ILLMAS

Speaking of loan sharks imagine seeing a full year of bank statements and $95 coming out of the account M-F, except on holidays.

Just got of the phone with the IRS, everything is fine, agent said notices are generated automatically etc....

That's what I figured, thanks

I am going to call the IRS tomorrow.

Yes, typo $5k, not $4K, sorry.

I am confused, TP owed $1,593 of SRP + $5,000 of SE Tax totaling $6,593, he had withholdings of $1K and made $4K in estimated tax payment leaving him with a balance of $593 which was paid by April 15, 2017, today he received a SRP bill for $1,593 which has been paid already, I am miss learning something? Basically my client is paying twice he send the payment, anyone else believe the letter was sent in error?

Good luck.

What's happening is the employer is submitting the direct deposit on Friday which usually takes 2 to 3 business days, the ideal thing to do is to process the payroll for direct deposit by Tuesday or Wednesday prior to Friday pay date. Since we are on the subject of direct deposit, a client of mine employee told him, if he didn't pay him via direct deposit, the bank was going to freeze his account, my client called me all scared and asked me what can we do, I told him more then likely this is a lie and have your employees' bank call me. This was about 5 months ago and I am still waiting for them to call me.

Foreign doctors usually have no money issue, I think $200 or $500 is chump change to them.

I should become one, I prepare 2 or 4 a year, however I prefer for the IRS to review the documents and say yes or no. Another reason why I stay away from becoming a notory public.

They probably want to incorporate him in Nevada, I once had a client come in and give a story about being incorporated in NV. http://www.physicianspractice.com/blog/common-llc-myths-continue-harm-doctors

More likely the investors will be receiving a K-1 with amounts on interest and rental income lines.

Thank you

Billy has 32 candy bars, he eats 28. What does he have now?

My friends client can't find their IRS FEIN letter nor the actual number written anywhere in their documents, without knowing the number is there a way to obtain it from the IRS? Thanks

A lady walks into a store and steals $100 from the cash register, later on during the day she walks back in and buys $70 worth of merchandise, pays with the $100 she had previously stolen and the owner gives her $30 in change. How much did the store lose? A 30 B 70 C 100 D 130 E 170 F 200

I requested a 6 month extension on behalf of my client on May 15, 2017 for a fiscal year ending 12/31/16, today I received a from the board to request a second extension, my question wasn't the request for the 2nd extension removed a while back and it's now 6-months? Thanks MAS

I once had a persistent client that was a personal driver (limo type) and our city requires a special tax to be collected if you come into the city. He was a couple of months behind and was hounding me, showing up to my office without an appointment, finally I told him, I have never prepared a return for limo drivers but if you really need it, it's going to cost you more then what you earn in a month.

Here is picture of yesterday's sunset, hope you enjoy it friends. MAS

You are absolutely correct, this was only a hypothetical question.

Let's say a married couple has a land lot worth about $100K, they decide to sell it to one of their children instead of gifting it, they sell it for $20K so they can build their personal home in the future. If the children wanted to pay the tax on $80K (to be at par with the FMV), where would they report it? Sch D?

Oh man, let the attorneys file it and just sit back and watch.

Our local 7-11 are going to be crying for customer today, we had major flooding in many area around the Chicago and neighboring suburbs. http://www.fox32chicago.com/

Thanks, I submitted the extension and it was approved.

Hopefully someone with experience on trust can help me with this question I have, according to the FEIN letter (IRS SS-4 acceptance letter) the form 1041 is due by 4-15-17, however the trust return fiscal year starts on 04/04/16 to 03/31/17 which the due date should be 7-15-17, does this sound correct? Also, I if I want to submit an extension and the due date on the letter is 4-15-17, would the extension be rejected? Thanks