ILLMAS

Paperfile

Enjoy your retirement Ron, and a final question, were you the accountant that was located next to strip clubs? I remember when I first joined the forum there was someone here that was located next to strip club, who ever it was, lucky

Let's say company has been in operation as C-corp for +5 years, owner has never taken out a distribution and has about $20K in retained earnings, if they convert to the an S-corp now, how is the retained earnings handled?

Form W-2, Line B "EmployerEIN" was issued after the Tax Year in the Return Header. Does this mean, that the employer didn't have a FEIN in 2016, created an EIN number in 2017 and issued a 2016 W-2?

Last time I ordered QB Enterprise for a client, it was going for $4,500, about 9 years ago. Have you looked into other software that intregates with QB? A former trucking client wanted a all-in-one program to help them streamline their operations, the software cost them around $25K and they only used it for two year because the person who knew how to use it left the company :(

Do you think Amazon should extend their prime day like the IRS has done in the past when their servers are down? Oh well, I guess my thimble, magnets and sugar packet collection has to wait.

A good idea is to prepare a prepaid insurance workpaper to reconcile the policy. If you request it, someone here would share their workpaper.

First time one of my client will be tapping into a plan to help a family member cover tuition, and I have some questions, maybe someone here has some experience on it. I read the general rules but just want to make sure my client is not taxed or penalized for not following the proper procedures: 1. Just as long the custodian does not exceed a $14,000 contribution to a beneficiary per year, there is no need to file a gift-tax return correct? 2. After the monies are deposited into the family member school of choice, is there anything else the custodian has to do? 3. I have an understanding that if the beneficiary does not use the money towards tuition, the beneficiary would be on the hook for the tax and the school will issue the equivalent of a 1099, not the custodian? 4. Besides a possible gift-tax, is there something else the custodian needs to know about? Thanks MAS

Put it on the client to find a solution via the attorneys.

This is my first year of using ATX to efile 941's, for the 1st quarter I created a new file for each client, now for the 2nd quarter, do I have to create a new file also? I tried adding the 2nd quarter to the current client filed and received an error message saying I cannot duplicate the form. Anyone?

http://www.hrmorning.com/workers-can-be-both-employees-and-ics-irs-rules/

This is a commercial loan and it's very typical for banks to renew the loan every 3 or 5 years, rerun credit, ask for commercial lease, income verification etc...

Wait until this happens: https://goo.gl/images/hrNADB

Backstory: TP mortgage loan expired last month, TP was never contacted within reasonable time, finaly somebody contacted TP a week before it expired. Where I come in: I have partial tax documents for the client, recieved a voicemail from the banker basically saying it is an emergency and that I need to contact him asap etc.... My dilenma: Is there a polite way of telling the banker, what is an emergency to my clients is not an emergency to me. What would you do? P.S. I already spoke to the TP and mention that from the call, it’s your fault and they are going to put pressure on you because somebody didnt do their job at the bank and TP agreed.

As of 2017, I do not recall an additional tax, I aware they were proposing a similar federal tax on capital gains, but i would need to do some research to see if it was approved.

I received a similar response from an IRS agent yesterday, I have prepared 941 and 940 from 2008 to 2016 (over the years), as of yesterday the IRS has no record of my client ever filing, they show payments towards 944 for 2016 which we never filed. Client has always been a 941 filer, I have digital copies of all the years and this stinks for my client.

Agree, I once calculated a penalty by the state by a few dollars more and the state said they will not refund the extra money to my client. Another client where I prepared a couple years back never received a bill for some years from the IRS, called to find out the status was told if my client hasn't heard back from the IRS it's all good, client was going to setup a payment plan after the IRS had calculated all the fees.

Try offering monthly accounting to them, collect necessary w9, most likely the client won’t want the service but you tell them you are moving into a different direction. Basically the client will fire themselves.

Found this on google: https://www.law.cornell.edu/cfr/text/26/31.3402(g)-1

How did they cash the check? My client was not able to cash the refund check because the spouse is not on the account, but that is the least of their issue, TP is more upset that prior preparer signed electronically on behalf of the spouse.

I amended a 2016 return for a client because the prior preparer prepared it as MFJ, but the spouse was living in another country. The claim was denied because it had to be filed before April 15, 2017, I get that, but my client and I both agree the return was prepared incorrectly and received an extra benefit they are not entitled to, the 2016 IRS refund check was sent in with the amended tax return because it was never cashed. Has anybody here been successful amending a return MFJ to MFS outside of the filing period? Or what do you recommend I do? Thanks

In the late 90's I amended a clients return that was referred to our office by an immigration attorney, they claimed EIC for a couple of years for nephews, cousins, and friends living in Guatemala (all had ITIN). The total they had to return was around $25K, not including penalties and interest and they had no problem paying it back, my jaw drop when they came with cashier checks.

What more can you ask for, having true love and more importantly, the love for sports (sigh). https://www.liveleak.com/view?t=klwVM_1529552051

I would see more business for them, for every tax preparer.