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Check out the latest information and insights on US tax law with Brass Tax Presentations.

Daily Netting of Gambling Wins/Losses

In lieu of filing a separate information return for each payment of reportable gambling winnings, a payor may use the aggregate reporting method to report gambling winnings from bingo, keno, or slot machine play on a daily basis. An information reporting period is...

CA Basis in Paid Family Leave Benefits

Nondeductible contributions create basis If a governmental unemployment compensation program is funded in part by an employee's contribution that is not deductible by the employee, then any amount received by the employee under the program is not taxable until the...

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Help Me With Wages Paid To Partners

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...

Help Me With a Question About Child Care Income

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...

Help Me With a Question About a Leased Tesla

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...

Help Me With COVID Credits For The Self-Employed

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...

Help Me With The EIC Credit 2023

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...

Help Me With Employer HSA Contribution Questions

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...

Help Me With The 1095A

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...

Help Me With The 8915 Form

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...

Help Me With a Qualified Public Safety Officer Exclusion

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...

Help me With Form 7203

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...

Help Me With a Qualified Commercial Clean Vehicle Credit

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...

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