by rachel | Mar 4, 2025 | Ask Us Anything
Ask Us Anything Dear Brass Tax Presentations, I have taken on a church as a client. They have not applied for non-profit status (I know they are deemed a non-profit since they are recognized as a church). The previous person (now deceased) handled their info. They...
by rachel | Mar 4, 2025 | Ask Us Anything
Ask Us Anything Dear Brass Tax Presentations, We are having some confusion over the following topic and were wondering if you could provide some guidance… Does California conform to the IRS regulation allowing for a $1,000 IRA catch-up contribution deduction for...
by rachel | Mar 4, 2025 | Ask Us Anything
Ask Us Anything Dear Brass Tax Presentations, We amended a 2019 Form 1040 from MFS to MFJ. The original return was e-filed on 3/28/22, and amended on 3/18/24 (within the 3 years). However, the IRS rejected the refund request because the amendment was “filed late”,...
by rachel | Mar 4, 2025 | Ask Us Anything
Ask Us Anything Dear Brass Tax Presentations, I understand cryptocurrency gains/losses can be reported using FIFO or specific identification. Then, LIFO or HIFO could be used as forms of specific identification. If a taxpayer wants to use one of these methods, do they...
by rachel | Nov 21, 2024 | Ask Us Anything
Ask Us Anything Dear Brass Tax Presentations, TP is 50% owner in a 2 member LLC (LLC#1). TP forms a CA SMLLC (LLC #2) and receives a tax ID for it. When LLC#1 begins reporting on a K-1 to LLC#2, how do I report on the 1040? Because LLC#2 is a disregarded entity,...
by rachel | Sep 9, 2024 | Ask Us Anything
Ask Us Anything Dear Brass Tax Presentations, After numerous back and forths with the owner of the C-Corp and upon her consulting with a friend of hers who has bought and sold a few businesses over the years, I think the deal is dead. I told her she could reduce the...
