Lee B

https://www.taxact.com/support/315/2015/e-filing-states-stand-alone-vs-piggyback

"When to File Generally, to claim a refund, you must file Form 1040-X within 3 years after the date you filed your original return or within 2 years after the date you paid the tax, whichever is later. Returns filed before the due date (without regard to extensions) are considered filed on the due date, and withholding is deemed to be tax paid on the due date. Special rules apply for refund claims relating to net operating losses, foreign tax credits, bad debts, and other issues. For more information, refer to the Instructions for Form 1040-X."

Hopefully there is a doggy heaven where Vinny can play with my dog Raleigh who I had to put to sleep 6 years ago due to cancer. He was a character and I still really miss him.

"The IRS says it is processing third-party authorizations, including Forms 2848 and Forms 8821, in the order received. They cannot currently provide a timeframe for completion. The IRS recommends submitting those forms through the Tax Pro Account tool, assuming you have a Centralized Authorization Number (CAF) Number. Note that the Submit Forms 2848 and 8821 Online tool allows both Form 2848 and Form 8821 authorizations to be uploaded online but still requires manual processing. Practically speaking, tax pros can also submit a Form 2848 to the agent you're talking with on the phone—via fax (do not expect those to be processed for use in the future)."

The term "accepted" just means they received it. It doesn't mean they have processed it yet which could take 4 or 5 weeks?

Yes, creative accounting and imaginative return preparation is not "due diligence" I would write a CYA letter advising this client of their noncompliance with the IRS "reasonable compensation" requirements.

Several quick online searches suggest that this may be available to tax professionals only???

Did you give your consent to receive emails to the IRS in advance via an online application? I would appreciate a cite. Thanks,

"The IRS never initiates contact with taxpayers by email, text or social media regarding a bill or tax refund. As a reminder: Never click on any unsolicited communication claiming to be the IRS as it may surreptitiously load malware." Jul 3, 2023 I WOULD'T OPEN IT

The follows up on a similar thread several months ago: https://www.nj.com/news/2023/10/woman-takes-on-irs-after-it-charges-penalties-and-interest-on-her-tax-bill.html

I believe it is subject to recapture, accelerated depreciation is recaptured as ordinary income and the "unrecaptured Section 1250 gain" is taxed at a maximum of 25% .

Sounds like a variation of a classic barter transaction. Generally, barter transactions are subject to all taxes including sales tax. Does Missouri specifically exclude this type of transaction from sales tax?

Iowa State University Center for Agricultural Law and Taxation is an excellent Resource: https://www.calt.iastate.edu/

Here is one of the many resources on this topic: https://www.thetaxadviser.com/issues/2014/jul/skarbnik-july2014.html

IR-2023-182 https://www.irs.gov/newsroom/irs-delivers-new-capabilities-to-tax-pro-account-latest-expansion-part-of-effort-to-improve-technology-tools-to-help-tax-professionals-serve-clients

FYI: Another subcontracted function not performed directly by the IRS.

Distributions in excess of basis definitely are treated as capital gain. Were there any distributions during the year?

I don't understand. If there were no loans, there must have been some other liabilities in significant amounts otherwise liabilities plus equity would have had a debit balance and total assets would have been negative. Without seeing the balance sheet, who knows?

The CPA may be correct. The big question is what other balance sheet liabilities exist? If the stockholder loaned the S Corp funds, then the stockholder has debt basis which exceeds stock basis which might support a bigger loss deduction. If the S Corp borrowed funds directly then the CPA is correct.

I stopped preparing tax returns for family members and etc. I asked my daughters to find someone else. Last spring, I fired the young woman who used be our dog sitter because she emailed me bits and pieces, never had everything I needed to prepare her return. I decided I was happier not knowing their financial details.

"Page Last Reviewed or Updated: 06-Sep-2023" https://www.irs.gov/tax-professionals/ptin-renewal-checklist-what-you-need-to-get-started

https://www.identitytheft.gov/#/

I agree, 3 years ago i terminated two long term clients who were legally separated at 12/31, when i discovered one spouse was not truthful. I mailed them each a letter along with their tax documents saying that I could not prepare their tax returns due to a "conflict of interest."

Interesting discussion. It's a balancing act between due diligence and getting the return out the door with the least amount of work possible

I didn't use to have an engagement letter either but I have always had a tax organizer, which some clients filled out and other clients made a half hearted attempt. Lesson learned, now I insist that every client sign the engagement letter and complete the tax organizer. This year I handed back two client's tax organizer and all their tax documents and told them to come back when their tax organizer was complete. Last year I filed MFJ for a divorcing couple who were longtime business clients for 30 years. Big mistake, in the future I will always file MFS in this situation!