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About cbslee

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    ATX Supreme Guru

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  1. Do you prepare and file their quarterly and annual payroll reports for your client or does your client do their own?
  2. How did he even receive a 1099 C? There must be more to this story?
  3. We have a longtime EA here in Oregon whose practice is mostly dealing with OIC and IA. She insists on all of her fees to be paid in advance. We also have a local tax attorney with several EAs on his staff who also mostly deals with OIC and IA. he asks for a sizable retainer up front.
  4. Granted the income is less ,but the way you have phrased the circumstances makes the question sound different?
  5. This is a legal issue not a tax issue.
  6. There was similar thread awhile back with the same question, was it yours, Max?
  7. Interest tracing rules apply. It really depends on what the mortgage proceeds were used for. If the proceeds all went into the failed business then you're OK if he spent the proceeds on personal stuff , a boat ,vacations, paying off personal credit card debt then no.
  8. I have a fairly new client doing the same conversion except that we filed the 2553 just in time to be effective 1/1/21. My question is how do you handle the balance sheet accounts in the equity section with respect to the changeover from a PTS to an S Corp?
  9. It appears that this is a standard passive income rental in which case none of the expenses are "normal" business expenses.
  10. The only reason I would wait is if my client needed more time before they made the first installment payment.
  11. How do you know whether your client input the correct information or whether the IRS is having system problems?
  12. The IRS removed the details available for EIP I & II prior to EIP III. The only way your client will be able to see the EIP I & II amounts paid to them will be by setting up a"Secure Access" account.
  13. Just because you have received an ack doesn't mean they have processed your client's return. Anything unusual about these 2 returns like using 2019 income for EIC or ACTC?
  14. I can't even imagine. I get anxious when I have 10 returns in my to do stack!
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