ILLMAS

One of my client already received their refund without the verification.

Just make sure you get a good retainer.

New client created a corporation back in 2014, he is finally ready to start filing and I was wondering if I can make an S-Corp election starting back in 2015? 2015 will be the first year I will be preparing. Thanks

I tried the line on behalf of one of my clients, unfortunately that procedure is only handled by one department, to call the number on the letter.

I have client that issued a 1099 to an S-Corp to a vendor, the vendor preparer entered the withholdings on line 23a of the 1120S, what is the proper line on entering the backup withholdings on a 1120S (a first for me)? Thanks

Call the number on the notice and you will be relieved to find out there is no limit of time, I wonder why your client hasn't told you that.

Help, TP is a resident of IN, but goes to school and works in OH (non-resident), how can I get the tax paid to OH to flow into IN (or credited)? Thanks

I don't dabble in bitcoins but this article came out yesterday: https://www.bbc.com/news/world-latin-america-57398274 I could see business reporting more income and the government benefiting from it, think of the era before 1099-K's. Today a business will get a letter, please explain to us why your reported income is less than the 1099-K....

And yet people think the actor Rebel Wilson is funny As far as I know Venmo and other cash apps are untraceable and like bitcoins, give it some time and the IRS would get to it.

Youtube the following video made by a CPA: The Problem With Venmo And Your Taxes

I have a client that would like to file their 2020 Sch C jointly (husband and wife business), do I have to split the amounts and report on each on a Sch-C or do I have to click on a box on ATX? Thanks

^^ Same thing happened to one of my clients, the payroll company transposed the daughters middle two numbers, the IRS sent a letter to the real SS# which in turned called my client and left a threating voicemail. My client asked me to call the lady and she was accusing my clients daughter of fraud, identity theft and the that local authorities were notified etc... that we were going hear from her lawyer, once we got to the bottom of it, the payroll company corrected the W-2 and lady was happy it was just an error and not identify theft.

Super weird, but how was it traced back to him if the SS# used doesn't even belong to him?

“Hispanic illegal with no tax ID of any kind who of course files no taxes likely working for cash.” I would be more careful, your clients daughter might see this a racial stereotype.

Thanks, one more question, do I have to sum up the decrease in tax per page and put the amount on line 29?

Does anyone here have guidance on filing out the form 1139 for a 5 year carryback? The current form only has columns for three years and I cannot seem to find an example. Thanks

I started with Gleim, the review materials are fine, I just thought the chapter and exam questions were confusing and I was bombing every exam, I joined the Facebook EA exam group and someone that was having the same issue as me suggested Passkey. Unfortunately Passkey was not online back when I used it and I had to buy the exam question book separately for each section, my confidence level went up after I started acing (everything is in paper, so you need grade yourself ) every single exam. And as I mentioned before, the EA exam questions are identical to Passkey.

Congratulations

I recommend Passkey, the study questions are almost exact as the EA exam and it’s less expensive.

Has anybody called and asked for it to be waived?

I can decide between Cancun or Puerto Vallarta in July.

This remind me of a song that came out when I was in high school lol

Thanks, new twist from yesterday. First year building depreciation, Pro Series depreciated the building for 11.5 months, the $2,000 he wants to add back is for the .5 month. Did a a quick research and the 11.5 months seems to be correct per IRS pub., his adjustment is now in 2020 to correct the AAA to $33,000. I still think this is wrong, your take? thanks

Can someone tell which is the correct retained earnings, I am disagreeing with another accountant: Depreciation per books $50,000 Depreciation per Tax $48,000 Profit per Books $31,000 Profit per Tax $31,000 + $2,000 (Diff. between books vs tax) = $33,000 Retained earrings per books matches tax return $31,000 M-1 Profit/(loss) per books $31,000 matches my RE Add difference between books vs tax $2,000 = $33,000 M-2 Ending balance = $31,000 Claims this should be $33,00 The other accountant claims the ending retained earnings should be $33,000 and I say no, it should be $31,000 because the balance sheet is prepared per books not tax, like most I am burnt out and I just want to make sure we don't need to amend 2019 1120S. I prepared a fake return to show the numbers, he wants to propose an adjustment in 2020 for $2,000 so the retained earnings per tax adds $2,000 to 2020 RE.

I don't know if your client is lucky, but our state has not returned calls for weeks for people who were victims of identify theft.