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Are loan costs incurred under $5,000 expensed or capitalized?

Hi all,I wanted to have a sanity check. I'm looking at Treas. Reg 1.263(a)-4 to determine if loan costs are expensed or capitalized if they're under $5,000. Und... read more

Mayday981 Level 3

posted Oct 23, 2020

Last activity Oct 23, 2020 by Mayday981

2 6
1120f Tax Form

I have a client who is converting his LLC in to a C Corp by checking the box for tax purposes only. New share holders will be foreign corporation . If the compa... read more

anepcar Level 2

posted Oct 16, 2020

Last activity Oct 21, 2020 by itonewbie

4 8
E-FILE PROBLEM

I am trying to e-file 2 returns. I'm getting that the filing failed pre-submission validation. and it is a duplicate SS #. That is NOT the cas... read more

Jeanne23 Level 1

posted Oct 15, 2020

Last activity Oct 16, 2020 by abctax55

7 5
capitac gains

the k-1 the taxpayer received notice that adjustments have to be made to the c.g. as per brokerage statement.because of basis considerations from sales of partn... read more

yankel Level 1

posted Oct 15, 2020

Last activity Oct 16, 2020 by dkh

0 1
how to treat distributions from C Corp

Client has overdraft protection on her personal checking account from her C Corp cash account. Treatment there is debit to Shareholder Distributions. ... read more

dianarollo Level 1

posted Oct 15, 2020

Last activity Oct 15, 2020 by qbteachmt

0 1
E FILING ENCRYPTED TAX RETURNS TO CLIENT

Outlook is not cooperating with sending the encrypted tax returns. I have problems for the several years with this process. Yesterday, I spoke with ... read more

harveyburger Level 2

posted Oct 15, 2020

Last activity Oct 15, 2020

0 0
Support???

Why isn't there only an option for a thumbs up?

Biz CPA Level 1

posted Oct 15, 2020

Last activity Oct 15, 2020 by SICPA

1 2
Fire area deadline extensions

For returns with addresses in the Solano County fire disaster, do I need to check any boxes or do anything for an e-filed return for Fed or CA?For clients with ... read more

BeckyCPA Level 1

posted Oct 15, 2020

Last activity Oct 15, 2020 by MichaelD

0 1
E-File

When will the E-File issue be cleared up?

hjallen Level 1

posted Oct 15, 2020

Last activity Oct 15, 2020 by CpeteMD

8 8
PPP loans

My question has to do with PPP loans that are forgiven.We were promised by Congress & the Presidents these loans would be forgiven and tax free if we follow... read more

Johneureka Level 1

posted Oct 15, 2020

Last activity Oct 15, 2020 by qbteachmt

9 4
my lacerte efile isnn't working now....i have another cpa friend who...

my lacerte efile isnn't working now....i have another cpa friend who says his lacerte efiling isn't working now

thesingingcpa Level 1

posted Oct 15, 2020

Last activity Oct 15, 2020 by barb3

0 2
forms and calculation not in Lacerte

Hi:I would like to know why Forms 8992, 3520, and 8858 are not available in the individual modules (though 8858 is available for partnerships). I would also lik... read more

NYtaxwoman Level 1

posted Oct 15, 2020

Last activity Oct 15, 2020 by IntJimmy

0 1
pdf attachments

cant e-file individual with 2 pdfs attached. reduce each pdf from 19mg to less than 6mg each. Why wont it go through.

JVC Level 1

posted Oct 15, 2020

Last activity Oct 15, 2020 by RSTaxMan

0 2
Annuity Paid To Foreign Citizen

My client has an Aunt who is a citizen of Mexico and now lives in Mexico. YEARS ago she lived and worked in the US (California) and paid into a retirement. She ... read more

aboffice Level 1

Lacerte Tax

posted Oct 15, 2020

Last activity Oct 16, 2020 by itonewbie

1 7
Staffing

When is Lacerte going to add enough staff to handle calls? Having to wait for over an hour is unacceptable. I understand that you can be super busy ... read more

Barb OC Level 1

posted Oct 15, 2020

Last activity Oct 15, 2020 by IRonMaN

8 2