rfassett

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.

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.................

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.

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.

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.

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.

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 The Internet has provided a medium for new growth in the bartering industry. This growth prompts the following reminder: Barter exchanges are required to file Form 1099-B.pdf, Proceeds From Broker and Barter Exchange Transactions, for all transactions unless an exception applies. Refer to Bartering in Publication 525, Taxable and Nontaxable Income, and the Form 1099-B Instructions, for additional information on this subject. Persons who don't contract with a barter exchange or who don't barter through a barter exchange but who trade services, aren't required to file Form 1099-B. However, they may be required to file Form 1099-MISC.pdf, Miscellaneous Income. Refer to the Form 1099-MISC Instructions to determine if you have to file this form. If you exchange property or services through a barter exchange, you should receive a Form 1099-B. The IRS also will receive the same information. Reporting Bartering Income You must include in gross income in the year of receipt the fair market value of goods or services received from bartering. Generally, you report this income on Form 1040, Schedule C.pdf, Profit or Loss from Business (Sole Proprietorship), or Form 1040, Schedule C-EZ.pdf, Net Profit from Business (Sole Proprietorship). If you failed to report this income, correct your return by filing a Form 1040X.pdf, Amended U.S. Individual Income Tax Return. Refer to Topic No. 308 and Should I File an Amended Return? for information on filing an amended return.

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.

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.

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?

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.

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.

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.

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.

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.

You will select which ones to rollover. Yes - there will be two but you will need to decide which one you want to rollover. On another note, to make that process easier, you can always rename one of the returns.

So the net result will be an increased cost of product produce or sold by those companies or a reduction in number of employees. Government seems to be the only area of our world that thinks it can spend and spend and spend and raise taxes and raise taxes and raise taxes without any thought as to the consequence or responsibility of such actions. And this is not a political statement - but rather a statement of fact.

I vote for lying client. Had one last year that we do the write up work for. Every month cash was was running at an increasing deficit because way more money was going into the bank than was being reported as sales. By the time he came clean, we had to amend sales tax reports to the tune of nearly $50,000.

Check the preparer manager.

I agree in principle with John. But at this time of the year I am always up for a good knock down drag out fight. I would rattle the cage until I no longer wanted to hear the noise.

I had a call the other day that started out with a female thanking me for my recent inquiry about affordable health insurance and if I would just stay on the line she would connect me to an insurance agent. I said, wait, when did I inquire about affordable health insurance? And she just kept talking over me. I repeated myself four times. On the fourth she said, well, don't you want affordable health insurance? I said, mine does not get much more affordable since I will be going on Medicare very shortly. Click! And I kept talking into the phone - wait, I am not done yet. Come back on the line please...........

How does the IRS know what caused the change in numbers? I get it that the exercise seems bothersome - but I would amend just to put any questions to rest. I can think of a myriad of items that might affect that carryover - some of which may affect other items on the return and some that may even cause a tax liability. If I do not tell the IRS about it, they could assume something that is not accurate. It may never come up - but then it may come up tomorrow. I would amend and put it to rest. Or - at the very minimum, a statement should have been attached to the 2017 return explaining the difference between 2016 ending and 2017 beginning numbers. Just my 2 cents.

Starting at our cutoff - we tell folks coming in after that a number of things. First, no guarantee that the return will be done. Second, where can I reach you at a number or numbers that will be answered during the day, evenings and weekends. Third, if you fail to answer our call, we will assume you do not want your return finished. Fourth, we will not leave a voice mail - refer back to number 3. We will go a long, long way to help those that want to help themselves - but won't move much off center for the other camp. BTW - we have very few issues like the one described - maybe two out of all of the returns we did this year.

Glad we could help!

You need to take card of yourself. Forget the stress and how far behind you are. Admittedly, I have had a difficult time focusing for the past couple of weeks but it comes and goes and is totally related to my stage of exhaustion and that ridiculously small font they use on some of the source data. Mine will go away with a little rest. I am not seeing rainbows. Yours may not go away. As the others suggest, get your rear-end into see a doctor TODAY - rest this weekend and call all of your remaining clients on Monday and Tuesday and tell them that due to a health issue of your own, you will need to extend their return. Those that need to be your clients will understand and want you healthy. The other ones you don't need.