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About JohnH

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    ATX Supreme Guru

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  1. I don't buy fireworks, but there are several fireworks vendors on the NC/SC border, not far south of Charlotte. They are all located within a mile of one another at the Interstate 77 exit for the Carowinds theme park. I'm told their selection is vast. Around holidays, there are hordes of cars at these places with people buying hundreds and even thousands of dollars worth of fireworks. Amazing.
  2. I'd rather walk someone through an I/A any day than fill out an 8283 (for example).
  3. Most people needing installment agreements aren't looking for savings. They're looking for sound financial guidance from their tax preparer whom they trust to guide them in dealing with an unexpected tax liability. They're often trying to dig out of a hole while avoiding borrowing from their credit card or a few other sources at incredibly high rates. For them, the I/A is a life saver, and at a very reasonable effective interest rate when compared to other choices they may have. ("effective interest rate" = the interest plus a FTP penalty combined). Plus, it doesn't affect their credit rec
  4. In the current climate I'd think the best course of action would be to wait for the assessment before requesting the IA. Getting the IA online in response to an assessment letter would be the most reliable method of confirming the IA has been set up.
  5. Maybe the real "art" is in their valuation method...
  6. My oddest current situation is a client who ignores my questions about virtual currency transactions, even though I've sent multiple emails. Makes me strongly suspect the answer is "yes". So he goes on extension until he replies.
  7. That sounds about right. In this case it’s no big deal. It’s my grandson’s return. Refund is about $400. Along with his Christmas present, I gave him the $400 in December and told him he can pay me back when the refund arrives. So technically it’s my refund being held up. Plus, whenever it arrives I’ll probably tell him to keep it (as long as he puts it in savings).
  8. I respect your judgement and am not criticizing your approach. However, if I were at this point I'd still turn the instructions for filing the report with the SBA over to the client with my recommendation that they take this to a lawyer. This may be a routine matter or it may be a time bomb. Wonder what your E&O insurer would advise? It might be worth asking them.
  9. I still have one paper-filed 2019 return that I prepared last Feb (2020) and the refund still hasn't shown up.
  10. Think it's time for him to consult a lawyer? Problems with the SBA are indeed scary, as one mis-step can spell big trouble. Personally, there's no way I'd get in the middle of that situation, now that the basic facts are known.
  11. Doesn't it depend upon sate law? I thought that was why it's important to know if you're in a "recourse" or "non-recourse" state with issues like this. Also, it's possible the borrower may have been "upside down" at the time the car was purchased due to an unpaid balance from a prior auto loan being rolled into the new loan (or more appropriately, piled onto the new loan). Next to divorce, auto financing is the biggest drain on personal net worth in this country, IMO.
  12. Look at the bright side. At least the SOL is running on all those returns sitting in trailers.
  13. Sound like a case of trying to turn lemonade into a lemon.
  14. I have always had the same DL# as well. It’s six digits long. In the intervening years, NC added another digit to all license numbers. Now, whenever I give my license number, the person almost always asks for the “last digit”. Sometime they even insist the number isn’t long enough, plus they don’t believe me when I tell them to add a “0” at the beginning. So I have to explain that I’m so old my DL number should be close to 0000001.
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