Max W

I would first contact the NYS DOR fraud division and report this.

Yesterday, I checked the client that had zero entries on their Income transcript and everything showed up, all twelve pages.

I have been pulling transcripts for over 20 years, Income, Account and Return. Income, or Wage & Income, have always been available in the last week of May. Sometimes, things like K-1's don't show up until later in the year. This year is different. Some people's have transcripts of all their usual forms.; some only have part and one person doesn't have any. I have had Income transcripts with 1099-Misc with EIN's and with SSN's. I don't think we are talking about the same thing. The first link applies to Tax Return transcripts; the other are general instructions. Thanks for trying CBS

I have been pulling transcripts for over 20 years, Income, Account and Return. Income, or Wage & Income, have always been available in the last week of May. Sometimes, things like K-1's don't show up until later in the year. This year is different. Some people's have transcripts of all their usual forms.; some only have part and one person doesn't have any. I have had Income transcripts with 1099-Misc with EIN's and with SSN's. I don't think we are talking about the same thing. The first link applies to Tax Return transcripts; the other are general instructions. Thanks for trying CBS

Usually the IRS income transcripts are posted by the end of May every year. One client who usually has a dozen pages of income transcripts every year has nothing posted so far for 2022. Another client usually has about 15 1099-NEC's posted, but so far nothing even though he has received his copies. He does have 5498's, 1098's and a 1099-MISC posted. Has anyone else run into this?

I looked up this case and could only find the results of an appeal. The appeal said that the the Tax Court had found in part for Bass and in part for the IRS. The appeal was denied as everything had been covered in the original case. My guess that the 'in part' to Bass was $5K.

Since there is no raffle ticket cost involved, it is a gift from one person to another and value of a four night stay at a time share resort will be well below the gift reporting requirements.

Did the husband put her on title and if so when?

The high earner's income phases out both EITC and CTC phaseout starting at $200K. There would be very little tax difference filing single, or HOH. The low earner will get both the credits and have nearly no income tax (10% of taxable income).

I don't know if this will work, but it is worth a try, I did this for a different form that wasn't transcribed and it worked. Call the IRS Business and Specialty Tax Line 800-829-4933 and have a 2848 ready to fax. For description, Line 3, use for description "Election by small business" Be sure to check the box on Line 4 "Specific us not recorded ....) Ask them if you can get a copy of the 2553 and - keep your fingers crossed Good luck!

In 2022 there were 58 billion robo-calls placed. The 5 billion that were stopped by the FCC only represents about 8% of the total. It's hardly enough to be noticed. These rogue companies will just by pass the FCC and use text messaging and social media. BTW, if you get a call and think it may be a robo-call, answer by saying "Good Morning, (or Afternoon) how can I help you." The calls are programmed to respond to 'Hello' and 'Yes'. If you say something else they will turn off in a few seconds.

Ah,Yes.! RC Reports is the company that I was thinking of in my previous post. Since they are selling a service, they most likely took the most egregious case they had in their records. Of course, they could have made it up. Since it involved 2009, 2010, most likely it would have been audited in 2011, unless there is no lookback limitation on this. The IRS is most likely doing the same as it has before, but with the talk of hiring new agents and and increasing the number of audits, RC Reports is just trying to capitalize on everyone's fears and as kathyc2 says "fear sells".

There may be some thresh hold line the IRS is using, such as gross receipts, or company earnings over say $200K, $400K. There is a company that specializes in determining reasonable salary, taking into account that one person owners of S-corps provide various functions that would be at a lower hourly rate. can't remember the name of the company, though.

Yesterday, I received an IRS audit report that was mailed, first class, on June 6 from zip code 94903 to 95747, both in CA. It had a Japanese meter stamp from Hayama, Japan, 670 yen, dated June 29. Handwritten below the address window was "USA". It also had a blue "Air Mail" stamped on the envelope. I assume that was applied here. This is the second time something like this has happened. Last year, it was a client's large envelope that went the same route. There may be a problem with the bar code strip, or the code reader. Those strips are applied by the sender (IRS).

Sellers of new and used EV's have to register with the IRS and issue a report to the buyer of an EV. "Sellers of vehicles that are eligible for a new clean vehicle credit under IRC 30D must furnish a report to the buyer at the time of sale and then to IRS for those vehicles to be eligible for a credit under IRC 30D. This includes manufacturers who sell directly to customers. Dealers who sell vehicles eligible for a used (previously owned) vehicle credit under IRC 25E must furnish a report to the buyer at the time of sale and then to IRS for those vehicles to be eligible for a credit under IRC 25E." https://www.irs.gov/credits-deductions/clean-vehicle-credit-seller-or-dealer-requirements#SnippetTab

File returns and pay tax only. POA can be gotten on a conference call with client and IRS. POA should cover 2005 to 2026 (you never know what can show up and you may be able to get more than one Penalty abatement). You don't have to put penalty abatement on the 2848. Also, put ACA 2014 to current year (no form name or number). first try to get a FTA by calling PPL. To get a FTA, the prior 3 years to the penalty year have to be clean (except for ES penalty.) If they reject you can appeal it, but if it fail then go to reasonable cause.

Stockbroker pays commissions and wages to sales associates. Can these be considered COGS? Volume is over $5M and commissions run 1 to 2%.

Try the PPL, first. If they can't fix the problem, they should be able to tell you what to do.

Clients sold an investment property that had needed a remodel. They hired some flaky contractor and promised that part of the payment would be a small percent from the sale of the property. Unbeknownst to the clients. there were liens against the contractor. With the contractor now on title to the property, the lien holder filed liens on the clients property. When the property finally sold, the contractors liens were paid off. Can these liens be deducted as a selling expense?

For tax pros doing representation, it's a PIA. I have clients that have taxes owed for 10 separate years and I receive copies of what is sent to the clients. This means I could get 20 letters for one account, all of which end in the shredder. Since the IRS sends these out in batches, I could receive a lot more than 20 on a single day.

It would make a good politician.

I think an amended, or corrected. return is in order - but is should be paper filed with an explanation of what happened, the two 1099-R's and the closing brokerage stmt. The pertinent information on the docs should be circled in red with a letter notation ( A, B, C etc) and spelled out in the explanation. What you want to do is to lay it out so it makes the reviewer's job the easiest possible.

Same as what happened to tax return on a post card.

C-corps do not get to take LT capital gains on stock market transactions, nor can they take losses, capital and otherwise. They can on be taken forward or back and applied against gains.