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rfassett

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About rfassett

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    PA
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  1. Well, I decided to come out of retirement and will be doing some contract work for another firm on a very part-time basis. Retirement is great. You can pick and choose what you want to do. Anyway, I look forward to interacting with you all again.
  2. Well, today I sold my practice to a very capable young man! I have taken down my shingle and have entered retirement. I just wanted to stop in and say so long for now and to express the deepest sense of gratitude for each and everyone of you and the sense of comradiry we have had here. It is with the most sincere part of me that I say I wish the each of you the very best of luck and success in the days and years to come. May the Lord of all creation be your ever guiding light! And until we meet again.................
  3. All of the employees of my non-profits and churches walk to work. Problem solved. Utterly stupid rule that will not likely see the light of day. But then, I have seen stranger things happen.
  4. Credit the prepaid account and then do your period ending adjustment. It will only affect the current year - unless your client had reason to KNOW that he was overpaid before the audit took place , and then your expense for 2017 would be overstated because that should have been an estimate for the accrual basis tax payer.. But yes, you are overthinking it. Do it in the current period and move on.
  5. If there was no valuation done for the timber, you are likely out of luck. And like cbslee said, you will have a sale of $14,000 with no cost basis. The good news is it would all be long term capital gain.
  6. I will make one further observation and then I will shut up. Some states or local municipalities have a gross income tax. The $2700 would need to be reported for that purpose.
  7. I don't thing you get to choose that avenue. Topic Number 420 - Bartering Income Bartering is the exchange of goods or services. A barter exchange is an organization whose members contract with each other (or with the barter exchange) to exchange property or services. The term doesn't include arrangements that provide solely for the informal exchange of similar services on a noncommercial basis. Usually there's no exchange of cash. An example of bartering is a plumber exchanging plumbing services for the dental services of a dentist. Information Returns for Bartering Transactions
  8. Are you picking up the $2,700 as income? You can not have it both ways, i.e., take a deduction and not include the income used to generate that deduction. Without the income, you have no basis. That is where you need to start with this. After that, if it was truly a rent with option to buy, the option was exercised in 2018 and you would put the $2,700 on the depreciation schedule for 2018.
  9. Your relationship is with your client, not the banker. The banker should not even be contacting you. It is the client’s responsibility to take care of the client’s mortgage stuff. The fact that he was not contacted until a week before expiration is utter nonsense. He would have been informed of the timelines before that. The fact that he failed to keep track of that is neither your fault nor the banker’s. So what I would do with the banker is tell him you have no responsibility to him and he should contact your client.
  10. and I still get to see something new. Client received a letter from the IRS that starts off "Dear Taxpayer: We recently sent you a letter in error thanking you for the information you sent............We had already resolved the issue you on your account..........................." Heretofore, I had never seen the IRS revoke a thank you! What IS this world coming to?
  11. If the issue is with something EIN driven, such as payroll taxes, I would say you would need a POA with the EIN on it.
  12. Am I missing something? Are we not still going to be e-filing these things? And many of the software packages are already schedule driven. I am just failing to see the big deal. The post card idea is nothing more or less than a summary of the tax return information of the supporting schedules, in my opinion.
  13. I remain confused with your facts. Was a new entity formed on April 14th? Or was the sole proprietor a disregarded SMLLC which decided, on April 14th, to be taxed as an S-Corp? The answers to those two questions will shed a great deal of light on your question. And just for the record, there is no such thing as an S Corp. There is a corporation or an LLC TAXED as an S-Corp via election. But to state that the "CPA told her to become a S Corp" lends no clarification to your question.
  14. Agree with cbslee and would further state that the 75 day clock begins ticking at formation of the entity or at the beginning of a subsequent tax year of that entity.
  15. Uummmmm!!!!!! UUUUmmmmmmmm!!!!!!!!!!!!!!!! I can not think of how to respond to that. How are the winters and springs in middle Tennessee? But in all seriousness, I regret that I will be unable to attend. I have some things going on around here that need my very close attention. I trust it will be a great time, though, for one and all! But just for the clarification of everyone else that is going, the party will be getting the hay off of the field in order to fish and do the pedal boat? Did I understand that correctly? That is kinda low handed Rita - even for you.
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