rfassett

In all the years I have dealt with ATX (going back to the early 90s,) I have not experienced any of the difficulties with ATX tech support that some seem to have. Maybe they just like me more.

And you find that surprising why? Actually one of the reasons I do SO much with ATX (CCH Small Firm Services) is I have never received a bill for support. I can not say the same for the company I left to bring my stuff over to ATX. So the practice you describe is not all that unusual.

Tom was not suggesting OIC for the trust fund taxes. He stated that he knew that was not an option. He is wondering if the employment taxes get put on a payment plan can the personal taxes be OICed. I don't know the answer to that but I would have my doubts. But all it costs is the application fee to find out. In my opinion, only because I like to see how different things work, I would be inclined to submit the OIC with the agreement to installment payments on the payroll taxes.

QuickBooks here. We do so much other work than tax returns (tax prep represents about half of our billings) that having a good means of billing and tracking is mandatory. Been doing it that way since we graduated from the green card ledger box.

Well said! I have one that made two appointments three and four weeks ago and cancelled them at the last minute and finally said he would just drop off his stuff today. I am not in the office today so don’t know if he did. In any case, he will miss the deadline. Another client called yesterday and said he would overnight his Mother’s info (she is now in a nursing home) but said he understands that I will not have that return done by the 15th. There are probably another half a dozen that will go beyond the 15th. Not my problem.

I have only ever done one once in my lengthy career - that was just this April. I did it this time because it really needed to be done to fix a big problem a DIYer created.

Hey Bozo Catherine (or is it Catherine Bozo} - in either case, let's not poke fun at Bozo - he is one of my favorite clowns! I have not done recent research, but I was under the impression that super-ceding returns were required to be filed by the original due date for returns that were previously filed in that year. Now - that could have changed. But to be safe, I would discuss it with the client and recommend amending with a charge (assuming this was not an error made by Bozo the Catherine}.

Your reasoning is sound. The monies paid were not contributions nor donations based upon your description. That would be a requirement for parking stuff in temporarily restricted funds under the non profit accounting rules, At least that is the way it was when I took that course eons ago. The only taint to your reasoning would be if the payers were taking a charitable contribution deduction on their tax returns - which they should not be doing according to your dialog.

I know of no way to do this. The revocation can be dated no earlier than when the letter of revocation is submitted. The only exception to that that I know of is the election can be effective for the first of the year if the revocation is made within the time period ending on the 15 day of the third month of that tax year. If the revocation is silent on the date of revocation, the IRS will make the revocation effective at the beginning of the next tax year. If there are exceptions to these rules, I am not aware of them

Apparently they have reviewed all of the emails since they discovered the hack SIX MONTHS AGO. The real question to be asked is "why did it take six months for them to disclose a hack that had taken place six months before the discovery?" But then, I know of smaller practitioners whose emails have been hacked. I wonder if they informed their client base of the breach. And to your question, how would they know if client info had been affected?

If you are looking for someone to tell you not to file the return, here I am. Don't file the return - and tell the client he has until noon today to get the payment to you (full payment, this return prep and any outstanding balance). After noon, the return will go delinquent. You should have had this conversation yesterday, or even two or three days ago with the noon deadline being on that day. In my office, we hardly ever file returns on the deadline. In fact, I am not even going to be in the office today.

I never have and I never will file a return that I do not believe is reasonably accurate - since that is what I am attesting to when I sign the return. So the "other extension" is not an option in my office. I tell my clients that I will go out of my way to help them if they are willing to help themselves, but I will never cross the forbidden line for or with them.

Without non-profit status, it sounds like a joint venture and/or partnership. The funds they are "soliciting" is payment for their services. Certainly they cannot hold themselves out as a non-profit for tax deduction donations, right?

The extended due date for calendar year S-Corps is September 15th. There is no additional time available beyond that - unless the IRS would grant additional time for things like Harvey and Irma in the affected areas.

So the real question then, is who sold the assets. And the answer to that question would be - the S-Corp. Accordingly the sale would be reported on the 1120S and yes the goodwill would go on Schedule D. You confuse the issue when you say " small piece of real estate owned by the Corp that the TP and spouse kept". If this was owned by the Corp, then the Corp kept the real estate. Unless the Corporation is being "wound up" and liquidated, there is no immediate and pressing need to get the real estate out of the Corp - unless the shareholders have already transferred the title to themselves. In that case, the distribution would be at FMV. All distributions will reduce the shareholders' basis.

Nope - not in this office - not anymore. Yes there was a time that I did exactly as you describe - but not now and not evermore.

This industry in and of itself is stress just by definition. Finding ways to relieve that stress is paramount. Just as importantly is removing additional stress from it. Admittedly, I did not get that for the first 20 plus years I was in it. By the time it finally dawned on me, the doctor was implanting a piece of titanium in my chest so my heart would keep going thump, thump, thump. Barb, I applaud you. But I will be quick to point out that pets are a great stress reliever - their end of life issues notwithstanding. I get it. I buried my best friend, a German Shepherd named Flower, eons ago and said I would never put myself in that position again. It took me 25 years before my wife felt comfortable bringing Maggie (another German Shepherd) home as a pup. In hind sight, I deprived myself of shear joy for most of those 25 years. Oh, we have had dogs all along, but I had little attachments to them like I had with Flower or have with Maggie. But enough of that. As to stress relievers, this forum has to be right at the top. Rita, don't be too hard on that client. The grief associated with losing a parent causes the best of us to put off things that we don't want to deal with.

I am working on one of those chronically derelict late filers now - and what a nightmare. I NEVER charge this guy enough for this return. It is my own. I am thinking about farming it out next year.

I usually don't fire these types of clients - I let them fire themselves. I tell them when they bring their stuff in very late that I am under no compulsion to meet the deadline. If the return goes delinquent, it is no fault of mine. If they choose to take their work elsewhere, they go with my blessing. My drop dead date for drop offs for the April deadline is the beginning of the third week in March. Because I do not want to work those kind of hours in October, my drop dead date for drop offs for the October deadline is September 1st. In my way of thinking, it is all about my running the business instead of the business running me. I find I am much happier when this the case.

I would ask to see "sister's tax guy's" computations. If for no other reason, the reporting, if reasonably accurate, should be consistent. Or at least you would be able to justify the difference to your client. Beyond that comment, I have nothing to add to Judy's sage advice. She is spot on.

Is there depreciation expense on page 1? It could be that the assets are being depreciated - but just not showing up on the Schedule L. Just a thought. And the other thought, I agree with others, although I would be inclined to take on the project, it would not be without a very sizable retainer.

If you are not particular, I could use a trip right about now.

This is a great thing! My only issue with it is why do they have so much time to respond. The State that I call home uses the standard practice for taxpayers to respond to their notices within 15 days. I am personally taking the State to task on that policy. And even the IRS does not give the taxpayer that much time usually. Nonetheless, this is a very great development. Thanks for sharing this.

The real question is "who absconded with the .0012?" This is really turning into a full fledge mystery. We need a title for this new founded novelette.

I bow to the math wizard but I think it is only $100. $100 cash was taken and given back in exchange for $70 of goods and $30 in cash. Net loss to store is $100 in my simple way of thinking.