then one of her follower responded by telling her to stay out of poor people's business B....h! For some reason this news article reminded me of that post

TP is in construction and in late 2021 they received $100K for work to begin January 2022, under cash basis can this money be classified as a client deposit or advance and reverse it 2022? Thanks

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Thank you.

TP received two 1099-C, one was for a foreclosure on a rental property and the other one was for deceased spouse debt and because of the foreclosure, they now have a capital gain on the disposal of the property. I know the foreclosed property is treated as a sale (Form 1099-A was not issued, but sales closing statement was provided), but can the gain be excluded on form 982? TP is insolvent and not in bankruptcy.

TP said way less now after new roof and rafters because there are so many empty spaces and buildings for sale in the area, (like in many different places, businesses didn't re-open after COVID) they can ask for $200K or more if they want to sell it, but what ever is selling is going for 20-30% less than the asking price. TP also mentioned that in a refinance appraisal, the new roof might increase the value, but not if they wanted to sell it. I know the area and have other clients with businesses on the strip.

The new roof does make my client better off in case they wanted to sell the building, the building's value did not change and more likely the value of the building is less than it was worth last year. The building is located on a one-mile strip of nothing but retail businesses, high vacancy rate, high property taxes and very low rents. I see it as they were made whole, not better off knowing their circumstances.

TP commercial building roof was leaking and a claim was made with their insurance, insurance company denied the claim because the roof rafters had sagged due to age. The whole roof top had to be torn down and rebuilt at a cost of $25K, plus the insurance company was ready to drop them if they didn't get it fixed, does this sound like a major repair or improvement? Thanks

Thank you

Look up the companies annual report in your home state website (secretary of state) and send them a copy of the annual report.

Can someone confirm if PTC excess amount has to be repaid for 2021? Thanks

EIC should automatically populate first, then form 8867, have you entered the new data that would qualify the client for EIC?

Gets your hands on a older version of QB, I have client that is still using 2010 version.

I kind of remember a story about a CPA firm that sent a voice to text message to a accounting department "Send the documents to the Feds" and it was transcribed as "Sent the documents to shreds", I think they are no longer in business.

Have you asked if the production goals are duties under his/her supervisor roll?

TP developed land and many years later the county reassigned a new address, is there special form to let the IRS know the rental property address changed or would it be okay to just to change it and continue as is? Thanks

Do you think businesses should sue their banks because they only focused on their large clients and could not help their smaller clients (+ PPP money ran out)?

I would not ever come back from lunch

Funny, when a client comments about how much they pay in credit card processing fees, I normally remind them that is part of the cost of doing business but I rarely share that I also have cost of doing business.

I believe police and correction officer in my city feel the same way as the agents.