ILLMAS

I had a client once bring in an envelope that was probably soaked in a mixture of vick's vapor rub and vinegar, and the smell was unbearable, I had to make photo copies of everything and shredded everything.

I guess I missed the thread you are referring too, can some please post it. Thanks

one also

My favorite are clients are the ones that send their 1040-ES on a quarterly basis or the ones that know they owe taxes but have no problem writing a huge check

But isn't the Brookhaven office for OIC only? I think you now need to contact your local appeals office to get the ball rolling. http://www.irs.gov/Individuals/Appeal-a-rejected-OFFER-IN-COMPROMISE-%28OIC%29-Online-Self-Help-Tool-%28START%29

I just notice something odd with form 1116, if you enter information on the 1099 Div, then you click on form 1116 the page appears to be blank, but if you print out the form, the information appears, anyone else notice that? MAS

http://money.cnn.com/2014/04/02/pf/taxes/refund-lottery/

TP received an IRS notice letting them know they are eligible for EIC, however they are both over 65 and in prior years it has been disallowed, could this be an IRS mistake? MAS

Have you put in a date? Try using 12/31/13

This wil be husband and wife LLC, but here is more information I found out today. The TP's attorney set up the LLC's in this order: The XYZ Real Estate LLC - Main one - Federal number was applied for 1234 State St LLC - Property address of TP personal residence 1238 State St LLC - Rental property located on the same block 1245 State St LLC - Same as above ^^ The deeds of the three properties were changed to each LLC accordingly, so what I am getting from this is that on form 8825 I will only include the two rental properties, sort like having an LLC that is reported on Sch E? Any advice on how to deal with this will be greatly appreciated. Thanks MAS

This guy calls in to complain his VCR is flashing 12:00

I have a client that recently setup an LLC for his properties, this was advised by his attorneys for trust purposes, I finally received the paper work when the LLC was setup, here is my question: The properties are currently under Sch E., can I just create a copy of his tax return, import Form 1065 and move the assets to form 8825 instead of re-entering all the assets? Or do I have to start from scratch?

I am going on 4 years without setting up my cell phone voice mail system and I am happy to say I have disabled text messaging too. Although I have a separate number for texting, I limited my texting to a minimum. I hate texting and receiving text at any time of the day.

I think her doctor told her to drink a glass of red wine a day, but they didn't specify the size

In some countries they still corn and grass feed cows, in the U.S. now they have organic fed cows, which tends to be more expensive to maintain therefore the milk and meat cost more. My grandfather had cows, and he will tell us, you see that calf, that calf is yours and the next year we would visit his ranch and ask where is my cow, he would tell us, oh your calf drowned or it died of a snake bite.

TP is receiving imputed income for group medical and life insurance (1099, box 3 other income), and on last year tax return it appears on 21 and SE tax was calculated on the imputed income. I am confused, I have never encounter "other income" to be subject to SE tax before and wanted to see if someone else would know. Thanks MAS

WHAT $38K why did they quit?

How involved is their tax return?

So sorry, I was trying to type my question, while waiting for Muppets Most Wanted to start, it was a family night and I should not been working. Here is the deal, TP was trying to copy how the investment company works, and thought it was a good idea to create an investment company under his wife's name, once established he loan money from his IRA to buy rehab properties. The idea failed, and his wife's company ended loaning the money the other investment company. My concern is if the second loan even qualifies as a loan or a distribution since it was not used for the intended purpose. My mini family vacation starts, heading off to Chicago Field Museum

TP invested part of his IRA to purchase and rehab homes from an investment company, I have no issue with that, but this TP thought it would be easy for his wife open a corporation and for him to loan (was trying to copy investment co.) money to purchase and rehab homes for a profit. That didn't go well and ended using the money to buy building materials gave it to the first company he invested, he invested $60k at first, then he invested $40K in the wife's company, the 40k was used for materials. The legitimate investment company sold the property and the taxpayer recoup 100k and 19k in profits, how the heck do you account for this?

Just wanted to share this with QB users, Win 8 does not work with all versions of QB, for those still using outdated version, Win 8 is not for you or for me thanks to my clients. MAS

I didn't know they could be called 1031 exchanged for one vehicle, I always thought it was a trade-in and you would reduce the cost basis of the new vehicle by the trade-in value. Learned something new today. I have always used 4797 in the past.

Isn't 1031 exchange for automobile used when you have a fleet of trucks or like rental cars?

For the cheap folks out there using XP, Microsoft has a gift for you: http://money.cnn.com/2014/03/24/technology/windows-xp-upgrade/index.html?hpt=hp_t2