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About TAG

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    Reading. Finance. Investing. Drinking craft beer.

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  1. I have 3 clients that still have not received their 2019 Federal tax return refunds. the IRS "where's my refund" site says "We have received your tax return and it is being processed." Does anyone have a solution for this problem? Thank you, Terry
  2. I got into a slightly heated discussionwith my new partner's son, who is a preparer. A remodeling Sch C (not a current client) called and asked if we would E file his self prepared 2019 tax return. I asked and he stated that he self prepared the return and could not E-F the return in Jan (I suspected that IRS had shut down E-F then) and the reason he wanted it E-F was because he was going after Small Bus "free money". The son said we can't do it because we had to prepare the return. I asked him and he said it was part of the ERO requirements. I think he was suspecting fraud and I told
  3. You must "sign in" to see the donate button. Thankyou for the reminder and a BIG THANKYOU to Eric!!
  4. I tried searching my username, "TAG" but that doesn't seem to work.
  5. I got lucky and found the oldest post; it was dated 4/10-20 but when I went to find it again it wasn't there.????
  6. How do I find 2 topics I posted in Feb, Mar,or Apr 2020 in the "General chitchat"? I tried my acc't name "TAG" and I scrolled through all the postings, but could not fine them. I've gotten old and my eyesight is no longer very good. Terry
  7. The taxpayer moved back into a house which had previously been a rental. It had started out as her personal residence, then she got married and moved into her husband's house and rented out her old residence for approx. 2 years; now they moved back into her house. They are not doing this to try to save on taxes when the sell the house; they plan on living there forever. Are their any tax implications I need to address because of this? Thank you, Terry
  8. Catherine, THANK YOU. what I thought but my partner had me confused!! Terry
  9. Schedule C YE 12/31/18: Business was sold 1/31/18. It was a Sch C and operated for the month of Jan. Should the ending inventory (which was sold 1/31/18) be listed on the Sch C or should the Sch C ending inventory be listed as -0-? My brain is frazzled! And thank you.
  10. And yes, this is a voluntary "come clean".
  11. Thank you very much , Medlin. Excellent advice.
  12. We picked up a new client, an self-employed electrician, who got behind with his tax return filings. Should these past tax returns be sent to the IRS in one package or what would be the best strategy? Thanks. Terry
  13. Because of health reasons, I'm thinking of selling my accounting & tax practice. How are accounting & tax practices typically sold?
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