{"id":123148,"date":"2024-03-06t17:00:51","date_gmt":"2024-03-06t22:00:51","guid":{"rendered":"\/\/www.g005e.com\/?p=123148"},"modified":"2024-08-29t23:53:44","modified_gmt":"2024-08-30t03:53:44","slug":"ten-tax-prep-questions-that-people-forget-to-ask","status":"publish","type":"post","link":"\/\/www.g005e.com\/2024\/03\/06\/ten-tax-prep-questions-that-people-forget-to-ask\/","title":{"rendered":"ten tax prep questions that people forget to ask"},"content":{"rendered":"
<\/strong><\/p>\n your clients will appreciate the attention to detail.<\/strong><\/p>\n by ed mendlowitz<\/i> many professionals fail to systematically ask clients some basic and important questions. here’s my top 10 list of key questions to ask this year. what would you add?<\/p>\n more on tax season: <\/b><\/strong>try this clean slate exercise<\/a> | offer your tax clients other services<\/a> | can your tax reviewers answer these 10 questions?<\/a> | the top 12 mistakes in tax return preparation<\/a> | six types of person: which are you?<\/a> | answer these two questions first<\/a> | help your tax clients, help yourself<\/a> | what\u2019s your value to your tax clients?<\/a> | are you excited about tax season?<\/a> 1. foreign bank accounts:<\/strong> make certain you ask every client if they have a foreign account and if they do, report the income and file the proper forms. the penalties are too great if it is wrong.<\/p>\n <\/p>\n 2. incorrect 1099s:<\/strong> enter it as income and then subtract separately the amount that is not right to make it come out to the correct net amount.<\/p>\n 3. seps and iras can still be opened for 2023.<\/strong> let clients know where applicable. you can also suggest that clients make their 2024 payments now rather than waiting until next year.<\/p>\n 4. spouses who are partners in a two-person partnership do not have to file a 1065.<\/strong> they can report their portions on separate schedule cs. note that this does not apply to llc ownership.<\/p>\n 5. deeds in lieu of foreclosure or foreclosures reported on 1099-a are treated as a sale.<\/strong> the unpaid recourse mortgage portion is not treated as income until actually forgiven, at which time a 1099-c will be issued. income will be recognized when debt is actually canceled.<\/p>\n 6. taxpayers who have cancellation of debt income<\/strong> reported on 1099-c and who are insolvent can exclude part or all of the income, reporting the exclusion on form 982.<\/p>\n 7. roth ira conversions in 2021 not reported in 2021:<\/strong> pick up half in 2022 and the balance in 2023.<\/p>\n 8. unreimbursed partnership expenses<\/strong> required by the partnership agreement are deducted on a separate line on schedule e.<\/p>\n 9. self-employed taxpayers can deduct medicare premiums<\/strong> along with other self-employed health insurance premiums.<\/p>\n 10. nols cannot be carried forward unless an election was previously made to do so<\/strong>, or to the extent they weren\u2019t absorbed when previously first carried back. also, if a client has a 2022 nol, discuss with client whether to carry back or elect to carry forward.<\/p>\n","protected":false},"excerpt":{"rendered":"
\ntax season opportunity guide<\/i><\/a><\/p>\n
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