Richcpaman

I would go with his age calculation.  I think somewhere, in the Social Security rules, they count the first day of the new year as the last day of the previous year.

If they send a letter, I would use his argument.  He has reasonable basis.

Rich

5 hours ago, Abby Normal said:

I've never had 1099Ks that add up to more than sales per the businesses books, due to sales that aren't on a 1099K, but if that ever happened, I would report the 1099K total and back out the difference somewhere.

You should be our test case to see if the IRS is even matching 1099Ks. My guess is that they are not.

The IRS IS matching the 1099K.  I have seen the notice and written the response.  Weird situation, federal sales were for a Subsidiary.  Reported under EIN #1, but belonged to EIN #2.  IRS asserted Tax on C-Corp for not reporting all its sales.   

Rich

18 hours ago, kimjo said:

A recent experience of mine involved an only child of parents recently deceased.  With her inheritance, she wanted to payoff her church's mortgage of

approx $142,000, and do it anonymously.   No acknowledgement, but they kept their paper trail.   Well, guess what happens the two years later when she has a

huge income year, big tax liability:   She wants to go back and amend previous year and claim the donation to church.  Speakers at two different NATP events

suggested that I might have a Circular 230 issue if I amended the return for her.   So, I suggested she seek a specialist to perform the 1040X.  She recently contacted me

ahead of this year's appointment to say she's getting $22,000 in refunds.

Did your client amend both years?  The year of the original contribution removing it, and then the "new" year of the contribution.  I would have gotten  the acknowledgement for the $142k in the first year.  That is too big a number.  "Anonymous" can mean no public notice, but it can also mean that it stays within top leadership and the donor.  

I would have the client come in, and then fire them. 

Did that this year.  Client amended last years return.  Because turbo tax is good software and let him do it. 

Shove off, A-Hole.

Rich

This is SPINAL Tap.

Rich

4 hours ago, jklcpa said:

Client... Makes $271k this year...  Taxable is $219k.

Sends an email to complain about the $300 in underpayment penalties, because *he* decides when he wants to fund his estimates.  Which generally means he is light early in the year, and then pays more later.  Which, as *we* all know, results in him owing an underpayment penalty.

I point out,  that due to the composition of his income, he paid taxes of $22k on that income, and that is 10%, and only 8 per cent of the gross income figure. 

He keeps being argumentative.  

Finally, I send a short email:

Client,

I can annualize your income, please send me what you earned 1st, 2nd, and 3rd Qtr, and it may increase or decrease your penalty.

He responds:  That may be too much work!

Guess your time isn't worth $300 an hour, is it?

ZAP!

Rich

I don't do Zombie... 

I do prickly.

I can go along with about anything...  Until you go to far, and then its... ZAP.

Gotta be careful with that.

Rich

2 hours ago, Abby Normal said:

I've finished zero returns today!

Same with me... met with 14 clients, however.

So, there is THAT!

Well...  My Goal was thirty.

I got 20 done.  Computer system went down Saturday Evening and I couldn't get anything done.  Started early Sunday, and caught up.

This is Hell Week.  45 returns on the schedule to come in.  Probably another 20 drop offs. Plus the ones that are here...  Not including entity extensions for after April 17th, My "stack" in the office is at 206. 

Lets see, there are 23 days until 5pm on April 17th.  That would mean at least 12 a day right now. 

Slice of Pastry....

Rich

2 hours ago, ILLMAS said:

Does anybody here outsource to India?  

Quote

Randall:  Are you kidding me?

I don't think we can do that anymore...

Rich

I hope from 3:30pm EST, until about 10pm on Sunday, to get 30 returns done.

Lots of new clients this year, and some hiccups have slowed things down.  Need to catch up....

Rich 

Why would you mail or scan something to the IRS that they already have?

I would send something in if there was a large error that I felt they needed further clarification.

So, I recommend that you STOP.

Rich

Abby:

You have to stay off of Reddit...

Rich

9 hours ago, RitaB said:

Client:  Do I have to report that?

Me:  Yes.

 

Have you ever noticed, the answer is always yes?  Please stop telling me about income and then asking me if you have to report it. 

I want to salvage a confessional from an old church....  and put it in the corner of my office.  When the client says "Do I..." I would just say "Go over there and tell them your sins..."

LOL

1 hour ago, jklcpa said:

Only for the portion that isn't taxed. If any of momma's benefits are taxable, that part of her SS benefits is included in gross income.

Just Checkin' ya!

Rich

What about Momma's Social Security?

Rich

OMFG!  Isn't that the truth...

Give me the freaking childcare providers info!

Someone just texted me... Oh, I have a 1099-C for a credit card, do you need that?  And I paid it off as well...

New client is blowing up my phone and Email, "Where is my 1120S?"

Give her a call, "I am working on it, will have an answer soon, sorry about the delay..."

I look at the return prepared last year and the date on it after I hang up... Dec 10, 2017. 

I am SHOOTING the bluebird of happiness.  ARRGHH!

RIch

21 minutes ago, Ryanvv126 said:

The incoming shareholder bought 25% of the stock from the sole shareholder of the s-corp

The sole Shareholder has a tax issue.  Nothing more in the corp.   Allocate income via percentage for the time before the buy in 250/365x(100%), and the time afterwards 115/365x (75%-25%).  Basic calculation.

If the shareholder then deposited the funds into the biz, that is a loan from S/H. 

If the Corp sold the share to the 25% SH, then you have other issues. 

Rich 

Ryan:

Don't know all your answers, but did the Corporation buy the stock from the departing shareholder, or did the incoming or existing shareholder?

Rich

On ‎03‎/‎07‎/‎2018 at 7:29 AM, Edsel said:

Beth, I'm not going to defend for a split second your hand-wandering client, [glad you said THAT] but [Negates what you just said] I'm getting weary of society trying to find the latest and greatest persecuted group [why didn't you insert a comment about how you and your "group" are "presecuted"] to make news about.

This stuff has been going on for centuries, [And that makes it right?] and although that doesn't make it acceptable, [thank you] it will continue long after society/press [we are only accountable for our own actions, and these actions are unacceptable] has moved on to yet another persecuted group.  It has been my observation that 75% of female population has at some time experienced lewd behavior from men [I don't know where you get your stat's from, I presume you find this acceptable?], and the other 25% wish they had [This is so wrong on SO many levels].  I wonder how most of them would feel if men in the workplace started ignoring them [they would feel much better in the workplace if men didn't treat them like their private sexual fantasies walking around] .

Of classic irony are the sanctimonius "me-too" women on TV awards shows half-dressed in low-cut and high split clothing [The victims clothing has nothing to do with the perp's action to violate that victim.] 

Either suck it up [take it, because you are unworthy of mutual respect] or if a guy "accidentally" does something [nothing of this type of activity is "accidental"], resort to an "accidental"  [It shouldn't be "accidental" it should be "intentional" and delivered more often] slap in the face.  This has usually worked for years and years.  From an old-school, politically incorrect guy who is out-of-step with the times. [Duh]

But you learned how to use a computer.  A smart phone. The internet. The radio in your car.  But its still acceptable to grab a woman a$$.  Wow.  Ok.  We can't learn.  I get this. 

 

 

NON-VOITNG POST

This stuff ends when Men start calling out the other Men. 

Rich

I HATE that Form.  And ATX's process for getting it done right for anything over $500 is atrocious.

Rich

The light is bad in my office, and the phone camera shows that. Better light here than in my old office.  I hate fluorescent bulbs and that is what I had there.  I have two different desk lamps as well.  My office windows face north, so the natural light is muted.

I have to get one of these movable desks like Abby has.  Pick up the entire surface.

Rich 

2 hours ago, Terry D said:

I agree with Judy totally.

I say this a lot as well^^^^

Rich

Now you can see the entire workspace:

Lion:  That is cheating!   What does your desk look like today!

I have rolodex too, behind me.  I also noticed some 3.5 Floppies on Catherine's desk!

On the right monitor?  My schedule....

49 minutes ago, Abby Normal said:

Work?! You're on Facebook, Rich.

You can't see my other screen!  I had the ATX Community Board on that one!!!!  Doesn't that count?