Richcpaman

AB: If I could get the landlord on board... my portion of the sign was a "stop-gap" until the entire sign was replaced. The 'black" sign I posted is outside my door in my Centreville office. I am going with a much bolder font... Rich

If the entity is going to be sold, and he is only giving away 2%, or $40k max, just have him write the check to the charity after the sale. Much easier, and cleaner. If he was able to "gift" 40k, but get a much larger deduction, I can understand the reason for haste. But in this case??? The attorneys arranging to make this happen are going to charge more then he is actually going to save in taxes. Point that out to him. Rich

When you look at it from the side... it is leaning backwards about 4 or 5 degrees as well. Rich

As promised... here is the Easton Office Sign, it is leaning even more than the picture indicates. I am trying to attach it, seems it is too big to post. Trying the mods to see if they can move it here. Rich

I will, I have to go take a picture... This is my other office. Maybe Abby can snap a picture, I wont be there till Tuesday. This is my sign for my main office. Rich

Ok... it sort of reminded me of one in front of a funeral home... You know, if they don't get hugged... Great sign, however. I should show you the one in front of my office... can't get the landlord to replace it. Rich

I have to ask... what was in your office before you moved into it? That sign reminds me of someplace else...

Edsel: The IRS uses the Acromyn ROBS to described folks removing money from their IRA, rolling it to a self-directed IRA, and then using those funds to purchase the Shares of a C-Corp that is owned by the same person. Can you do it? Sure. Can it blow up in your face? Absolutely. That may have happened to the OP's client. Rich

Dissolving the corporation? Is he shutting down the business, or converting it to a different type of operation? What created the NOL's? Did your client take a salary? Is the only who made any money on this ROBS the company that helped your client set it up? Rich

To follow up with MDCPA. The number reported in all the official places, is the $300k figure. It does help support the local tax base. And yes, the realtor got an extra $4800 in commissions as well.... That is a pretty big discount however. One way to remember these deals is to do the opposite side. What if the seller came to you? What would you report as the net selling price? That will give you your approximate basis to the buyer. Rich

What I found unusual, is that he put it on his public webpage, where his clients could read it. Its one thing to sit around here on our barstools and grouse about things, but quite another to put it on your public wall. Clients always ask me about tax season. I simply tell them that it is the BEST time of the year for me. I was in bed on Sunday, April 16th, at 4:13 AM. Back in the office Monday, three hours later. Its what we do. Its what *I* do. Until I decide to make the changes that will NOT require me to do so. (Where is Ron Fassett... he went home on the 13th...) Rich

Gail: I like this: LOL

Great blog post I was just referred to: Starting to hate this crap... LOL Rich

Here is the copy of the invoice. I can't track down last years for the differences... ATX2017.pdf

Going to revive this old thread... Just got my ATX renewal for 2017. It is up $1,400 over last years price. For? I have no idea. They list all this stuff on the form that I do not use, and have never used... Sheesh. Rich

To the tune from the show "Welcome back, Kotter" Well--come back, BB!

What SaraEA posted to. Had a phone call on April 12th. Referred by a good client. Can't figure out the education credits. TT is not helpful. (Duh!) She had spent 2 hours collecting her info, but had spent 4 hours messing around with TT. I told her: "You poor woman... what is your time worth?" She is coming in next month for a full consultation. That is getting on top of it.

I use the ATX Tax planner as much as Ron does. My request would be that the State estimated taxes be expanded so you could run better analysis there as well. With the Decoupling from the fed depreciation rules, it makes it real hard to get the state accurate in future years. Rich

I do not know if you have found out more info... But you have person A and B. They created a Trust. Trust bought property. Person B wants the property out of the Trust. Trust sells property to Person B for FMV, basis is purchase price in the Trust. Person A has a trust that they continue to manage, (even if with no tangible assets, only the cash left from the sale) And Person B exits the trust for whatever reason. I can think that there was a lot of reasons that they went this route instead of a simple Partnership LLC. (Mainly? Person B being bankrupt/hiding ownership/divorcing/incompetent/etc) But without more info, it seems pretty straight forward. Rich

I can understand a Financial Advisor/broker role here, but in the instant case, those funds are under control and safe. IT is the management of the Rentals that is causing all the grief here. I had something similar. Though the client was lucid, and getting buried in paper, she really did not want the help. Some folks, no matter what, do NOT want to admit that they may be messed up... I offered to come by the house and help sort stuff, or even one of my lower cost staff members. No. There are appropriate ways to bring in support. But you can lead a horse to water... Rich

One of my Doctor clients was interviewing potential new Doctors to join the practice. One of the questions he asks is: "How much Student loan debt do you have?" And it is not unusual for him to hear $200-300K. The winner was $463K. The only thing that works for your client in insolvency. If not, she just exchanged student loan debt for a tax debt. Rich

I agree with Ron. Prep all 4 years of returns. Hand them to him to mail, and with a bill for all four years. Rich

I had one client this year, complaining about taxes ($250K+ AGI from a large 1000 unit apartment building that is managed by DAD) that he should move to the Bahamas where they don't have taxes... I told him: "Don't let the door hit you in the ass" PS... he filed to get SS at age 62. Yeah.. those "taxes suck people"? First in line to suck off the nipple. Rich

Maybe even the Barber charges less... She should ask him.

Welcome Edsel. Its gonna be quiet around here in about 3 days, however... Rich