ILLMAS

All the young whipper snappers are becoming real estate agents and make more then u$ without the stress

@JRS you are correct it was the FTB, I just got off the phone with the department and in my case the client is subject to the franchise tax for two reasons: 1. Hired a CA employee 2. One of the officer is a resident of CA Here is something to pass on to your friend: https://www.ftb.ca.gov/forms/misc/689.pdf

For those that know employment and income tax laws, a client of mine temporarily hired an employee that lived in CA, but worked for a corporation in IL, the employee requested for CA withholding and the employer went ahead and registered with EDD back in 2014 to submit payroll quarterly filings etc... Fast forward to 2017, my client received a call from the CA Department of Revenue letting them know they need to file a state corporate tax return because they registered with the state, my client disagreed and informed them they had no business in CA and only hired an employee for a couple of weeks. Would hiring employee in CA be a cause to have to file a state corporate tax return? Supposedly the agent said yes even though they had no sales in CA.

+1 I also had a person bickering about how much taxes they had to pay and this is BS and they are an employee and so on, I said fine, I'll prepare a special form to let the IRS know what's going and you might lose your job..... The person had no problem paying the tax.

Thanks everyone, lets say my gut feeling was wrong and the person intentions are good, but there is something else that threw me off, they mention that had taken off a specific day the following week and they wanted to come in and see me, but when I told them I could not accommodate them on that specific day, to my surprise they didn't counter offer another date they could come in.

Did I say the right thing? Yesterday someone called to see if can I prepare their 2016, they have prepared their return using TT in the past but were stuck when it can to depreciation. The person didn't understand how it work, the benefit, how to set it up in TT etc..., they asked if I prepared their 2016 and if I can give them a depreciation report so they can use it for future years, I responded by saying if you are just looking for someone to explain depreciation and give the tools to prepared it yourself next year then I will not be interested in preparing your tax return. They said that was not their intentions but then there is the gut feeling.

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