ILLMAS

I usually fax it directly to the agent on the spot, I get what I need and if later on I need to call again, they usually forward the POA on your behalf.

Thanks, but how about penalties for filing late trust returns?

TP has been reporting rental income and expenses on their personal taxes for a past couple of years, however they recently found out the rental property should of been reported on a trust return and TP as a beneficiary, what kind of problems can arise from amending the individual return and reporting it on trust return? Mostly interested on the trust side.

Most likely the external auditors are looking at it more of the organization acting as a fiscal agent, you mention it appears under the liabilities and therefore it appears as a liability of the organization when its not. If it's being questioned by the board, you might want to ask the external auditors about it.

Unfortunately, I have not seen a specific IRS code on it, however it's a common practice with p'd off landlords around the country and the only IRS backlash I have read about is when using 1099-C (designated for banks, lenders etc....) for unpaid rent, so forget issuing a 1099-C.

Maybe I am comparing apples to oranges, but when someone wins a radio contest, let's say a vacation, mostly likely the individual will receive a 1099 "other income" with the FMV of the vacation package, no exchange of money but received a benefit from it. I am seeing the tenant received a FMV rent valued at X amount for free?

Or a 1099-C is another option for the unpaid rent.

1099 to the tenant at a minimum for free rent and relocation, TP would have to report the free rent as income also, I only see the legal fees and relocation cost a deductible, and he gets no benefit on the free rent, net effect is zero.

I was wondering if someone might have experience with this situation before, TP recieved a 1099-R with Code J, according to her broker, she is only responsible for taxes on access of her principal contribution. Back in 2007, she rolled over $25K and in 2016 she withdrew a total amount of $30K, she has had it more then 5-years, was not used for tuition, first time home buying, medical etc.... I am not sure if this is correct since I have not been able to find anything on it and that is why I am asking. Thanks

I gave the amount to client to give to their closing attorney to forward to the title company but you are abosulety correct, how the hell will they know the amount.

I am not from NV, however I did have a former client that incorporated in the state with the notion their business will not be paying taxes. Like any business they are required to pay taxes with the exception of corporate income tax for the state. https://www.nolo.com/legal-encyclopedia/you-wont-save-taxes-incorporating-in-nevada.html

Thanks, it's pretty much like sending out an estimated tax payment, I think my client will probably now prefer mailing out the check. MAS

Title company was supposed to wire/send out the estimated tax due on the gain, they forgot and gave my client the full check, they called me asked if I can process it for them, my question is would I have to set them up via EFTPS or can I simply prepare a 1040-ES voucher and mail the payment? Thanks

Or this one:

Use this script: https://youtu.be/IDSEEzaJXEQ

I have a new tablet I'm using and I don't know how to cut and paste yet, but look at 2016 1120 instructions page 3, when to file and form 7004 instructions automatic 6-month extension.

I was just told 1120 new due date isn't effective until 2025, is this correct? I thought it was effective this year and extension allowed to be filed until 10-15-17.

Here are another two quotes I sometimes read out loud: I have more choices, including no. I will not apologize for saying no.

Send something like this better: "Thank you for the feedback, but this decision is final. " Like most people we see No as a maybe, using a script like this closes the door for a Yes. This script sets clear expectations and finalizes the relationship in a professional but firm manner. I’ve only had to use a form of this script a handful of times but with particularly “bad” clients it can be justified. ^^^ Source: http://www.nicholasreese.com/problem-client-scripts/

I think we are just as guilty as them, a simple "sorry I'm late" usually solves the problem and we bite your tongue and do everything to "help" our client avoid penalties, don't you agree? Rant: FYI our clients will never respect us, never if we don't make them become accountable, some clients are okay with paying us a late fee, they don't have problem paying the IRS a late fee, however everything becomes okay and they are ready come in late next year. Sometimes letting go of clients is what the doctor ordered. Rant over!

Now this is a real life sad story:

I get an average of 6 to 10 calls a day since April or May of this year, I uploaded a message they left me. voicemsg.wav

I believe one of my associates fell for this scam for the second time, he called the number and was charged $400+ to fix his computer, they did such a good job that left some tracking software on his computer.

I hope you charge extra for going through all that work, unfortunately I will be forced to do so.

Finished a 990EZ, didn't realize I was using the wrong form, Income was over $200K.