07-18-2020
12:35 PM
I'm still waiting for answer to my question. Can someone help me ? Thanks
07-11-2020
09:45 AM
I know what the contract price supposed to be. The transfer is correct. Just the software calculation of contract price is incorrect. If i override the contract price, it will create error. How do I ...
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I know what the contract price supposed to be. The transfer is correct. Just the software calculation of contract price is incorrect. If i override the contract price, it will create error. How do I e-file with that error of override ? Thanks
07-11-2020
07:21 AM
I could not follow the step for prior year installment sale (6252). My installment sale 6252 information was transferred from prior year sale in 2018. Line 18 contract price (calculated by PS) on fo...
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I could not follow the step for prior year installment sale (6252). My installment sale 6252 information was transferred from prior year sale in 2018. Line 18 contract price (calculated by PS) on form 6252 is equal to gross profit on line 16 (calculated by PS); therefore, my gross profit percentage is 1.0000. Why is contract price equal to gross profit ? Instead it should be the same as line 5 selling price. Thanks in advance for your quick response.
07-08-2020
11:36 AM
I use the desktop ProSeries Basic
07-08-2020
08:23 AM
It seems line 18 contract price of part I is not calculated correctly. It equals to line 16 gross profit and line 19 gross profit percentage is always 100%. How do i get line 19 right ? I try to ov...
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It seems line 18 contract price of part I is not calculated correctly. It equals to line 16 gross profit and line 19 gross profit percentage is always 100%. How do i get line 19 right ? I try to override it, but it creates error and I cannot e-file. Thanks for your prompt response.
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05-27-2020
12:03 PM
I have client which has a rental car company. How do I depreciate rental cars ? 5-year MARC ? Can I take bonus depreciation ? If so 50% or 100% or what percentage ? Thanks in advance for your respo...
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I have client which has a rental car company. How do I depreciate rental cars ? 5-year MARC ? Can I take bonus depreciation ? If so 50% or 100% or what percentage ? Thanks in advance for your response
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03-20-2020
11:33 AM
I have a client that owe federal tax that I already e-filed with the date payment of April 14. How can we change that date to July 14 ? Thanks for your response
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02-26-2020
07:15 AM
Thank you. It works
02-24-2020
04:59 PM
My client does not have CT tax registration number and it creates an error in CT partnership tax return. That number is optional in state filing online, how do i override that error so i can efile ?...
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My client does not have CT tax registration number and it creates an error in CT partnership tax return. That number is optional in state filing online, how do i override that error so i can efile ? Thanks for your answer.
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02-21-2020
06:53 PM
Any one can help me where to input member's Connecticut PE tax credit in ProSeries Basic ? Thanks
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02-20-2020
07:38 PM
Any one tells me why Connecticut partnership gets taxed when I do CT 1065 tax return? I thought partnership tax pass through to partners individual tax returns. Thanks for your answer
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02-20-2020
05:02 PM
How do i override or get around an error message on CT state 1065 return without CT tax registration number ? Thanks
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02-14-2020
09:37 AM
I have a client to file 1120 for this year and he will file 1120S next year. Do I check last year return on 1120 this year ? Do I have to zero out all the balances on the balance sheet for this year...
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I have a client to file 1120 for this year and he will file 1120S next year. Do I check last year return on 1120 this year ? Do I have to zero out all the balances on the balance sheet for this year or leave them and transfer those balances from this year to balance sheet on 1120S for next year ? Thanks for your response
02-04-2020
10:12 AM
Thank you very much for your response. I have not yet called NJ or VA tax authorities, but I got this opinion from https://blog.taxjar.com/income-tax-nexus/ What do you think ? "Prior to 1959, t...
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Thank you very much for your response. I have not yet called NJ or VA tax authorities, but I got this opinion from https://blog.taxjar.com/income-tax-nexus/ What do you think ? "Prior to 1959, the nexus rule for income tax was pretty much the same as for sales tax. That is, any type of physical activity or connection with a state could allow that state to require the taxpayer to file an income tax return and to pay income tax bases on some allocation of income to the state. The burden of this became so severe that Congress passed legislation establishing when a state could impose its ‘income tax’ on nonresident companies and their owners. This law is commonly referred to as Public Law 86-272 (P.L. 86-272). This federal provision is still the law and allows companies to perform the following activities in a state without creating income tax nexus: Solicit sales of tangible personal property (directly or indirectly) Provide services that are ancillary to the sales of property Have samples for display in the state and have other property used for sale in the state (cars, computers, etc.) Orders are accepted and fulfilled outside of the state Activities that exceed these “safe harbor” activities will create income tax nexus in the state. The following are examples of activities that will create income tax nexus: Selling services and not personal property, Providing services in the state, Accepting orders in the state, Delivery of property into the state on company vehicles, Accepting deposits in the state, Repossessing property in the state, or Having inventory in the state."
01-31-2020
11:21 AM
I have a business client operating in Florida that in 2019 had roughly $150k in sales to out-of-state from their website. There were 2 states, NJ & Virginia that my client has met the transaction vo...
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I have a business client operating in Florida that in 2019 had roughly $150k in sales to out-of-state from their website. There were 2 states, NJ & Virginia that my client has met the transaction volume threshold to report sales taxes. I was wondering if my client is required to file business income tax returns at the state level (for those 2 states) from 2019 amounts related to their website sales ? If so, how do I report expenses associated with the sales on those 2 state income tax returns ? I really appreciate your response.
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12-07-2019
04:00 AM
This is a brand new kitchen. what other requirements of section 179 that you think they must be met to qualify for section 179 deduction ? thanks for your answer. How about new appliances for rental ...
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This is a brand new kitchen. what other requirements of section 179 that you think they must be met to qualify for section 179 deduction ? thanks for your answer. How about new appliances for rental property ? are they "qualified property" for bonus depreciation or qualified for section 179 ?
12-07-2019
04:00 AM
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12-07-2019
03:51 AM
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12-07-2019
02:54 AM
Yes, there was about $250,000 appreciation. So in what case the estate could use the capital gain exclusion ? Is it within 5 years of the death ?
12-07-2019
02:53 AM
I gave you all the facts that I have. George owned the home until he died in 2013. His brother Louise lived in the home from 2013 until it was sold. There was a long probate process and the home wa...
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I gave you all the facts that I have. George owned the home until he died in 2013. His brother Louise lived in the home from 2013 until it was sold. There was a long probate process and the home was put under George estate in 2018. George estate sold the home in 2018. Proceeds from sale of home was later put in Louise irrevocable trust in 2019. So you said that since George did not sell the home, his estate could not use the $250,000 capital gain exclusion. I thought that George and his estate are treated as one. Thanks for your answer