Form 2848, Power of Attorney and Declaration of Representative, is used to authorize an individual to represent the taxpayer/corporation/partnership before the IRS. The authorized individual must be eligible to practice before the IRS. This power of attorney authorizes the representative to perform duties such as signing consents, extending the time to assess tax, recording the […]

Per the IRS instructions, a 2023 S corporation does not need to complete and file with the IRS Schedules K-2 and K-3 or furnish to the shareholder(s) their Schedule K-3 if each of the following 3 criteria are met: No or limited foreign activity Foreign activity is defined as Foreign income taxes paid or accrued, […]

Prior year Net Operating Loss (NOL) amounts are entered on the Net Operating Loss Worksheet. To access the worksheet Net Operating Loss Worksheet: 1. From within your TaxAct return (Online or Desktop), click Federal (on smaller devices, click in the top left corner of your screen, then click Federal). 2. Click Business Deductions dropdown, then […]

Preparer Notes can be used by the paid preparer, electronic return originator, or taxpayer to provide additional, voluntary information related to Forms 1120, 1120-S or 1065 tax returns, but it is not required to attach them. These notes are added to the return in the same area where the Election Explanations and Regulatory Explanations are […]

Per IRS Form 8453-FE U.S. Estate or Trust Declaration for an IRS e-file Return page 2: The ERO is one who deals directly with the fiduciary and either prepares tax returns or collects prepared tax returns, including Forms 8453-FE, for fiduciaries who wish to have the return of the estate or trust electronically filed. The […]