Hello A client is purchasing medical equipment for his medical center.  The equipment will most likely be delivered in Nov or Dec of  2023.   When the equipment arrives at his office, would that qualify him for bonus depreciation? My client met condition #1, #2 and #4.  What I'm not clear about is the mention of "placed in service by the taxpayer within a specified time period".  Does anyone know what the exact rule is? A1: The depreciable property must meet four requirements to be qualified property. These requirements are (1) the depreciable property must be of a specified type; (2) the original use of the property must commence with the taxpayer or used depreciable property must meet the requirements of section 168(k)(2)(E)(ii); (3) the depreciable property must be placed in service by the taxpayer within a specified time period or must be planted or grafted by the taxpayer before a specified date; and (4) the depreciable property must be acquired by the taxpayer after September 27, 2017.  For additional information about these requirements see Proposed Treas. Reg. § 1.168(k)-2(b)) and the About Form 4562 webpage.

I have a new client who runs an S Corp.  Year 2021 is my first year with him. He asked me to work up a scenario to see how much he should contribute to his SEP IRA for himself and his employee.  I looked at the books and saw that in Sept of 2021, he made a contribution to the retirement account as this is when he usually contributes, before the corporate taxes are filed by 9/15. So, I believe the amount I'm seeing on his Quickbooks is for the 2020 contribution.  It doesn't quite match up with what the previous accountant reported.   It's off a little.   1.  My first question is, how to report the SEP contribution made in 2021 (as recorded in Quickbooks) for the 2020 tax year, on the current 2021 tax returns?  Do I add it in as an adjustment somewhere and then calculate the 2021 contributions (see question #2)? 2.  Second question, he asked how much he should contribute for 2021, i.e. he wants me to compute a couple of scenarios to see how his K-1 net income can be affected by different contribution amts.  Does anyone know of an easy way to do this?  And what documents do I need to have in front of me to do this?    Thank you!!

Someone did not file a schedule C for the 2014 and 2015 tax years although she incurred expenses. As a result the IRS levied taxes based on the 1099s reported to her. Questions: 1.  Is it too late to amend these years' returns and add in the expenses? 2.  If, for some reason, she entered into an installment agreement with the IRS (she can't remember for sure), will she be able to file the amended returns? I've looked around.  It seems like they are saying 3 years is about the limit.  Asking if anyone has any tips and if you've tried amending a really old return, similar to this? Thank you!