ILLMAS

Foreign doctors usually have no money issue, I think $200 or $500 is chump change to them.

I should become one, I prepare 2 or 4 a year, however I prefer for the IRS to review the documents and say yes or no. Another reason why I stay away from becoming a notory public.

They probably want to incorporate him in Nevada, I once had a client come in and give a story about being incorporated in NV. http://www.physicianspractice.com/blog/common-llc-myths-continue-harm-doctors

More likely the investors will be receiving a K-1 with amounts on interest and rental income lines.

Thank you

Billy has 32 candy bars, he eats 28. What does he have now?

My friends client can't find their IRS FEIN letter nor the actual number written anywhere in their documents, without knowing the number is there a way to obtain it from the IRS? Thanks

A lady walks into a store and steals $100 from the cash register, later on during the day she walks back in and buys $70 worth of merchandise, pays with the $100 she had previously stolen and the owner gives her $30 in change. How much did the store lose? A 30 B 70 C 100 D 130 E 170 F 200

I requested a 6 month extension on behalf of my client on May 15, 2017 for a fiscal year ending 12/31/16, today I received a from the board to request a second extension, my question wasn't the request for the 2nd extension removed a while back and it's now 6-months? Thanks MAS

I once had a persistent client that was a personal driver (limo type) and our city requires a special tax to be collected if you come into the city. He was a couple of months behind and was hounding me, showing up to my office without an appointment, finally I told him, I have never prepared a return for limo drivers but if you really need it, it's going to cost you more then what you earn in a month.

Here is picture of yesterday's sunset, hope you enjoy it friends. MAS

You are absolutely correct, this was only a hypothetical question.

Let's say a married couple has a land lot worth about $100K, they decide to sell it to one of their children instead of gifting it, they sell it for $20K so they can build their personal home in the future. If the children wanted to pay the tax on $80K (to be at par with the FMV), where would they report it? Sch D?

Oh man, let the attorneys file it and just sit back and watch.

Our local 7-11 are going to be crying for customer today, we had major flooding in many area around the Chicago and neighboring suburbs. http://www.fox32chicago.com/

Thanks, I submitted the extension and it was approved.

Hopefully someone with experience on trust can help me with this question I have, according to the FEIN letter (IRS SS-4 acceptance letter) the form 1041 is due by 4-15-17, however the trust return fiscal year starts on 04/04/16 to 03/31/17 which the due date should be 7-15-17, does this sound correct? Also, I if I want to submit an extension and the due date on the letter is 4-15-17, would the extension be rejected? Thanks

Super odd, but yesterday the first time I logged into ATX2016 I received a notice that my password would expire in 10 days, I logged back in the afternoon and the message went from 10 days to 1 day, I just logged in today expecting to see a message and nothing, what's going on?

I would just mail a complete copy to the address on the letter or mail it directly to the processing center.

What do you do when a mileage log doesn't exist? My associate will be leaving a vacation and asked me if I could work with his client that received an IRS letter requesting support for employee unreimbursed expenses (all mileage in this case), I gut feeling is that the client doesn't have one.

I believe the presenter is correct, the presenter in the annual tax training seminar I attend had a similar case, I just pulled out my training material; moms bonds stopped earning interest in 2007, mom died in 2012, in 2014 the two daughters found the bonds that had fell to the bottom of the dresser and cashed them. Presenter amended the deceased mother 2008 tax return, daughters paid the tax, on the daughters tax return he submitted a disclosure about an election that was not made and that bonds were included in gross income (mothers after amending) in the taxable year in which the obligation is finally redeemed or in the taxable year of final maturity, whichever is earlier. I wish I could share the material, but I just discovered the presenter forgot to black out information.

Let's say a single member elected to be treated as S-Corp and it was approved, during the year, someone wants to be part of the S-Corp, would a new election have to be submitted to include the new member? Or just prepare an additional K-1? I am trying to figure out if we have to give notice to the IRS. Thanks MAS

If you know the cost of an inherited property, but you want to take the step-up basis do you have to get the property evaluated/appraised or can one just estimate the FMV? Thanks

Hey guys, I am a consultant who is a resident of IL and travels frequently to other states. Come tax time, I am required to file as a non-resident in those other states and as a resident in IL. Correct My issue is, when I file as a non-resident in those other states, those other states are not giving me dollar for dollar back. On top of that, IL says I cannot claim a credit for taxes paid to those other states (Schedule CR Form) because my base of operations is IL and I take direction from my company's office in IL. Non-resident sates are not going to refund 100% of the state withholdings, you have to pay something because you earned wages in different states. If you are following me, you can see I am essentially getting taxed twice on the same income: first by the non-resident state and second by IL. Your not, IL should give you a credit for taxes paid to another state, however if the rate is lower then IL, you will owe the difference, but the state of IL is not going to refund you the taxes paid to another state either. I understand IL is a full reporting state but how can I get around the double taxation that I have been losing out to for so long? Appreciate any input! I don't think the person who posted the question is a tax professional and if probably preparing his own taxes returns.

Edit: At first I had only read his question and assumed he was self-employed, but in his follow up responses I notice he works for an employer in IL, but if the employer is withholding taxes for the different states, then he should be entitled to the credit, however IL has reciprocal state tax agreement with IA, KY, MI & WI, if the employee were to work in any of these states, he would still pay IL tax rate even though he already had withholdings, for example if WI tax rate is 3% and IL tax rate is 5%, he would pay an additional 2% to IL.