ILLMAS

Gets your hands on a older version of QB, I have client that is still using 2010 version.

I kind of remember a story about a CPA firm that sent a voice to text message to a accounting department "Send the documents to the Feds" and it was transcribed as "Sent the documents to shreds", I think they are no longer in business.

Have you asked if the production goals are duties under his/her supervisor roll?

TP developed land and many years later the county reassigned a new address, is there special form to let the IRS know the rental property address changed or would it be okay to just to change it and continue as is? Thanks

Do you think businesses should sue their banks because they only focused on their large clients and could not help their smaller clients (+ PPP money ran out)?

I would not ever come back from lunch

Funny, when a client comments about how much they pay in credit card processing fees, I normally remind them that is part of the cost of doing business but I rarely share that I also have cost of doing business.

I believe police and correction officer in my city feel the same way as the agents.

I am reviewing a prior year tax return and the prior preparer used Sch C for some miscellaneous expenses and home office use for the partner, zero income. Partner uses home to do office work and to fulfill online order to be shipped, first time seeing something like and just want to make sure this is allowable, I will be amending the partners tax return for changes in the K-1. Thanks

That will be me next week but in a Speedo

Not In NY but I have had two clients recently handled back sales taxes themselves for IL, both are on payment plans.

How I listed in the scenario is exactly as it appears on the bill of sale, the widgets just has that note. I am representing the buyer and the prior preparer did not prepare the form, I am redoing the books for the prior tax year since the client records needs major cleanup.

Scenario TP bought an established business for $10K, bill of sale states the following: Widgets $25K estimated retail value of inventory Furniture & Equipment $10K Total sales price $10K So the TP paid $10K for a business that is worth $35K, how does one account for the $25K? Thanks

Funny how people who receive more usually don't complain.

How can a person be dead according to the IRS but everything is fine with SSA and was billed for a paper return the TP submitted? And they were able to open a id.me account too. Potential client wanted for me to resolve the issue but didn't like my price.

Send your client one of many IRS vs real estate professionals cases

Our state revamp their computer system back in 2008 or 2009 and people were receiving tax bills from the 90’s. They received so much backlash they had to waive penalties and interest.

Business has no books, business bank account is intermingled with personal expenses and I can go on and on and no personal tax return has been filed for over 5 years. Would you recommend just making the election for 2021 and reporting prior years on Sch C?

New client has not filed since 2016 (business and personal), what are the chances the IRS will accept a super late S-Corp election? FYI there is reasonable cause, but I am afraid it's been too many years. Thanks

No sadly

Scenario: TP was let go in 2016 and sued their former employer for discrimination and won, former employer paid the following in 2018: Back wages $70,000 on a W2 Non-wages $69,000 on a 1099 Legal Fee $70,000 paid to attorney + $20,000 paid out of pocket = $90,000 Legal Expenses (Pub 529) Legal expenses that you incur in attempting to produce or collect taxable income or that you pay in connection with the determination, collection, or refund of any tax are miscellaneous itemized deductions and are no longer deductible. You can deduct legal expenses that are related to doing or keeping your job, such as those you paid to defend yourself against criminal charges arising out of your trade or business Can the legal fees paid in 2018 be deductible based on the scenario and what is on publication 529? Thanks

What happens if the operating agreement allows for uneven distributions?

Can you just elect not to populate the BS if under the threshold?