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,...

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...

Ask Us Anything Dear Brass Tax Presentations, A prospective client and a property that is 50% his primary residence and 50% rental property. Can we claim half of the credit as a business credit and half as an energy-efficient credit? Thanks for your help.  ...

Ask Us Anything Dear Brass Tax Presentations, I recently purchased the Short-Term Rentals Comprehensive Strategy and have gone through it. However, I was hoping it would address Mid-Term rental situations. Mid-term rentals (longer than 30 days due to HOA rules to...

Ask Us Anything Dear Brass Tax Presentations, Please help me with form 1120s on form 7203. My sister elected her LLC to be taxed in the 1120s. She has 200 common stocks in her S Corp, and she had zero stock basis on 1/1/2023, as noted in her form 7203. Suppose my...

Ask Us Anything Dear Brass Tax Presentations, How is selling a rental held in an IRA treated? Would the proceeds be treated as ordinary income when distributed? Thanks for your help.   From Brass Tax Presentations Self-directed IRAs can be complex, with...

Ask Us Anything Dear Brass Tax Presentations, I've taken your courses for a few years - since I started preparing returns officially. I have a question about partnership (1065) and payroll. We set up payroll for the partners however, the 1065 doesn't have a wage...

Ask Us Anything Dear Brass Tax Presentations, I need your expertise on this because I only have one other client in this similar situation. Grandmother goes to her daughter's home to care for her grandchildren 2-3 times a week. She gets paid by Child Development...

Ask Us Anything Dear Brass Tax Presentations, An individual leased a Tesla Model 3. Can he get any of the $7500 credit on his tax return? I say no. Sorry, just so much conflicting information out there. Thank you so much.   From Brass Tax Presentations The...

Ask Us Anything Dear Brass Tax Presentations, Are there still COVID credits from the IRS for self-employed individuals? I have been self-employed for the last 20 years; I don't have any employees. I keep hearing about COVID credits for the self-employed and wanted...

Ask Us Anything Dear Brass Tax Presentations, I have a client who is married and has a 15-month son. She lived in the USA all year with a child in 2023 and paid all expenses. Her husband immigrated to the USA in August 2023 and lived with her. Is any of these...

Ask Us Anything Dear Brass Tax Presentations, When the owner of an S-Corp makes an employer HSA contribution. How is it treated on the shareholder's personal tax return? Thank you!   From Brass Tax Presentations If an S-Corp makes employer contributions to the...

Ask Us Anything Dear Brass Tax Presentations, I have an RDP who is self-employed. She has a plan under Covered California that only covers her RDP, not herself. Does the Federal allow her to claim the SEHI deduction for the premiums paid for her RDP? Should I...

Ask Us Anything Dear Brass Tax Presentations, I attended your presentation in Fresno, CA & enjoyed it tremendously! I did forget however to ask about the flooding in CA and being able to split the retirement disbursement over three years. I do reside in a county...

Ask Us Anything Dear Brass Tax Presentations, With regards to the qualified public safety officer exclusion no longer being needed to be paid directly to the insurance providers, is that change effective for 2022 tax returns or did it just start in 2023? Said in...

Ask Us Anything Dear Brass Tax Presentations, I have a question regarding an S-Corp client with 4 shareholders, specifically the tax effects on stock/debt basis / Form 7203. All four shareholders have a $0 stock basis. Two shareholders have some debt basis due to...

Ask Us Anything Dear Brass Tax Presentations, I was looking at the Updates to 2023 Returns book and on page 203 & 204 there is the topic of Partnerships electing out of the Centralized Audit Regime for IRS audits. After reading this section, it looks like I...

Ask Us Anything Dear Brass Tax Presentations, My client claimed a qualified commercial clean vehicle credit through his S-corporation, and the credit was listed on form 3800. However, the IRS sent a notice stating that Form 8936 was incomplete or missing. If I...