ILLMAS

An associate reached out to me for help and I was not prepared to answer his question, maybe someone here can help me. His new NP client offers professional memberships to doctors, lawyers, architects etc.. to attend "who's who" events in the different industries nationally and a local cater asked if he could become a member in exchange for free food (for one year) for their events hosted locally. Both him and I were thinking in-kind, and to be report it as in-kind goods as an income and expense. A member use to prepare their 990 before and would report these types of exchanges as barter, can someone assist me in properly accounting for this transaction on the 990? Thanks MAS

I have never encounter where a TP is short on money to acquire a new property and wanted to see if I am determining the basis correctly: Property given up Property A - Was sold for $150K and the basis (basis of new property received) of this property was $25K, no mortgage fully paid (After closing cost etc... $138K was wired to the 1031 holding company) Property B - Was sold for $300K and the basis (same as above) of this property was $66K, no mortgage fully paid (After closing cost etc... $285K was wired to the 1031 holding company) In short property A basis is $25K and property B is $66K totaling $91K, these two properties were sold to obtain property C. Property received Property C - Was bought for $700K and proceeds from the sale of property A & B was wired from the 1031 holding company to the title company leaving a remaining balance of $277K. I already know at minimum the basis of the new property received is $25K + 66K = $91K, but from the instruction I need to add debt acquire of $277K, so my new basis should be $368K? I have also prepared two forms 8824 and wanted to see if I need to divide the $700K evenly with the two forms or it makes no differences how I distribute it just as long as the new basis matches? Thanks MAS

Does anyone by any chance own an old toyota landcruiser, in their garage or barn and is willing to sell it?

Does anyone else remember a point in time when you had to buy a TV gadget convert to digital TV, well there is nothing we can do but to accept change.

Important Information Regarding Your Wolters Kluwer Account 30 Day Notice: Discontinuing Support of Products on Microsoft® Windows® 7 Operating System Due to the fact that Microsoft will discontinue support of their Microsoft® Windows® 7 operating system on January 14, 2020, Wolters Kluwer Tax and Accounting North America will end our support of products running on Windows® 7 as of November 30, 2019. We have identified that you are using Windows® 7 to run one or more of your WK tax products. Wolters Kluwer's ability to sufficiently test products and diagnose software issues for customers using Windows® 7 will officially end November 30, 2019. As your software provider, we strive to keep our products and websites as secure as possible. We can only do that by supporting the most recent versions provided through our supported environment vendors, such as Microsoft. As stated on Microsoft's website, “while you could continue to use your PC running Windows 7, without continued software and security updates, it will be at greater risk for viruses and malware.” For WK customers, this means that our first release of the 2019 tax software, scheduled for late November 2019, will not be supported on the Windows® 7 operating system. In addition, customers using Windows® 7 who contact Wolters Kluwer Technical Support may be asked to upgrade their Microsoft® operating system if their issue cannot be reproduced with currently supported software or if the problem is determined to be linked to the use of Windows® 7. We urge customers using Windows® 7 to upgrade as soon as possible, so we can continue to provide the support you expect from Wolters Kluwer during the 2020 tax season. Please refer to the Upgrade Your Windows® 7 page for more detailed information and instructions on upgrading.

click on cancel or the X and you should be fine.

Is there a tax? I thought there is a penalty for not disclosing bank accounts if they exceed $10,000 (combined daily balance) and the penalty is 50% of the highest account balance.

In @Jack from Ohio voice "Run Forest Run", don't dirty your hands, you already knew this was a mess when you initially turned him away. Now for two of the best quotes from Judge Judy: "Beauty fades. Dumb is forever." "Don't pee on my leg and tell me it's raining."

Try getting Adobe Pro X, you can encrypt the attachments and setup a password.

Consolidated companies? Division? Subsidiary? Don't see any reference on the tax return. DBA? No, at first that is what I thought. Do you know of any relationship such as identical shareholders? Yes, same shareholders on both companies.

Can someone give me a good reason why a business A (revenue, payroll, expenses etc...) would run their operations with one FEIN, but report (1120) with business B FEIN I would understand if business A, gave business B a K-1 but this is not the case. The IRS probably doesn't care who reports it, however I would think the IRS would like to tie a 1099-K issued to business A wouldn't they?

Let's a say a grocery store has 10 cans of creamed possum in inventory as of 12/31/17, in 2018 the department of health picks up a can finds that all 10 cans have expired and asks to be throw away. Is this a good example of spoilage? Thanks

Union Electrician or plumber: This repair is going to take 3-4 hours and its going to cost you $2,000. Client: I guess I'll pay it. VS Non-Union Accountant or Tax Preparer: This return is going to take 3-4 hours and its going to cost you $400. Client: What #$!@, $400 to punch in numbers on the computer %$#$!, give me my papers I'll find somebody else for cheaper.

Property was bought 40+ years ago with very little repairs and improvements.

I am trying to understand how a joint estate works (maybe a joint estate can’t exist either). Husband and wife put their real estate investment in a trust, husband passes away... FMV of the joint property was $400K at the time of death, wife decides to sell that property for $425K. 50/50 ownership, before death the property had zero basis. How would one report the sale of the property? Wife gain: $212,500 husband: $12,500

Jeez, I know this hypothetical question, but if this was a real question I would refer my client to a tax attorney better and not play superman/woman.

https://www.nbcnews.com/news/us-news/fbi-agents-raid-home-ceo-connected-payroll-processing-fraud-n1055591

I would not take on the duty of being superwoman/man and let them obtain all the necessary information unless you have a retainer and you can deduct your fees as you go along.

Does your client have any copies of correspondence between the former preparer and the IRS?

I feel the same way when it comes to bringing in food for a work event, everybody brings in the cheapest/homemade plate, but when the company buys the food, people take advantage and over eats.

I don’t know if I will ever be a coffee drinker, please keep me in mind for when beer day comes. Thank you

Now mine looks boring compared to that one https://images.app.goo.gl/RbQrATCyqPLTQXxh9

What are your thoughts on this scenario: Person A was speaking to a colleague that is in the same industry about opening a business on his own, it so happens that the colleague formed an LLC (1065, no election to S status) a couple years ago that was never officially finalized. The business is incorporated, has a FEIN and a operating agreement with the other members and it is being kept in good standing by the attorney. The business was never opened because the other members just disappeared and never put in capital, the colleague offered to give him the LLC and to just change everything to A’s name etc..... A is seriously considering it since the LLC name fits perfectly for the industry he is in and he will also have business partners. For those that might have experience what are the pros and cons of accepting the freebie or any other advice. Thanks