Does Section 179 depreciation get booked in accumulated depreciation and on the Income Statement even though it flows through to K1 on 1120S? If it is booked after the tax return, would retained earnings be off? Is depreciation booked on Scorp 179? Into what account? If prior year depreciation for Section 179 was not booked, would I need to journal to retained earnings and then close retained earnings to the capital account?

September 20th, 2023

My parents want to pay off my house using the profit from selling an investment property. What's the best way to do this for both of us, and how will it affect taxes, especially regarding gift tax and capital gains?

July 2nd, 2024

I received a CP2000 notice stating I missed a W2 and need to file an amendment. I am confused about whether to agree with the CP2000 adjustments or file a Form 1040X. What should I do?

November 18th, 2023

I need to delete or terminate my EIN number. I have become too sick to continue with the work I did for Lionel Palmer who is now deceased. He died in August 2020, and I have not done anything pertaining to that EIN since.

October 6th, 2024

I need to change my address and check on my 2021 tax return. I am currently located in Concord, California, aged 74, and receive Social Security. My old address was #159 Bellingham, WA 98226. I filed without my PIN because I didn't receive it. Is there anything else the accountant should know before I connect with them?

March 18th, 2023