kcjenkins

A very good example of my point, John. I hate the fact that some will assume that I hate aliens. That is totally not the case. I really think we need to improve our system and make it easier for those who are not criminals and want to come here to work and to give their children a better chance at life. But refusing to talk about the problem honestly with the proper terms just makes it harder to separate the problem of dealing with the 'good' folks from the problems of dealing with the 'bad' ones.

Yes, Arron's does set them up as 'rent to own'. Although it's an expensive way to buy, they cater to those will poor or bad credit, and I've been told from a client who owned such a business that they get back about half or a little more of the stuff. And they get back their cost in the first 6 months on much of the stuff they sell/rent on 1 year or 18 month contracts. Which well offsets those that move off with the goods down the road, without paying. And yes, you should do inventory, IMHO. Since so many of the 'sales' will not be completed.

Or better yet, tell him you can not do it because it is illegal, and also will almost certainly get him audited. Just sending him to someone who will help him break the law does not seem like a good idea to me.

I totally agree with that. Took a little time to figure that one out, but it's really the same thing, but more useful. I got two of these recently. You might want to check them out, they work like a charm. 2600mAh Flash Charger for Cell Phones & Tablets - Assorted Colors $12.00 Our Price For those times when you need a little extra boost and have nowhere to charge, this Flash Charger is the perfect solution. With a USB output and MicroUSB input, this little device can charge just about anything, from iPhones and other smartphones to digital cameras and e-readers. It's a sleek and portable solution that will help prevent you from getting caught with no power left on your favorite devices. • Perfect for iPhone, iPad, BlackBerry, Samsung, HTC, e-readers, digital cameras, and more; not compatible with all Motorola models • USB output and MicroUSB input • High capacity: 2600mAh • Adds up to 40 hours of extra talk time • Rechargeable, small, attractive, and lightweight • Great for commuting and travel • Includes USB-to-MicroUSB cable for connecting and charging Flash Charger by your computer • Available in your choice of fun colors! http://www.nomorerack.com/daily_deals/view/343131-2600mAh_Flash_Charger_for_Cell_Phones_&_Tablets_-_Assorted_Colors

That's clearly a question the marketing people put in.

al·ien [eyl-yuhn, ey-lee-uhn] Show IPA noun 1. a resident born in or belonging to another country who has not acquired citizenship by naturalization (distinguished from citizen ). 2. a foreigner. 3. a person who has been estranged or excluded. 4. a creature from outer space; extraterrestrial. adjective 5. residing under a government or in a country other than that of one's birth without having or obtaining the status of citizenship there. 6. belonging or relating to aliens: alien property. 7. unlike one's own; strange; not belonging to one: alien speech. 8. adverse; hostile; opposed (usually followed by to or from ): ideas alien to modern thinking. 9. extraterrestrial. il·le·gal [ih-lee-guhl] Show IPA adjective 1. forbidden by law or statute. 2. contrary to or forbidden by official rules, regulations, etc.: The referee ruled that it was an illegal forward pass. It seems clear that the term illegal alien is the proper one to describe ANYONE who enters the country without following official rules and regulations, and stays here without having acquired citizenship by naturalization. 'Undocumented' implies at best that you left your paperwork at home, and at worst that you did not obtain all the permissions that you should have and could have, through some oversight. That is clearly not the case if you entered illegally. My problem with all the verbal gymnastics going on over this subject is that, if we can't even call it what it is, we cannot figure out the best way to solve the problem. Anytime you need to solve any problem, the very first step is to define the problem.

Jainen's advice is good. This is not a 'shoot from the hip' situation, actions taken can not be taken back in such a situation you want to CYA as much as possible. And give your final advice IN WRITING so that it can not be a 'but you said' situation.

We are counting on you doing that, Jack.

I agree that one is a dead subject

What I have heard, strictly word-of-mouth, is that the AICPA has lobbied against it in the past. I hope a lot of fair-minded CPAs will voice support for it this time around.

WASHINGTON, D.C. (JUNE 17, 2013) BY MICHAEL COHN The Internal Revenue Service plans to develop more guidance and training materials to inform taxpayers and tax preparers of the tax compliance risks associated with using virtual currencies like Bitcoin and “Linden dollars.” A new report from the Government Accountability Office recommended that the IRS develop additional guidance to reduce the tax compliance risks of virtual economies and currencies, such as the type used in online multiplayer games. The GAO report noted that transactions within virtual economies or using virtual currencies could produce taxable income in various ways, depending on the facts and circumstances of each transaction. For example, transactions within a so-called “closed-flow” virtual currency system do not produce taxable income because a virtual currency can be used only to purchase virtual goods or services. An example of a closed-flow transaction is the purchase of items to use within an online game. In an “open flow” system, a taxpayer who receives virtual currency as payment for real goods or services may have earned taxable income since the virtual currency can be exchanged for real goods or services or readily exchanged for government-issued currency, such as U.S. dollars. “Virtual economies and currencies pose various tax compliance risks, but the extent of actual tax noncompliance is unknown,” said the GAO. “Some identified risks include taxpayers not being aware that income earned through virtual economies or currencies is taxable or not knowing how to calculate such income. Because of the limited reliable data available on their size, it is difficult to determine how significant virtual economy and currency markets may be or how much tax revenue is at risk through their usage. Some experts with whom we spoke indicated a potential for growth in the use of virtual currencies.” Recent years have seen the development of virtual economies, such as those within online role-playing games such as Second Life and World of Warcraft, through which individual participants can own and exchange virtual goods and services. Within some virtual economies, virtual currencies have been created as a medium of exchange for goods and services. Virtual property and currency can be exchanged for real goods, services and currency, and virtual currencies such as Bitcoin have been developed outside of virtual economies as alternatives to government-issued currencies, such as dollars. In some cases the virtual goods are auctioned off on sites like eBay. These innovations raise questions about the related tax requirements and potential challenges for IRS compliance efforts. http://www.accountingtoday.com/news/IRS-Taxing-Bitcoin-Virtual-Currencies-67128-1.html?ET=webcpa:e7258:61496a:&st=email

The Internal Revenue Service has finalized the regulations for the 10 percent excise tax on indoor tanning services that was included as part of the health care reform law. The IRS originally issued regulations in 2010 on the tax (see IRS Publishes Regulations on Tanning Tax), but finalized them on Monday, with some changes, and removed their status as temporary regulations. The tax originally went into effect on July 1, 2010, but they are superseded by the latest version, which applies on or after June 11, 2013. [Don't you just love those odd dates?] However, there may be further revisions in the future. Public comments on the 2010 regulations identified two issues that the IRS and the Treasury Department said they would study further and on which the IRS and the Treasury Department request additional comments. Those issues involve the treatment of bundled services and undesignated payment cards. Physical Fitness Facilities Exception Among the issues dealt with in the latest regulations, commenters questioned the exception for Qualified Physical Fitness Facilities in the 2010 regulations. The 2010 regulations exempt from the tax any membership fee paid to a QPFF that includes access to indoor tanning services. In a QPFF, taking into consideration all of the facts and circumstances, the predominant business or activity of the facility is to serve as a physical fitness facility. The 2010 regulations limit the definition of a QPFF to a business that does not charge separately for indoor tanning services, offer such services to the general public, or offer different membership fee rates based on access to indoor tanning services. Commenters stated that an exception for QPFFs does not appear in the law and suggested that there is no compelling reason to differentiate these facilities from other indoor tanning service facilities. The commenters argued that while other providers of bundled services must use a complicated method of determining the amount attributable to indoor tanning services, QPFFs are exempt from the tax even though they provide the same indoor tanning services. Thus, these commenters suggested, the exception for QPFFs creates an unfair competitive advantage for some providers of indoor tanning services over others, and should not be included in the final regulations. The final regulations do not adopt this suggestion. “Access to indoor tanning services is incidental to a QPFF’s predominant business or activity,” said the IRS. “Customers of a QPFF typically pay a monthly fee in exchange for access to all equipment in the QPFF, including any indoor tanning equipment. Requiring a QPFF to allocate its customers’ monthly membership fees among tanning and non-tanning services under such an arrangement would be burdensome and difficult to administer.” In contrast, the IRS pointed out, non-QPFF providers of bundled goods and services typically offer indoor tanning services to customers as part of the purchase of a package of specific goods or services. This generally allows the provider to determine the portion of the purchase price that relates to the use of indoor tanning services by the customer and allocate the appropriate portion of the purchase price to those services. Free and Discounted Tanning Services Commenters also requested guidance on the application of the tax to free indoor tanning services and indoor tanning services that are sold at reduced rates. The final regulations provide that the tax only applies if an amount is paid for indoor tanning services. If services are provided at a reduced rate, the tax applies to the amount actually paid for the services. http://www.accountingtoday.com/news/IRS-Finalizes-Tanning-Tax-Regulations-67101-1.html?ET=webcpa:e7241:61496a:&st=email

http://www.accountingtoday.com/news/bill-would-let-eas-promote-themselves-everywhere-67110-1.html?ET=webcpa:e7252:61496a:&st=email Sen. Rob Portman, R-Ohio, and Rep. Charles Boustany, R-La., have introduced legislation aimed at allowing Enrolled Agents to present themselves as such and tout their credential wherever they practice. This will “ensure that individuals, families, and businesses across the country are able to identify and access EAs,” the co-sponsors said in a statement. The representatives said that their Enrolled Agents Credential Act or H.R. 2313 is aimed at those states that “prohibit Enrolled Agents from using their credential when representing taxpayers or advertising for potential clients. This bill would clarify that Enrolled Agents may use and display their credential when advertising their services and representing their clients.” In statements, both Portman and Boustany stressed that access to EAs -- who are certified by the U.S. Department of Treasury and have unlimited rights to represent taxpayers before the IRS -- is increasingly essential as taxpayers struggle to comply with an “antiquated” and “outdated and complex” Tax Code. “This bill is helpful because in the last year or so, the federal government has begun to promote the use of licensed tax return preparers like Enrolled Agents, CPAs and lawyers, and it’s important that Enrolled Agents be able to use their credential to distinguish themselves from unlicensed preparers,” added David Rothstein, project director at Policy Matters Ohio, in a statement on Boustany’s Web site. “Congress and the IRS should do everything they can to encourage the professionalization of the tax industry,” added Michael Fioritto, president of the Ohio State Society of EAs, in the same statement. “By interfering with Enrolled Agents’ ability to advertise and brand themselves, a few states are hurting not only the Enrolled Agent profession but the consumers in those states who might utilize their services.” The National Association of Enrolled Agents has long supported the “bipartisan” bill, and pointed out in an open letter to all EAs that Rep. Xavier Becerra, D-Calif., “has agreed to jump on board with Dr. Boustany and co-sponsor H.R. 2313. In addition, Representatives Tim Bishop, D-N.Y., and Delegate Eleanor Holmes Norton, D-D.C., are also original co-sponsors of H.R. 2313.” “EAs in several states have been significantly limited in the use of their federal credential. The codification would level the playing field for Enrolled Agents in those states,” said NAEA president Betsey Buckingham. “EAs, who have an unlimited right to prepare tax returns and to represent taxpayers in advocacy issues with IRS, believe it isn’t unreasonable to use their federally given designation,” added Robert Kerr, NAEA senior director of government relations. “The proposed legislation, which NAEA has been promoting for years, helps Enrolled Agents market themselves and to distinguish themselves from the legion of untested and unlicensed fly-by-night preparers.” Unlike attorneys and CPAs, who are state-licensed and may or may not choose to specialize in taxes, all EAs specialize in taxation. There are some 47,000 EAs in the U.S. “The legislation has been a priority of NAEA leadership, which has charged the GR team with doing everything it can to garner Congressional interest,” Buckingham wrote in her letter. She called the bill “simple -- a one-pager and at no cost to taxpayers.” She noted too that the organization has brought members to Washington to advocate for the bill, and her letter added tips on what EAs can do to voice their support to Congress.

Well, aside from half the first column being cut off, I find it strange that 1) she did not have a copy from the original visit, 2) it should have been possible for them to generate a new copy regardless of the office being renovated, and 3) I find it really odd that after they gave her the run-around that long, she is HAPPY with their service. Just because they gave her the envelopes and postage?

Let's hope they listen to reason. This move was truly a step backwards. Call the IRS Commissioner's Office in DC at (202) 622-9511 to lodge a formal complaint and protest this unilateral decision to remove access to e-services without making a provision for an alternative.

What was really needed was for the grandparent to take the daughter down to the local IRS office and witness her filing that 1040X. Since she is clearly not too sharp, or else not too honest! Granny should probably know her child well enough to expect some nasty surprises like this.

Sorry, but that is not how I read the situation. The client wants to avoid the 'lawful' tax owed on the benefit he got from the bank's absorbing his loss. Jack was expressing his opinion on someone who got into a bind based on his own choices, got a big tax break already, legally, and still is not willing to accept even the much reduced obligation that is legally owed. Seems to me that 'being poor' does not excuse him from his personal responsibility to follow the law.

I just tried to send you a PM and it says you can not receive any more???? Do you need to clear out you inbox there?

What you do to avoid the smiley is to place a space between the b and the ) Same for the c, which otherwise turns into the copyright symbol.

Are you saying that anything is OK as long as there is not a law against it? That "lawful behavior" EQUALS "ethical behavior"? On that I can not agree. Personally, I can think of countless examples of individuals breaking the law and being very moral or ethical. MLK comes to mind. For me, a useful conceptualization of ethics has to differentiate between legal and ethical.

At WORST, a 'reasonable' salary would be very little. But I like Jack's idea too.

If you have worked through the apportionment rules [some states have really quirky rules] and are confident you have computed it right, go ahead and override, but keep your worksheet in the client file, just in case.

Next to the "quote" button if you slide your cursor to the left the 'edit' button will show.

Yes, that is often the case. But always worth discussing. Maybe his friend had little or no income except here.

VNA ?