michaelmars

NOT exactly correct, the gain can be -0- but if the sales price is over the limit to file and the cost isn't supplied to the irs then they will get an assessment based on the full sales price. These returns need to be filed to show the irs that the gain is -0- and besides, any loss gets carried over so that's a good thing.

send cpa a letter quoting [i forgot code] of the cpa code of professional responsibility and cc the state department of professional misconduct. Also let the cpa know that the client will hold him responsible for late filing and payment penalties.

whatever advise you do wind up giving, make sure its in writing so she can't blame you for any results of her filing.

married filing separate, with spouse income -0-, no return required?

I too would never send an extension for a client I haven't been in contact with. For all the reasons stated above, I would consider it malpractice. But I do put the issue in writing, and if [based on past history of client] a huge payment is needed with the extension, I send it return receipt.

when was the check dated, might be 2014 thus nothing to deal with this year and, next year you might have the 1099r

malpractice carrier says you should send a letter simple to remind them of any approaching deadlines.

just show the distribution as basis.

no, I wish my kids were that well trained.

i always did attach a statement when I thought the deduction was out of whack but I guess I stopped when I started efiling. For example I do a lot of medics and they have a lot of volunteer deductions, especially right out of school when they have lower paying jobs and no family commitments. There deduction for uniforms, maintenance, supplies, etc might be high for their income level so I would attach a statement that so and so worked for a vol. ambulance corp and had X in uniforms, X in travel, X in training etc. to their return. when someone cleans out a parents home due to death I also tag the large unusual contributions as contents from an estate.

i was wondering who took Mrs. Jones from me, good luck with her.

wow that was a LOUD comment.

they might be managed funds where the fund manager trades all day long and you have to report each transaction. a lot of my wealthier clients are in these funds.

CT is tough they check the 1099 people and if they didn't file then they come after you for the taxes. Yes they share with the state as does NY but only on labor audits not SUI - its a different creature. I know in CT that they are the same.

sui does not report, but a ny state labor audit does.

new this year - if the cost is reported to irs then you can put the totals on sch d. then you only have to list the other transactions.

now you know why we get the fees we do.

ASSETS, it would be cap gain.

were the shareholders personally liable for the debt?

do you accept bitcoins?

What you are describing, here in NY, is a labor audit done by the department of labor. And I agree they aren't a cake-walk. The unemployment insurance is different and not as intrusive.

SURE, YOUR PLACE OR MINE, I STOCK SINGLE MALTS WHAT ABOUT YOU?

SURE, an llc avoids the issue of payroll for the owners, is very easy to transfer shares around for estate planning etc. Special rules for S corp trusts but an llc can be put into trust for their kids. If real estate, refi distributions aren't limited by basis. and here is the big one. LLC protects you from your partners actions. an S corp doesn't.

but then you to have see them again after you do the return and deal with all their questions. I mail out the returns with a bill, I only got burnt 3 times or so in over 24 years but they were one shot deals when I had a store front. Only one long time client burnt me but he had so much other stuff going on in his life I actually did him 3 years without getting pay till I cut him off.

adp doesn't have the general ledger records or contracts etc that the auditor might ask for, nor do they have job descriptions or even know the 1099's. Really, these are mundane and common in the course of business, every client gets one every year or two, sometimes through mail, with the bigger clients annually. There is "almost" no exposure and I have had auditors that were still students in school, just gathering the info and leaving. And as I wrote above, here in NY the dollar amount is almost insignificant for any adjustments they propose. I did once have an interesting one, an audit on a pizzeria that had 2 employees, the agent said that according to the usda, even a small pizzeria needs 3 people to operate. I explained that this shop is in a south Bronx getto and I would never go there, the owner mails me bank statements monthly and I do tax returns. She charges for a third employee, cost $200 and I signed off on the audit. Not a big deal. One item to be careful of is sometimes agents walk a block counting heads in a store then comparing the number to your next quarters filings. That makes for an interesting conversation. They once hit a block in the Bronx and 8 entities were my clients. Nice lady auditor, spend 1.5 days in my office while I did other work and she left with agreed to audits and I now had clients that were forced to be more legit.