ILLMAS

Oy vey, it sounds like TP is in an industry that you need to keep people happy if you want work. TP gave a couple of gifts ranging from $25 to $1,500 and did not provide a 1099, TP is under the microscope for another business he owned a couple of years ago, would it be wise not to deduct the gifts and just pay the tax since he did not comply with the gift requirement? Thanks MAS

He should just buy it and use it if it makes him feel better but I don't think it's ordinary or necessary for a business deduction. But it's a good question.

Client faxed over a CB148B yesterday, no one has requested a change of business address, but I did notice the street name was missing some letters, maybe it was a computer glitch???? I just prepared a 8822-B using what the IRS has on file now as the old mailing address, and used the complete spelling on new address.

TP borrowed close to $225K from his C-corp business, I really see it impossible for the TP to pay it back, TP bought two personal properties with that money, what options would you recommend? 1. Pay it back and pay the corp interest (my first choice) 2. Reclassify the loan as wages to TP 3. Report as dividends (first year the business has had a huge profit) 4. Let the corporation pay income tax on the $225k Or what you recommend to the TP. Thanks MAS

Openoffice is like excel and word, I have used it before.

Thanks, I will download and give it a try. MAS

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