ILLMAS

How easily would it be to inquire about a 10+ year outstanding balance with the IRS? Last time I prepared TP return was in 2005 or 2006 and there was a balance that never was paid, TP would now like to pay it with all the accumulated penalties and interest, should I call the tax practitioner line or the collections department directly?

If you have a Samsclub in your area, you could buy a good one for a cheaper price then Best Buy or Office Max.

Would you suggest this to another tax preparer? TP received an incorrect amount 1099, the issuer requested I speak to his accountant, which I did, the accountant suggested I prepare the return with the corrected amount and to write-in a note to the IRS to clear up the discrepancies. Sounds very easy on his part, but wouldn't a corrected 1099 be the proper solution or does the IRS really accept notes?

I cannot wait to start paying for luxuries I use to enjoy for free (parks, highway, street lighting, public shools etc...)

One of my friend consulted with me, I told him I was not aware an audit can be triggered by M1, M2 & M3 items solely and that I would ask around. The return was triggered by other reason from prior years related to expenses.

Does anyone know if the IRS picks a return for audit based on items on M1 & M3?

There are a ton of how to fire client video on YouTube, I was just watching a video and the presenter encourages accountants to bill for the 5 min call why: You can't do other work because your attention is on them Billing them will probably reduce calls from demanding clients @SaraEA don't stress yourself out

I know someone that knows someone that used students loan monies to shop at Victoria Secrets and coach.

Has this happened to anyone? A man goes to see his doctor to complain about some knee pain he's been having, the doctor tells the him, your left knee hurts because of age, the man replies, BS my right knee is the same age as the left knee

https://cpawilmingtonnc.org/cancelled-debt-cpa-discusses-tax-consequences-of-student-loan-forgiveness-cancellation-and-discharge-insolvency-form-982-and-form-1099-c-from-92-instructions-form-1099-c-instructions/

I don't think the problem are your fees, the problem sounds like he does not have the money to pay tax liability, I would offer to prepare all of them and to send in a payment once the refunds come in for 2014 tax liability.

Have you heard the joke about the interesting tax accountant? A couple was getting divorce and they both agreed who ever gets more money from the divorce gets to keep the kids, the attorney now has two additional kids.

I agree, when I take on a new client, I always ask if the prior accountant has been paid before I start requesting information from them.

Would you warn the next accountant about a habitual late paying client they'll be dealing with?

Loss on sale which reduced retained earnings.

Corp A, B & C are part of a control group, Corp A has the following on their books: Building Cost: 1M A/D 100K Adjusted basis of $900K Corp A, then reassigns the building to Corp B for no consideration, let's say the FMV of the building was 1.5M, my question is how would I remove building from the books of Corp A? Corp A books D C ?????????? Building 1M A/D 100K What would be my offset account if no cash was received from Corp B? Retained earnings?

Random call today, I was referred to you by bla bla, next year I would like to do my return separate from my spouse to get more money, what do you recommend? MAS: A divorce

in my head I was thinking it should be a straight 15% tax rate on the $24,500. Sorry friends.

Can someone double check these figures for me: Single TP Capital gain only in 2016 Cost $500 purchased on 01/01/04 Sold $25,000 on 07/01/16 Long Term $6,300 stardard deduction $4,050 Exemption AGI $24,500 ATX is not calculating capital gains on the $24,500, anyone? Thanks

Darn windows update

Do you think this is a trick question? I know you are busy but please call me, I have a question about my taxes. FYI I've been waiting for the documents since February

Never mind, just remember you can't for the longest of time.

Why can we no longer efile 1120-H? Or I'm I using the wrong form to efile 8879-C?