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Showing content with the highest reputation on 07/01/2017 in all areas

  1. And GOOD LUCK to you, Naveen! How unutterably nasty for you - and how unforgivably STUPID for the IRS to lien the wrong property.
    2 points
  2. Since many deaf-eared clients will not timely file; we try contacting them but if unreachable I extend anyway. I don't know if one-time IRS OPR director Karen Hawkins' opinion about not filing extensions without clients' permission ever became a 230 reg, but they don't enforce it anyway (as Patton once said about the army - "They have their agenda; I have mine"). IRS' is to impede business and take their money; mine is to facilitate it and prevent that. The only thing I see we can do is avoid it (file the extensions). Until not so long ago, you could write and expect reasonably quick replies from Audit before Collections got around to you. No more! My last two outing were disasters: (1) Took 5 months and many letters proving they cashed my check. (2) My error - filed 2014 payroll on a 2013 941 form; wrote many letters, they billed additional 2013 tax, wanted new 2013 W-2s, and listed 2014 as delinquent. Lucked out calling the Taxpayer Advocate and got a sharp agent who asked for POA and my letters. I faxed, she fixed - 15 minutes. Got a laugh when she read the IRS letters and confirmed my opinion of IRS, declaring "This is absurd!" (Call your state's TA - when they're good, they're very, very good). As to approval of extension changes, it depends on whose ox (clientele) is gored. I don't like it wholeheartedly, halfheartedly, or any other way because I have 1065s, but no 1120s; those with many corporate clients likely feel the opposite. But I really don't like the new payroll deadline; it's all I can do to get the info by 1-31, much less correct wrong addresses or numbers employers don't have (yes, yes; I know they should have this, but as a practical matter some don't, and unless you can afford to emulate the "Soup Nazi" attitude, you have to suck it up).
    1 point
  3. What if he was a renter at that property? Something seems out of place here. Even for the IRS, this level of stupidity is unusual. They had to check the title of the property they are putting a lien on. Tom Newark, CA
    1 point
  4. I would pursue a lawsuit against the appraiser. But this raises an interesting point. When you place an asset into service for depreciation, you have to use the lower of cost or FMV. And then you can only use 35% of that lower number to depreciate.
    1 point
  5. Never! After purchasing the boat, he found out it was not seaworthy. The previous owner had made some modifications that made it top-heavy. He had had the boat appraised prior to purchasing it and bought it at a discounted price thinking he had a deal, but when he found out that it was not seaworthy, if were to sell it now, he would lose $100K. I wonder if there was some collusion between the appraiser and the seller. Hmmm!
    1 point
  6. So true. Somehow the errors just pop out in final form. Weird. So it's NOT just me, then? That's a relief!
    1 point
  7. It is easier to discount than to raise prices. I set my fee per form at the worst case scenario and then discount. I have some real PITA clients and charge them a semi-high flat rate every year. I usually charge new clients a little higher than average and then start discounting if they are organized, timely, responsive to questions, etc.
    1 point
  8. It depends upon the client but all things equal, the rate goes up a little every year for most. the really high paying clients - I'm actually fine keeping it where it is since they are so high above my normal rate. Some clients as they get older actually get far easier returns so I don't raise. Really poor clients (I have a few) I'm fine charging a small fee. Consider it a karma investment.
    1 point
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