ILLMAS

Two weeks ago I called the IRS in regards to a notice my client received which I have third party designee, guess what I had to conference call my client to discuss the notice.  First in all the years of doing business, the payroll report was filed in April 2025 so it was not expired.

“Don’t steal, the government does not accept the competition.”  Unknown 

Hello everyone,

I'm having trouble reconciling Schedule M-3 in the tax software after amending a Form 1120S. I’ve got it reconciled on paper, but the software isn’t lining up.

Is anyone available to help take a look? I can PM the numbers.

Thanks!

I also received the same letter today. I wanted to inform you that I spoke with an agent approximately two weeks ago about my account, and I was assured that it had been renewed and that my new card would be arriving soon. In fact, the card arrived last week.

Anyone heard from Jack from Ohio?  It’s been a couple of years I haven’t seen him on the forum.

What did they say when you called them?  

How about entering the FEIN as SS#, that works.

I learned about the Wayfair case a couple of years ago and many states are going after businesses to see what they can collect.

Someone also recommended the beekeeper.

Just out curiosity @Christian how old was your computer?  I retired my Dell XPS I bought in 2019 due to slowness and the fan turning on out of the blue at full speed.

Thanks for sharing, I have the same issue for 2022 & 2023, I will use their 2024 PIN.

If I may recommend try going digital, I say 95% of my clients get digital copies and the other 5% get a print out.  Someone here recommend Verifyle secure portal and I've been happy with it.

Thank you all for your contributions. I would like to clarify that the suits in question are actually western wear, not technically cowboy suits. However, as city slicker, we do not perceive a significant distinction between the two. In fact, I personally owned cowboy boots during the 1990s when they were a fashionable trend.

Agreed, these are cowboy suits that were fashionable in the 90's and over the last 30 years he sells one here and there, but I will make that suggestion.

Thanks

I have a client who sold at a swap meet or flea market for many years. In 2024, he decided to close his shop (no sales in 2024) and was left with approximately $100K in unsold inventory. Additionally, he inherited a property along with his siblings back in 2011, and they all decided to sell the property in 2024. The step-up basis is very low, meaning his portion of the sale results in almost a 100% gain. My question is: Can he write off the unsold inventory to offset part of the gain from the property sale? The best option for the unsold inventory would be donating it to Goodwill or Salvation Army.

Thanks!

I have a client that moved to NY (Bronx) and had state and local (NYC) taxes withheld as part-time resident, I have answered questions on page 1 of form IT-203 however the NYC taxes are being refunded.  I have an understanding NYC taxes you if you work there, if you work remotely etc...  I'm I missing something like having to file NYC tax return or TP is not subject to the tax due to not living in the City, any guidance would be appreciated.

Thank you,

I don’t know what is worse, receiving a picture of someone tax documents taken a mile away that it’s impossible to read.  I usually respond by asking if they can read the info and without me asking they send better pictures.

Restart?

The Lost

The Lonely 

The Loophole 

Use the snippet tool and save as pdf for now.

Did you have to use a special video card?

10 minutes ago, Lee B said:

Two renewals ago I waited until the last day and didn't receive my card until late April.

I have never had to include copies of my CPE credit hours. They should have that on file cross referenced to your PTIN.

Agreed, never had an issue before.

I need to renew mine soon, I goofed on the prior renewal and did not include copies of my CE hours.  I was contacted by a person and was able to resolve everything via email.

TP paid a third party a hefty amount to setup a virtual online store to sell under a major retailer.  The start-up cost happened in 2021 or 2022 however the major retailer booted them for not making the required sales margin.  TP was going back and forth with the third party to get them back online, in 2023 they did so and again was booted for the same reason, TP has throw the towel on the business.  No sales were reported in 2021 or 2022 and if you were to take the start up vs the minimal sales it was going to be a major loss, my question is, can the start up costs be capitalized in 2023 and dispose in the same yea?.  Business only operated for about a month vs a couple of months in 2023.  
 

Thanks

Find a firm that specializes in forensic accounting, it won’t be cheap but the findings can be used to prosecute the individual.