Lee B

I think the biggest hurdle is that your client needs to be able to understand Attorneyspeak, and be willing to ask questions if they don't understand something. I have two clients that set up trusts and to both of them it's just paperwork that gets filed away. One client didn't even bother to read the 20 plus pages of instructions and the trust never got funded. In both cases I didn't become aware until after their Attorney was finished.

My clients aren't in a covered disaster area?

"Like software-as-a-service, which distributes applications to multiple users via a cloud provider, tax-as-a-service distributes a tax platform over the internet or a smartphone. TaaS is an on-demand, 24/7 application programming interface that seamlessly integrates with a host server — a bank, for example. Using machine-learning and AI-based simulations, TaaS embeds into digital finance apps. With TaaS, people will be able to do their taxes from their phones in a matter of minutes. These super-apps are one of the big fintech trends, and you'll be seeing more of it in tax, too. You can order a ride or a meal with an app. You can do most of your banking on an app. So why not do taxes on an app too" I expect this will come to dominate 1040 preparation, especially with people under 40.

If so, I hope someone can come up an explanation and some documentation explaining how this procedure works. Can I tell my my client that if he calls in and asks for a transcript he will automatically get an additional 14 day extension ?

Perhaps this is what happened Your client calls on Monday October 3rd and gets a transcript and while talking, the agent says you have 14 more days to file, which is October 17th.

jasdim, it is a tax issue, but it's the kind of issue that very few of the members on this forum have dealt with. I suspect that most of us who have been practicing for a number of years have had issues pop up with business clients where the client has mishandled some significant tax issue for many years. All we can do is make sure our client understands what are the rules and regulations and what impact and potential penalties apply and what needs to be done to bring our client back into compliance. Example, what if you picked up a new white table cloth restaurant and you fairly quickly noticed that your new client hadn't been reporting tips? Very few clients will agree to amend the payroll reports and employee W 2s for multiple years. If your client agrees to fix the problem going forward, is that good enough? After all we can only advise our clients what needs to done to be in compliance, what reports need to be amended etc. We can prepare amended returns, but our client decides whether or not they will sign and file these amended returns.

Since he could reconstruct if he wanted to unless he keeps no records of jobs and where they were located . . . .

Microsoft will continue to support at least one Windows 10 release until October 14, 2025

You have some serious issues here plus a number of unexplained details. Most of the members that post on this on this board don't handle situations like your client is in, so looking somewhere else for advice may be a good idea.

Who has been handling payroll recordkeeping and reporting?

This employer owes a lot of payroll taxes and corrected W 2s

FSAs cannot be used for the employee portion of the premiums

I assume that you are asking about the 10% paid by the employee and the 30% that the employee pays for their dependents, because the premiums paid by the employer is a tax free fringe benefit whether or not the employer has a section 125 plan.

I just called in and got thru quickly. Apparently their phone system was down for over an hour yesterday. I did notice that they have new automated prompts before you reach a live person.

I assume you have an accounting program. Won't it do Accounts Receivable?

Once in awhile I get a text in Chinese. Fortunately I don't understand it so I delete it

I am sure everyone needs some more celebrity news "Kim Kardashian will pay $1.26 million to settle Securities and Exchange Commission allegations that she broke U.S. rules by touting a crypto token without disclosing she was paid for the promotion. The SEC said Monday Kardashian was paid $250,000 to post on her Instagram account about EMAX tokens, a crypto asset offered by EthereumMax. Kardashian didn't admit or deny the regulator's allegations as part of the settlement, in which she agreed not to tout any digital assets for three years."

The only other option would be to pay Drake to host the program so that both of you have online access. I considered that option several years ago when their fee for hosting was $50 per month but now I believe Drake's fee to host the program has doubled so that's too expensive for me.

I know the 10 % limitation on C Corporation Charitable Contributions was lifted to 25% for 2021. I have been searching to see if the 10% limitation was also lifted to 25% for 2022, but I am not finding any positive confirmation of that so I am tentatively assuming that the 10 % limitation is back in effect for 2022. If anyone has a source confirming the 10 % or the 25% limitation I would like to know. Thanks in advance Lee

If this client is an investor, is there any substantiation for that assertion? All of us can create various scenarios of what might be but . . . .? If there is no paperwork, then there needs to be some written notes about what P and C's verbal intentions were, that they both agee with.

My advice to my clients will be for them to contact their fiduciary and follow their advice. After all the fiduciaries are the ones with the high paid legal and tax advisory staff. They are also are the ones who issue the 1099 Rs.

This is the title of a 2 hour online class sponsored by the OSCPA being held on Monday

From The Tax Advisor: Regs. Sec. 1.266-1(b) allows the taxpayer to capitalize the following into the cost or adjusted basis of the relevant property. In the case of unimproved and unproductive real property: Annual taxes; Mortgage interest; and Other "carrying charges." I used this election for a number of years to capitalize these expenses on some vacant commercial property owned by two partners for Investment Purposes only. Fortunately in my situation there was a partnership with good recordkeeping. In your situation it would be hard to decide how to handle everything unless they could provide you with detailed activity going back to 2004. I am really glad it's not my client.

An online search found a long list of articles about this situation. A quick skim of the articles reveals a number of variables that need to be considered.

So the Partner and not your client reported all of the rental income and deducted the Mortgage Interest and the Property Taxes for 2011- 2014. Does that mean that for 14 years no one deducted the property taxes and mortgage interest?