How should rental real estate businesses handle Section 199A deductions when they do not meet the Safe Harbor criteria due to having less than 250 rental service hours, and there is no clear guidance on the level of involvement or continuity required for a rental activity to be considered a trade or business?

September 14th, 2023

A client was self-employed for over 30 years and filed his own tax returns using a short form or EZ form without using Schedule C and Schedule SE. Now, he wants to collect Social Security but cannot. How can we amend or refile his tax returns for the past years to get him credit, or at least for 10 years so he can collect Social Security?

May 15th, 2023

I noticed that my accountant used a foreign tax credit carry forward from 2013 and 2014 in 2016, even though I had no foreign income that year. Now, I'm preparing my tax return using TurboTax and I have no foreign income in 2017 either. Can I utilize any of the foreign tax credit carry forward from 2013 and 2014, and did the accountant make a mistake in taking a credit in 2016?

June 24th, 2023

Do I have to pay for my Annual LLC Tax if I just opened up my LLC (FTB-3522) in California, and what are the correct dates for the period beginning and ending?

March 15th, 2023

I inherited a cottage 4 years ago, worth $225,000, and rent it out for a net profit of $6,000. If I sell it, how will depreciation work, and how much could capital gains be reduced for each year I hold onto the property?

June 5th, 2023