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Everything posted by ILLMAS

  1. No No Yes Have your client call and find out what is the delay, I have been warning all my clients, if you refund doesn't arrive in a timely manner, call the IRS and keep me posted.
  2. Not an issue at all, just as long as the SSA-W2 Copy A numbers matches the tax return, your okay.
  3. TP incorporated back in 2014 and started doing over the road driving in 2015, if the TP would of come on time, I would recommend them to elect to be treated as a S-Corp, fast forward to today, they bring in 2015 to 2020 because they have a loan expiring and they need their taxes, how far back can I make the election? Their only source of income is from the corporation and a rental property, I don't know if the bank would consider the corp's income if the mortgage is personal. Thanks
  4. I'll be more interested in fooling the "all our representatives are busy....."
  5. I am preparing a 990 long form and when I hit print I get the following message. The form will be efiled, just don't know why I am getting this message, form has been approved for efile.
  6. If you are going to be preparing a handful of tax return, I would also recommend getting a big monitor and wait for it, a keyboard and a mouse.
  7. I remember back in 2005 a new client asked if we offered that protection, because HR Block offered it to them and that they pay any additional tax I have always wondered how that worked for them
  8. Does is it at least have Windows 11?
  9. This the time you tell the client to lawyer up, I would not touch it.
  10. as of 12/31/20 yes.
  11. ILLMAS


    Here is Chris' email: Chris@ChrisBirdSeminars.com I am sure he willing to help out, very nice and knowledgeable person. https://chrisbirdseminars.com/about
  12. ILLMAS


    I attend a tax training every year and the presenter raves about the app coinbase: https://youtu.be/4-qvFIosxt4
  13. brother HL-L6200dw under $200 last a couple of years only but very inexpensive to replace.
  14. https://www.vallartaeats.com/history-of-the-taco/
  15. It would be nice if the IRS did a similar line like they did for unemployment first $10,200.
  16. What is the contra account for the PPP loan liability forgiven in 2021? Thanks
  17. ILLMAS

    CA friends

    How likely would the state of CA waive a penalty? Thought NOL was enough to cover the tax and that was not the case. Thanks
  18. ILLMAS

    Paying IL

    IDOR will allow you set up an account for a business or personal, can you make various payments online, I use if for most of my business clients. It's very simple to register and it's free, the only issue I see, if you schedule a payment for a certain day, it takes up 2-5 days for them to withdrawal the amount, but they still give you credit for the scheduled day.
  19. https://tenor.com/bcOpx.gif
  20. I just spent an hour writing a letter to the IRS and going to post office for my personal tax return, I would be lying if I'm expecting them to drop everything to adjust my account, but I will cross my fingers.
  21. ILLMAS

    2019 1099s

    FYI - The IRS has not processed all of the 1099s for 2019 yet. I received a notice that they don’t have any records of my withholding and now I owe a ton One of my client is going through the same, one of their contractors had withholding and they received a notice, called with a POA on behalf of my client and their contractor, IRS has no record of 1099s on file for 2019 and 2020, they were backlogged etc…. So be ready for calls from clients
  22. ILLMAS

    540NR CA

    IL S-Corp does business in CA, shareholders are considered to be NR, who has to be pay the tax, the shareholders or the business? Thanks
  23. Cash basis TP finds heavy duty equipment for his clients, in December 2020 he received a large payment for some equipment, the seller was closed for the holidays and was not able to bill or ship the product until January 2021. In a normal situation, TP will receive the payment, wires it to the seller (less a commission), arranges for freight and the transaction is completed within a couple of days (independently of how long it will take to ship and arrive); deferred revenue comes to mind, but they are on the cash basis, what do you recommend in this situation? Thanks
  24. Does your client have any subcontractors? Most likely its for testing for independent contractor status.
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