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I haven't done one of these in years, but shouldn't the partner's NYS/NYC K-1 show something to use on the taxpayer's return to calculate a credit for the UBT tax paid by the partnership to NYC? I remember doing these for a firm where I was doing per diem work and most of them did not get the credit ...

George, You cannot do a 1031 exchange on anything other than real estate!!! Regards, Stuart G. Lang, CPA, CGMA Partner 7600 Jericho Turnpike – Suite 400, Woodbury, NY 11797 Phone: 516-802-0100, Ext. 528 Direct Dial: ...

New client is a lawyer and received a K-1 for $35,000 (Form 1065 K-1). The client was leaving the firm and the firm actually only paid him $1,000. They subtracted $34,000 and gave him an itemized bill – charging him an hourly rate of $350 to review and "fix" his prior work. Would this ...

Hi Gary, With the Oct 15th deadline, you may have to improvise a "best guess" solution for your client to file on time and then file an amended return when you have better information. You can inform the IRS about the failure of the partnership to issue a 2021 K-1, but outside of taking what could be ...

1. What happens if there is no hold out payment? Does the seller reposes the business? 2a. Cash would be a gain on sale, 2b. Why not 1031 the asset and stock? ------------------------------ George Udovich Staff Accountant Rome Specialty Company Rome NY (315) 794-8357 The opinions expressed are the ...

The Legislative Update is a monthly email designed to provide our members with insight into how the NYSSCPA is advocating on their behalf. In the Legislative Update , you will find sections that dive deep into the work the NYSSCPA does with government agencies, information on legislative victories, ...

Come meet New York's top hiring managers. Find your next job or internship. Last chance to register ! Here are a few things to help you prepare to make the most of the day. Date: Friday, September 23, 2022 Time: 9:00 AM – 1:00 PM Place: The Conference Center, 130 East ...

The Legislative Update is a monthly email designed to provide our members with insight into how the NYSSCPA is advocating on their behalf. In the Legislative Update , you will find sections that dive deep into the work the NYSSCPA does with government agencies, information on legislative victories, ...

The Legislative Update is a monthly email designed to provide our members with insight into how the NYSSCPA is advocating on their behalf. In the Legislative Update , you will find sections that dive deep into the work the NYSSCPA does with government agencies, information on legislative victories, ...

If you're interested in serving on the Nominating Committee, the petitions are now available. Please see details here. ------------------------------ Timothy Twofoot Boulette General Counsel New York State Society of CPAs New York NY (212) 719-8300 The opinions expressed are the views of the author ...