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4506 INFO NEEDED


BLACK BART

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I need client's detailed depreciation schedule from 2017 to figure 2018 depreciation.  I have 2017 taxpayer's copy, but it only has the one figure for depreciation on schedule C; no other schedules included. They started a new business, bought equipment in 2017, and I don't know if 179, bonus, regular, or combination of all was taken (they don't have any purchase records). Tried contacting previous preparer: fly-by-night operators, closed up, left the the state, no forwarding address/phone.  Transcripts won't do any good, so I thought of filing a 4506 requesting the entire tax return.  Downside, it costs $50.

Question one: When a return is originally sent to IRS, does the detailed depreciation schedule we prepare go in along with the 4562 or not? (If not, no point in ordering.)

Question two: If it does go in, will it be included in the 4506 copy sent to us?

Question three: What's the approximate wait time for turnaround? (I once read that IRS said several weeks, but nowadays, who knows? It could be several months.)

I've ordered transcripts many times but never a full copy. Anybody else tried it?

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Not sure about the answers to your specific questions, but how about starting with the 4562?   Was there one included with the return?   It should have been.   Since the business started in 2017, and if the form is filled out, it will show you the assets purchased and available for 179, as well as the breakout of the totals for 3 year, 5 year, 7 year etc.

Next, I would ask for the financials for the company for 2017.   It might be easier to recreate a return from the original documents (I bet you find errors that can get you an amended fee) than to try and use the limited information you have on the originally prepared return.  

That is just how I would approach it.

Tom
Modesto, CA

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My experience is that  1. sometimes they can't locate the return, in which case they will refund your money; 2. they may send the copy but some pages are missing, or some are illegibe.

Their instructions state the it will be sent within 75 days.  Don't count on it, especially now.  

AAs far as non-form pages - depreciation reports - I am pretty sure that anything filed with the return will get run trhough the copier.  So, if time is not of the essence, it is probably the way to go.   If that doesn't work out, you can always fall back on reconstructing it.  

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On 6/6/2019 at 9:19 AM, BLACK BART said:

Okay, thanks for the input, guys.  I've got the time to wait but don't think this customer would.  So, all things considered; think I'll try to reconstruct.  Appreciate your thoughts.

I make it a practice to review any open year tax return of a new client.  That includes reviewing the information used to prepare schedule C, E or F and related depreciation which has resulted in a number of 1040X's.

For this  fly-by-night prepared return you might dig up some treasures or unearth some land mines.

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