ILLMAS

Can someone recommend a good online tax calculator that I can have my client use to keep track of their taxable income (sale of stock, annuities, etc...) during the year or even an excel file. Thanks MAS

More details on the type of building, multi-unit, commercial, or single family home.

I'll share this with you, a non-profit agency had a signed agreement with donor to specific work (restricted grant) they were suppose to do and accomplish by a certain date., By the time it came to submit the report to the donor, the agency found out they had double dipped on salaries from other grants therefore did not use up all the monies from this restricted grant. The agency notified the donor and in their letter mentioned that maybe they can donate the unused monies for their general and operating account instead of returning back, the donor said no and requested the unused money back. So I would recommend notifying the donors and suggest their money can still help out the organization in other ways. MAS

​This is so true, it's happening here in Chicago too, before I would get a client payment the next day, now it takes about a week, bummer.

Great, thank you. MAS

I have a question for those that have experience preparing sale and use tax for rental properties in FL, does this apply only to commercial rental properties, or both commercial and residential? Thanks MAS

http://www.irs.gov/Tax-Professionals/Registered-Tax-Return-Preparer-Test-Refunds

Supposedly the IRS is going to refund the RTRP fee, had anybody signed up?

Has anyone here ever charged a contingent fee for saving a TP taxes on a proposed IRS audit adjustment? Do you let the client know in the engagement letter upfront of the contingent fee or is it decided after you have closed the case? Thanks

Check to see if your computer is waiting to do a critical update, go to shut down and if you see a !, due a complete shut down and let PC do the updates.

Try calling close to 7pm (central time)

I'm back, I could not remember which gmail account I used back in 2008

I am going on 5 months without payment, but I stopped doing their payroll in March 2015.

This is what I dislike about payroll, when a client does not pay your fees and you are forced to discontinue services for non-payment.

This is odd, the your bank is not going to accept a IRS refund direct deposit, if it bounces it bounces back to the IRS, the IRS is the one who sends out the replacement check not the bank. The scam might be once you cash it, then they have you on the hook or something.

As a preparer, have you ever turned away a cash earning TP because of the EIC due diligence? MAS

Congrats on your retirement

I just remember this, the IRS makes mistake sometimes that be favorable to a TP, I amended a 2009 tax return with $3K balance due in 2012, the TP was holding on to it and didn't send in until September 2013, a couple of months later TP received an IRS letter letting her know she was not going to get her $3K refund because it was more than three years. TP called me to let me know about the notice, I reviewed it and indeed the IRS converted a balance due into a refund, told TP the IRS made a mistake and you still will owe them, spoke with agent, the agent verified the tax return and according to the records the TP indeed owed the $3K, it's been almost two years and the IRS has not contacted the TP, but I do remind her every year, be prepared when bill finally arrives. MAS

Yes, under the efile tab in ATX, highlight TP and go to e-file, click on display selected e-file acknowledgment history

I would just file it and make no promise to the TP, if they get it, perfect and if not, too bad. MAS

Those were the words I used not to get stressed out this tax season, last year a couple of last minute TP twisted my arm to get their return done on time, not this year baby

TP has the option to receive a cash payment or a trip, she always goes for the trip, the trip is based on her sales (TP is self-employed) is this a line 21 or a Sch C transaction? Thanks MAS

During the past week I told about 10 clients to stop by today between 10am and 1pm to pick up their tax return, 9 of them showed up between 9:45-10:30am, first time this has happened, I still have returns from clients that were supposed to stop by three weeks ago.

TP included his son in their policy, TP received PTC, son is not a dependent of the parents, here is my question, do I need to request a copy of the son tax return to reconcile the PTC credit? I am afraid the TP might forgotten that the son had income and was not disclosed when they applied for ACA. MAS

TP idea, since they couldn't remember if it was added to their wages back then. I am okay with the zero basis. Thanks