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Thank you everyone for your concerns and excellent question for the client, sometime I feel both you and I are more worried then the clients, shouldn't it be the other way around

Why should the clients worry? They know they are doing it the way "everybody" does because their barber (or neighbor, or local person in same business) told them so.

I would probably be asking for tax returns 2011 and forward, along with the purchase docs. "Rocky, watch me pull some trucks and trailers outta my hat!"

Had an elderly client come in yesterday because he received a call from a "state marshal" for his supposed tax debts. He asked if I would call the number again for him. I don't think so. The local paper ran a front-page story on the scam the day before. I was finally able to calm him down and warn him about the new scam from DHHS who calls to verify people's Soc Sec and Medicare numbers. Just today I heard about another scam where crooks are hacking the email accounts of realtors. The realtor emails clients the details of their closing date and how much they have to bring in a certified bank check, and the crooks send a new email saying the money now has to be wired to a certain account. Could you imagine showing up at a closing after you wired $20k or so and discovering you are out all that money? We already know that we preparers are being targeted by criminals, but who would have suspected realtors? The internet as we know it is going to have to change.

Ask for the purchase docs and a copies of the cancelled checks of how these were paid for. This reminds me of an exact example that was given in a CPE class, and when the cancelled check was finally obtained, it was to a cash account that was off the books.

The big question is, If the assets weren't reported were they expensed back in 2011 ???

My first reaction is to wonder how the books were ever balanced and what else is wrong on the returns, and I'd be asking this client a lot more questions than how to now make assets magically appear on the tax returns. How were these assets acquired and paid for, were they financed and loan payments being made, were they acquired in some sort of barter arrangement? Were the cash accounts reconciled and in balance? Are there cash accounts in existence that also aren't on the books?

Fifteen years is a long time, but 9/11 is remembered vividly by all of us as the most profound and defining day in America's history. We lost nearly three thousand heroes that day, civilians and first responders alike. As a former firefighter in NYC, I know why 343 firefighters and 60 police officers were killed. There is a segment of a bible proverb in every firehouse, "Greater Love Hath No Man" (than this, that a man lay down his life for his friends). Those first responders ascending the towers' staircases knew what their fate might be. But they still tried to get as many people out as possible. That's the job, that's what we do. September 11th is called Patriot Day, a day of Service and Remembrance. A fitting dedication to honor all those lost on that awful day. First responders around the world do their job with unwavering dedication, continuing the legacies of those lost. We will be doing the same as we remember and serve those in need. Please say a prayer for all those who have become sick from 9/11 related diseases. 120 NYC firefighters have died since, and many others are battling for their lives.

Love and memories to all

I quit smoking that day; because I still had CHOICES. I will never forget where I was and what I was doing.

My best friend died that day. I always remember.

NCPE offers workshops for fiduciary and estate returns. Beanna Whitlock is the instructor for those, I believe, and she is an excellent and knowledgeable speaker. Unfortunately, they only offer about three per year. You can check out their website at www.ncpeseminars.com/