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Everything posted by Lee B
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How did he even receive a 1099 C? There must be more to this story?
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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.
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Granted the income is less ,but the way you have phrased the circumstances makes the question sound different?
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This is a legal issue not a tax issue.
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There was similar thread awhile back with the same question, was it yours, Max?
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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.
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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?
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It appears that this is a standard passive income rental in which case none of the expenses are "normal" business expenses.
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The only reason I would wait is if my client needed more time before they made the first installment payment.
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How do you know whether your client input the correct information or whether the IRS is having system problems?
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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.
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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?
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I can't even imagine. I get anxious when I have 10 returns in my to do stack!
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Gaill & Judy, Good points. The attorney fees are like the costs associated with refinancing.
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I think it falls into a gray area. Is it really related to protecting, preserving and maintaining? It's really related to reducing interest expenses. However I acknowledge that most preparers would probably take this deduction.
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The FTC's official site: https://identitytheft.gov/
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John, frankly I don't know what the time bomb would be and I don't know what help an Attorney would be. I have already filed the fraud report with the Office of The Inspector General of the SBA,which is all done online. My client has filed a police report with the County Sheriff's Department, and pulled up his credit report with all three major credit reporting agencies which was clean. Anything that has happened in the last 30 to 45 days probably wouldn't show up yet. I did file an extension for my client's personal tax return, which was accepted. I have talked to my client about applying for voluntary IP PINs and either placing fraud alerts or credit freezes with the credit reporting agencies. I have done pretty much all I can do and I don't feel at risk for anything that has happened or I have done
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If your client meets the requirements, I believe the best approach is to do it online.
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It depends, if the third EIP was issued based on their 2019 return and there 2020 income increased substantially to a disqualifying amount, then they get to keep it. I have client who based on their 2019 return as part of their 3rd EIP received $1,400 for their 20 year daughter, who was attending community college during 2019. In 2020 the daughter lived with her fiance and was self supporting, filed her tax return in February claiming herself and she also received $1,400. So when her parents file their 2021 return, do they get to keep the second $1,400? The IRS has stated that people who received payments in"error" have to return the money.
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The Senate passed a new excise tax on capital gains which was sent to Governor Inslee for signature on 4/27. This new bill would apply to both: Washington residents with long-term capital gains Out-of-state resident’s capital gains arising from the sale of tangible personal property located in Washington State.
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Abby, that definitely is outside the box thinking. Did you do this for a client? I don't think my imagination stretches quite that far.
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Has anyone assisted a client MFJ in getting a voluntary IP Pin. Do you do it as a couple or does each spouse apply for their own separate IP Pin?
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The SBA took all of the relevant information from me along with instructions to file a report with the SBA Office of Inspector General. Remember the SBA has already issued tens of Billions of $ in fraudulent loans. Sadly for them it's become routine. The young lady at the SBA that helped me didn't act alarmed or surprised in any way. In one case in NC an accountant received 17 different fraudulent PPP Loans totaling several Million $
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Sorry, interest tracing rules apply, home mortgage interest and interest allocated to passive rental activities do not qualify as investment interest.
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I got through to the SBA and confirmed that a fraudulent loan was issued in my clients name on March 25th for $ 150,000. It turns out it was an EIDL Loan,not a PPP Loan.