ILLMAS

Try talking to someone at the tax practitioner hotline better.

Here is some good reading labor economics, maybe you can lecture us after reading this: http://en.wikipedia.org/wiki/Labour_economics http://economics.mit.edu/files/4689 http://www.hks.harvard.edu/fs/gborjas/publications/books/LE/LEMath.pdf http://www.econ.ucsb.edu/~pjkuhn/Ec250A/Class%20Notes/A_StaticLS.pdf

Report someone to the IRS for fun and money Who are the IRS’s favorite superheroes? The X-Men. The IRS loves to hear from ex-spouses, ex-business partners and ex-employees about taxpayers who may not have fully met their federal tax obligations. The IRS even has official “Whistleblower” programs that reward people for dropping a dime on their follow taxpayers. The IRS Whistleblower Office pays money to people who blow the whistle on persons who fail to pay the tax that they owe. If the IRS uses information provided by the whistleblower, it can award the whistleblower up to thirty percent of the additional tax, penalty and other amounts it collects. The IRS only pays awards to people who provide specific and credible information to the IRS and the information results in the collection of taxes, penalties and interest from the target taxpayer. Internal Revenue Code IRC Section 7623(b ) provides for two types of awards. If the taxes, penalties, interest and other amounts in dispute exceed two million dollars, and a few other qualifications are met, the IRS will pay fifteen percent to thirty percent of the amount collected. If the case deals with an individual, his or her annual gross income must be more than two hundred thousand dollars. The IRS has another award program for whistleblowers who do not meet these income thresholds. The awards through this program are less, with a maximum award of fifteen percent up to ten million dollars. If you decide to submit information and seek an award for doing so, use IRS Form 211. The same form is used for both award programs. However, anyone thinking about submitting information under the Whistleblower programs will want to consult with a qualified tax attorney for two main reasons. The first reason is that a qualified tax attorney can make sure that the Whileblower will not be subject to blow back from their whisleblowing activities. Many “exes” may be jointly liable for the very taxes that they are providing the IRS information about. Most clear thinking people would not want to engage in the tax equivalent of a murder suicide pact. A qualified tax attorney would also help in guiding the whistleblower through the procedural steps of the whistleblower program. Also, do not think that the Whistleblower programs are a way to get rich quickly. In a 2010 GAO report to Congress on the program, the IRS said whistleblowers are told that completing a claim could take five to seven years and sometimes longer. Of course most whistleblowers are motivated by “doing the right thing” and not by revenge on someone who wronged them. On the other hand, the Whistleblower programs are a reminder that you should not play fast and loose with federal tax rules, especially if there are others around who can drop a dime on you later. Information is the most valuable commodity; don’t give it away to someone who can use it against you later. http://www.rhlaw.com/blog/irs-whistleblower/

https://i.chzbgr.com/maxW500/6866390272/h043ADC0F/

The only thing I can suggest is to really get to bottom of it, I would be very concerned if it happened to me. MAS p.s I am on my way to Wisconsin Dells, in case anyone wants to stop by and talk taxes.

Can he call his broker and have it traced? I had the opposite case happened, TP insisted they never took out their IRA, TP was right, it was the parent that took out and she was taxed.

The bride must be pissed, took away all the spotlight on her special day.

What does a Tax Accountant do to liven up the office party?

It's only been two weeks since the IRS Nationwide Forum in Chicago, unfortunately I don't remember all the details, but from what I remember, if an unenrolled preparer files a Form 2848 or other forms governed by Circular 230, then that preparer is subject to Circular 230. Jack, maybe you might remember some of the examples. MAS

I used to use House Wife, but with so many things becoming politically incorrect after the dot com boom, I now use Home Maker, but there is a reason why the IRS would like to know your occupation: http://www.irs.gov/pub/irs-soi/09resonknowtax.pdf

What occupation do you use when you have a non-working spouse? I want to see what others are putting before I say what I used to use and what I use now. MAS

Check out this guys skills, this is the guy to bring in the tax customers. <iframe width="640" height="360" src="http://www.liveleak.com/ll_embed?f=5e6353fb3180" frameborder="0" allowfullscreen></iframe>

New! Annual Filing Season Program This new program aims to recognize the efforts of non-credentialed return preparers who aspire to a higher level of professionalism. Meet the requirements by obtaining 18 hours of continuing education, including a six hour federal tax law refresher course with test, and you will receive an Annual Filing Season Program – Record of Completion from the IRS. AFSP participants will also be included in a public database of return preparers scheduled to launch on the IRS website by January 2015. The Directory of Federal Tax Return Preparers with Credentials and Select Qualifications will include the name, city, state, zip code, and credentials of all attorneys, CPAs, enrolled agents, enrolled retirement plan agents and enrolled actuaries with a valid PTIN, as well as all AFSP – Record of Completion holders. Review the general requirements for the AFSP – Record of Completion I passed the Registered Tax Return Preparer test! What about me? Anyone who passed the Registered Tax Return Preparer test offered between November 2011 and January 2013 only needs to meet their original 15 hour continuing education requirement each year to obtain an AFSP – Record of Completion. Those who passed the RTRP test and certain other recognized national and state tests are exempt from the six hour federal tax law refresher course with test. Review the reduced requirements for exempt individuals for the AFSP – Record of Completion Do I have to get an Annual Filing Season Program – Record of Completion? No, it's voluntary. Anyone with a preparer tax identification number (PTIN) can prepare tax returns for compensation, but continuing education is encouraged for all tax return preparers. What are the benefits of getting an AFSP – Record of Completion? In addition to being included in the new public directory of tax return preparers launching in 2015, the AFSP – Record of Completion differentiates you in the marketplace. The IRS intends to launch a public education campaign in 2015 encouraging taxpayers to select return preparers carefully and seek those with professional credentials or other select qualifications. Also, beginning in 2016, there will be changes to the representation rights of return preparers. Attorneys, CPAs, and enrolled agents will continue to be the only tax professionals with unlimited representation rights, meaning they can represent their clients on any matters including audits, payment/collection issues, and appeals. AFSP participants will have limited representation rights, meaning they can represent clients whose returns they prepared and signed, but only before revenue agents, customer service representatives, and similar IRS employees, including the Taxpayer Advocate Service. PTIN holders without an AFSP – Record of Completion or other professional credential will only be permitted to prepare tax returns. They will not be allowed to represent clients before the IRS. More Information IR-2014-75, June 26, 2014 -- New IRS Filing Season Program Unveiled for Tax Return Preparers FS-2014-8, IRS Unveils Filing Season Program for Tax Return Preparers, Answers Frequently Asked Questions Revenue Procedure 2014-42

I don't know how gas station accounting works, but can the COGS be estimated by the amount of sales tax paid?

I was caught off guard with a questions this morning, TP family member would like to invest some money in the TP LLC, however they wish not to become a shareholder, how would one account for the investment? Additional paid in capital??? And when would the investor start seeing returns on their investment? When the business sells?? Thanks MAS

For those that don't follow soccer, yesterday's game was a blow out and a World Cup record, ouch!!

The rents are competetive to other locations in the area.

Yes that was one of the topic discussed at the nationwide IRS tax forum, also the refund cannot be directed to the preparers account. MAS

No more pre-tax premiums for individual insurance policies? Stinson Leonard Street LLP Angela M. Bohmann USA October 10 2013 Author page » Over the years we have seen some employers, particularly small employers, choose to provide health coverage to their employees by paying all or part of the premium for individual insurance policies that the employees have obtained. Under an old IRS revenue ruling, Rev. Rul. 61-146, that type of premium subsidy could be provided on a pre-tax basis so long as the employer either paid the insurance company directly or reimbursed the employee for the cost of the coverage. Some employers have been considering that model for providing coverage to employees under the Affordable Care Act (“ACA”). Employers were hoping that by providing funds to employees to purchase coverage on the individual market, the employer could avoid the penalty for failure to offer coverage while limiting the employer’s cost. In recently issued guidance, the IRS and the Department of Labor have essentially said no to this alternative. Source: http://www.lexology.com/library/detail.aspx?g=1c3010c3-033f-4421-9749-d67e43140961

Have you been notified by the IRS it was late and why it was late? Be patient the IRS will let you know once they get to it, happened to a client of mine.

Double click on line 7, then click on Ln 7 - Wages, you might find something was added back to Line 7 for example misc income,excess reimbursement etc...

What is the difference for tax purposes, TP has multiple commercial building, the first building the tenant has not paid the rent for a while, but the TP has to maintain the building and pay other operating expenses, the eviction process is taking long, can the TP deduct the expenses even though there is no rent collected? Second building, TP has been trying to rent another building for the past years, no one is willing to pay the rent asked, the maintenance cost of the building is high, the property has always been available for rent (for profit purposes) and the TP in constantly showing it, can he deduct the repairs and depreciation? Thanks

First day of conference down, two more days to go.

AICPA, expect to pay hourly rates similar to attorneys.

This a perfect opportunity for those that love playing Cricket or knows how the sport works.