ILLMAS

High Five, good one. Today I emailed a client letting know I was willing to give them a big discount if they paid my fees in full, if not I would need half and only release one partner k-1. In the past I have worked my @ss off and not to get paid months later.

Ahh thats not nice, you probably know this already, but not all ilegal are here for a free ride, many of them are hard working, willing to take upon a job no else is willing to take on. I don't hear anyone complaining about people who were born in the US, that have a valid SS# and can get any job they want, they can get educated anywhere they get accepted, but decide not because they chose not to.

I have a new TP, he is a futures broker (new type of return for me), I prepared form 6781, however he has self-employed expenses that I cannot figure out to lower his self-employment tax. I have inputed the expenses on Sch C, however SE tax is not changing, I am tired, going blind from looking at the computer all day long like everyone, can someone with experience on this type of return help me out. Thanks and try not to get stressed out :-) MAS

Yes, I was thinking that or also the balance of the depreciation as the sales price? Anyone?

TP returned business car due to bankruptcy, how should I dispose of the car, as zero for the amount of sales price? If I do that she has a loss on the disposition, which I don't know if she is entitled to since she still owed for the car. Any advice?

Just wondering if there is mileage allowance for railroad employees for going to/from work? I have a new client that is a railway controller, he travels close to 25 miles to get to work, I know that you cannot claim mileage for your drive to work and back home, but I wanted to know if there is an expection to railroad employees. Thanks MAS

I don't even know where to start, client was adviced by bankruptcy attorney to remove himself as a shareholder from a company he co-owns with his brothers. I met with them last year and they had told me that as of 2009 he won't be getting paid nor recieve any distributions, well now that I see the accounting for company, I see the shareholder that was not suppposed to be paid payroll and paid distributions receive a couple of distributions from Jan to Apr. Here is my question/concern, does the shareholder that was not supposed get anything from the business get a K1? If so, if he was only there up to April, how would I calculate his share for those 4 months? Thanks MAS

I printed out all the extensions that needed to be filed and had my assistant take them to the IRS, they have been stamped and something less I have to worry about. MAS

Just curious on how you are letting you clients know that are not accepting appoinments, will be on vacation or closed next week, etc..... I want to setup my voicemail today to make my clients aware that I am busy and won't drop everything to do their tax return!! Venting..... Thanks

Dear Client, YOUR FIRED!!!!

I agree, however she pays closer to 11% based on how the agent calculates the commission due: She sells $1,000 x .10 = $100, but the agents calculates it $1,000 / .90 = $1,111.11 - 1,000 = 111.11 so he gets $11 more, I have never seen or ever remember seeing interested being calculated in this manner, my client is concerned and wanted to know if this is a proper way of calculating interest? I could not find an answer, so I was wondering if someone here knows, if not it's okay I know there are other important things to worry about. Thanks

I corrected the question, my client pays a commission to someone if she sells a product of their. So she pays the person a 10% commission a month based on sales.

Ok this is not tax related, but today I was caught off guard by client when she asked me to help her calculate interest on SALES COMMISSION, (not personal loan) she has with someone. She makes montly payments of 1k + 10% interest, so I told her monthly payment should be $1,100 (simple interst), but she told me no, that she needs to pay $1,111.11 which is closer to 11%. The way the person, calculates the interest is by dividing $1,000/.90 = $1,111.11. I have taken various finance courses in the past, but don't remember ever calculating interest that way, can someone please explain to me how and why (finacially) it's being calculated this way? Thanks

I just got of the phone with an agent at the IL Department of Revenue and it turns out, the state will not be returning any refunds for FY08 & FY09 until 2011 for business returns. They are going to pay interest, but I know I will have some upset clients. Hopefully, they don't mess with individuals refund's.

Is your home title under your client name? I don't understand how can they put a lien on your house if he is not the owner. Maybe he owns other properties, but check anyway with a title co. To see if in fact there is a lien on your property.

Ah @#@#$!! clicking on your link downloaded a security tool on my pc, those annoying antivirus program that pop out, your computer might be infected buy this program ...... So be careful

One of my client asked me a question that I was not able to answer on the spot, he asked if SS benefits are not taxed when a person hits 70 and after? Well I have done some research I have not found anything on this, can someone just confirm this is false. Thanks

He owed .04 cents as of 12/31/06, and from I understand those .04 cents turned into $206 (penalty and interest), I believe that. He should of paid off those four cents back in 2006. Reminds me of when I made the last payment on my VW, I walked away from the teller reciept in my hand and I notice I had a .01 balance due, I was debating if I should go back or just leave it like that, well I did go back, the teller told me, if I hadn't paid that 1 cent, I would of never recieved my title.

A couple of my clients have called in the past 2 weeks that their refund has not arrived on the day it was supposed to, it's usually the following week. If I file a return on a Wed, I always move the refund date to the next week, just incase it's not accepted until Thursday.

I have TP that is an attorney he settled a case for his client and he recieved a 1099 MISC, box 14 has the amount. How do I report this amount, somehow it's not following to schedule C, from the settlement he recieved, he paid out almost half to his client. I searched the IRS, but there is no real explanation on how to report. Thanks MAS

$200K Bond For Woman Who Shot Husband in Genitals Prosecutors: Woman shot husband in genitals on I-57 over taxes, affair OAK FOREST, Ill. (Sun-Times Media Wire) ― Click to enlarge 1 of 1 CBS An argument about taxes and an affair led a Country Club Hills woman to shoot her husband in the genitals as they fought on the shoulder of Interstate 57. Yolanda L. Morris-Sheegog, 53, was charged with aggravated battery and aggravated battery with a firearm, according to Illinois State Police District Chicago Sgt. Joe Donley and a State Trooper. The woman, of the 18000 block of Olympia Drive in County Club Hills, was ordered held Saturday on $200,000 bond, the Southtown Star is reporting. About 8:30 p.m. Thursday, Illinois State police responded to a man shot in a vehicle in a domestic-related incident on southbound on I-57 just north of 167th Street, according to Illinois State Police District Chicago Master Sgt. Joe Stangl. The vehicle, a red Chevrolet, was pulled over to the right side of the road when police arrived. There was no crash report made, and it did not appear the vehicle was involved in any crash before it pulled over, Stangl said. Police found a man, 56, shot in the leg, Stangl said. The 53-year-old woman was the only other person in the vehicle. Prosecutors allege the woman was riding with her husband in the vehicle when an argument began and she began to beat him with a phone book. As he tried to defend himself, the woman allegedly pulled out a gun and shot him, prosecutors said. The bullet went through his genitals and his right leg, they said. The man shot was taken to Advocate Christ Medical Center in Oak Lawn, according to Illinois State Police Trooper James Gawel, who did not know if the man suffered any other wounds or injuries. The right lane was closed for less than an hour during the incident, Stangl said. Illinois State Police could not confirm the nature of the relationship between the two. The woman's family declined to comment.

Thanks, one of my associates have recommeneded that I look into tenants in common (TIC) 1031 exchange, here is a link incase anyone is interested in learning more about a TIC 1031 exchange. https://www.1031cpas.com/1ten31Exchanges/3.50ten31ExchangeManual.htm#WhatIsATIC

Opps client fault, will have to wait for paper check, hopefully they are not in a rush to get it, but next time I bet they'll let you know they have closed or changed bank account. This has happened twice with my clients, both times called IRS and nothing that can be done at this point, in both cases the paper check took 3 to 4 months to arrive.

TP currently has a construction project (commercial/condos) worth around 1M, his mother is going to sell a rental property, they want to do a 1031 exchange on the sale of the rental property and use the 1031 exchange to buy a portion of the project. The money coming in from the sale will make the mother about 33% owner, I would like to know if this is possible? Also if this is possible, TP would have to report on his tax (related party transaction) return the 1031 exchange, for example he sold 300K of his project and he recieved 300K, so it would be wash? Any help would be greatly appreciated. Thanks MAS

Is there a way to batch print extensions?