ILLMAS

Does anyone else see it kind of odd that an IRS auditor is requesting a quickbooks backup for the first visit? I am wondering what type of fishing expedition they are going to be doing.

Even if do our due diligence on EITC, we are not 100% sure if the client is telling the truth.

I can't remember when was the last time I had a refund.

Have you considered mailing back their documents with a little note explaining the problem and wish them well!

I looked up the printer you bought and it has great reviews.

Thanks, I was able to find one from the AICPA, it's for my associate, his engagement letter is like from 20 years ago.

Can someone share an engagement sample letter for an IRS audit. Thanks MAS

FYI TP has been referred to an attorney.

For your enjoyment:

I was a teenager back in 1992 and now have read the full story about the coffee lady, but if water boils at 100 degrees, wouldn't the water evaporate at anything above 100? For anyone that drinks coffee, when the coffee pot is on the warmer, is it bubbling?

http://www.cnbc.com/2016/05/02/starbucks-sued-for-filling-cold-drinks-with-too-much-ice.html

I have a TP that is non-resident, he does not live in the U.S. and his entry into the U.S. is for work related. He does own a rental property and declares it on his 1040NR, however he had interest income over $1,500, would he still have to fill out FBAR? I thought when one was a non resident you don't have to disclose your world wide income (including foreign bank accounts)

This story reminds me of the lady who didn't know McDonalds coffee was hot.

Can a husband or wife exclude each other in a will if there is properties involved? For example, Jane with her husband co-owned various rental properties, Jane passes away and in the will Jane leaves everything to her adult children and nothing to the husband.

Please have your mom watch this video: http://www.wrdw.com/home/headlines/12-OYS-Victim-of-tax-ID-theft-scammers-alerted-by-IRS-letter-294908731.html

I don't when was the last time I opened an email from someone I don't know, I have over 1000 emails in my inbox unread, mabye Mr. Chabo has also contacted me.

TP daycare union covers part of her health insurance and issue her a 1099 with the amount of box 7, however it's reported on line 21 as other income. IRS sent her a notice that the amount was non-employee compensation and is subject to SE taxes, can a quick phone resolve this issue?

Has anyone recommended to their client to call themselves and get back to you?

These letters are complimitary of the IRS, if your client was to call the number on the letter they say it was a mistake and that letters are sent out automatically.

Here is the partners capital account info: Beginning capital $-40,000 Capital Contributed during year $100,000 Current year decrease $-20,000 Withdrawal & Distributions $ -5,000 Ending capital $ 35,000 I know if the capital account end in negative it actually positive if I am not mistaking, in this case it's negative.

Thanks, they are going to fax over the k-1, will respond as soon as I get it. MAS

I am helping a fellow tax preparer with an issue she is encountering, her client closed the partnership (final return) and had a loss of $20K, the TP personal income was over $200K, I know the loss is limited to zero if the loss was from passive activity, but in this case it wasn't, the business is a consulting firm. Sorry for the last minute question, I am trying to think would cause for the loss to be limited to $3K only, anyone? Is it because it's a final K-1? Thanks

Happy birthday KC, enjoy your day!!

What happened to your client is so common, I had another client apply, they sent him his insurance card, received a letter stating they hadn't received his payment, sent another payment, a couple of months later same letter, ACA peeps told him they would resolve it, weeks later they drop him Who's fault was it?

TP brought in two 1099's and clearly across the form the it says "THIS FORM IS NOT REQUIRED FOR YOUR 2015 TAXES", but there was some federal withholdings, what part of the forms do I need to account for?