schirallicpa

I have worked for larger corporations in the past and their ability to set up reserves and manipulate figures was one of my reasons of getting out of big corp. I find it absolutely unethical that the corps that forgave the debt 4 or 5 years ago can control when it is reported. I feel a letter to my senator coming on.............................

Always. I charge more to do a partnership or corp return, and I make sure the return reconciles!

that's interesting. I will take a look.

I have a client that is telling me how old these debts are that he is not getting a 1099C for. And it is raising some questions in my mind. The rules say that the 1099C has to be issued by Jan 31 of the first year following the date of cancellation. However, he's telling me that this debt is from several years ago. And what also stinks, is that this debt was in his name and soc for his wife's car. they have since divorced. So she is scott free, and he gets this out of the blue several years later. Not fair. I don't think we can contest the amount, but is there any way to contest the date?

The sad part is - i am losing a couple of big clients to HR block this year.

I thought so, but boy it sure is nice to bounce a question like that out here on this forum just to be sure . Thank you!!!!!!

Can I add a question to this question? Same situation - 20 years old child, resides at home, provides her own support. However, only a student for part of the year. Then went into the Army in August. Does she still qualify as EIC?

According to Policy statement P-5-133, only six years of returns should be filed in a delinquent return situation unless IRS pursues older return (because IRS suspects fraud.) File 6 most recent years. If IRS advises more needs to be filed, then file more. The IRS usually will not pursue more than the six years.

clients are such a PITA. If only we could do this work without them.

I'm running into this more and more. One party of the return will ask that I provide a copy of the return to a bank, and the other party will not provide consent. It's putting me in a bit of a hard spot. In the latest case, the husband claims since it's a joint return, he owns it as much as the wife does and should be able to share with whomever he wants. The wife does not want him to share. I have a bank requesting the return for a loan approval. What type of procedures do other firms have in place when asked for copies of returns. (Yes - of course they were given their own copies, but of course they cannot find them and I got dragged into this.)

I have recently moved my office. I am going in circles trying to figure out how to update the info for the many many NYS POA's. Is there such a tool available?

thanks for the ideas.

a couple years ago someone on this forum shared info about a drop box that they had installed where their clients could leave their many piles of papers. It was a decent size and not a mailbox. I am wondering if that person - or anyone else who has one - could share info again as to where they obtained it and how they installed it. I previously was in an office wherre there was a very large mail slot in the bottom of the door. Now I have moved, and my mail box has limited slot space.

i was considering doing that as well.

well - received a 1099 from Seneca Gambling. Apparently, your name was entered each time you played certain games at the casino. 1099 was for 20K. The marina that provided the boat , bought it back for 16K a few months later, because client did not want boat. So client gets stuck paying tax on 20, even though in the end they only got 16K. But - still - they got 16K more than I did...............

hmmm.....gambling on a boat doesn't cut the mustard for investing???????

can i take the loss on schedule D??

would let me select "mailing in" and then fill in the address to mail it to. If i deselect anything, it still says efiling, and then I try to eliminate the EF forms, and get errors. we always have to resort to hand typing letters when the forms have to be mailed.

thank you! Used to dealing with IRS and NYS - file POA and then can handle situation in full. I don't know why PA doesn't handle in same way. I will give them a call and see where I get. thanks.

I have not dealt with PA too much, although right over the border in NYS. I have tried to file a power of atty for my corporate client, and it was sent back with a letter stating that they will only accept POA if they request it. Well - thats not helping! My client isn't dealing with the problem - I am, and they have not acknowledged my letters because they are from me, not the corp, Very frustrating. How can I get to someone in PA DOR that will help?

i'm outta here!

It's spooky quiet here today. We did all the extensions, and have had a couple people drop off info even though they are on ext. I'm just exhausted. you never realize how tired you are til you are done. Then you hit the wall.

gotta love the 8582. 2 years from now you'll have this nice extra loss offset that you forgot about....because they had passive income again. I had a doctor play that game for a long time with a partnership he was involved in. Then a few years later he started renting his old house and moved to the country. And wha-la - we finally got our passive losses coming back. It actually turned out well for him. He was planning ahead.

you have to pay to pick up your returns. you have to bring back your signed forms before i will efile. have extended credit to "friends" in the past only to be stuck. the only people that i will efile without money are very closely related, and i still require their forms. even mom's. for some reason these people are able to go to kmart and buy stuff when they want. i'm sure they can pay for their tax return.

I have a preacher who makes 6 digits, the church bought him an SUV a couple years ago. Now the church is buying him a house. And i live in rural western NYS!!