ILLMAS

https://www.nbcnews.com/news/us-news/fbi-agents-raid-home-ceo-connected-payroll-processing-fraud-n1055591

I would not take on the duty of being superwoman/man and let them obtain all the necessary information unless you have a retainer and you can deduct your fees as you go along.

Does your client have any copies of correspondence between the former preparer and the IRS?

I feel the same way when it comes to bringing in food for a work event, everybody brings in the cheapest/homemade plate, but when the company buys the food, people take advantage and over eats.

I don’t know if I will ever be a coffee drinker, please keep me in mind for when beer day comes. Thank you

Now mine looks boring compared to that one https://images.app.goo.gl/RbQrATCyqPLTQXxh9

What are your thoughts on this scenario: Person A was speaking to a colleague that is in the same industry about opening a business on his own, it so happens that the colleague formed an LLC (1065, no election to S status) a couple years ago that was never officially finalized. The business is incorporated, has a FEIN and a operating agreement with the other members and it is being kept in good standing by the attorney. The business was never opened because the other members just disappeared and never put in capital, the colleague offered to give him the LLC and to just change everything to A’s name etc..... A is seriously considering it since the LLC name fits perfectly for the industry he is in and he will also have business partners. For those that might have experience what are the pros and cons of accepting the freebie or any other advice. Thanks

How much would the person like to earn on house flipping for someone else = SE employment income.

Just thinking out loud, but reporting it as a sale of business asset, wouldn’t it put the taxpayer at a further tax burden?

TP was sole-proprietor for many years, in 2016 TP incorporated but forgot to change the FEIN on the merchant account and received an IRS notice that he didn't report $XX for 2017 and he paid the tax. In 2018, TP recieved the 1099-K which again reflects TP SS#, but the sales are from the corporation, at this point in time, you recommend to the TP to contact the merchant service and have them amend the 1099-K, or report the income on Sch C and create an expense "Will be reported on corporate tax return" for the same amount to zero out? Thanks

I am picturing a set of financial statements prepared under GAAP and I am imagining a disclosure like this: Partner A tax liability was calculated at 33% Partner B tax liability was calculated at 25% Etc... Each partner would able to know how much each partner personally makes or declares. ^^ This is probably the reason why we never see this on Partnership audited financial statements , FYI I am not a CPA and this is only an assumption.

If the call center was in Chicago, you’ll probably get a response like this “look at your last statement to get your account information” but probably in a meaner way

Does anybody know why ATX keeps on freezing when entering information on Sch B?

Accrual basis with fixed salaries, pretty much the payroll is the same every pay period, I would understand at December 31, 20XX making an accrual for being paid in a new.

Let’s say non-profit has a bimonthly payroll: 1–15 is paid 2-3 days later 16-end of month is also paid 2-3 days later For example pay period July 16-31 was paid on August 2, 2019, would you post an entry to reflect it in July? And do this for every month?

If you boil a funny bone, does it become a laughing stock? Thats humerus https://images.app.goo.gl/j2JJmJ8oAdZ6U1JJ8

Three little boys are talking about how great their father are, first boy says his father has super strength and can hit a baseball around the world, the second boy, says his father invented video games, the third boy says he has the best father because he works to 4pm but is his home by noon, with a puzzled look the other two boys asked, where does your father work? Boy responded: The government

Do they exist? I would be interested in buying a couple.

Here you go, you can probably crop out the bottom portion: https://www.chicago.gov/content/dam/city/depts/cdph/tobacco_alchohol_abuse/NoSmokingECigaretteSign4282014.pdf

I don’t know in what state you are in, but here in IL, especially the city of Chicago, smoking is not permitted within 15 feet of an entrance, I’ll look for a sign you can print professionally and place by your door.

I have a client that has not brought in their information since 2012, and they need their 2016 and 2017 corporate tax return to be prepared for a loan they are applying for, can I go ahead and skip 2012-2015 (screw retained earnings) and just prepare and file 2016 and 2017? I have never encounter this situation before.

Sounds good, just wanted to make sure I didn't have to breakdown the computation for future years for the IRS.

Just to double check, I have a TP that over reported about $18K in depreciation on a Sch E (prior preparer error $6K per year for 2015, 2016 & 2017), I prepared the necessary adjustment on paper, my question is, would I include the access deprecation on Sch E or line 21? Do I have to make a note that the TP would like to spread the amount over the four years on the workpaper that I will be submitting along with form 3115? Thanks Spread Periods for IRC 481(a) Adjustments A net positive IRC 481(a) adjustment increases income and is often referred to as a "government-favorable" adjustment. A net negative IRC 481(a) adjustment decreases income and may be referred to as a "taxpayer-favorable" adjustment. When a taxpayer uses the voluntary method change procedures or a regulation provision, it generally takes a net negative IRC 481(a) adjustment into account in the year of change. A taxpayer generally takes a net positive IRC 481(a) adjustment into account over four years (year of change and next three taxable years). See also IRM 4.11.6.6.4.1.

Wow, I was able to lose over +20 lbs by cutting out doughnuts , but thank you anyways.