BulldogTom

That is a pretty normal clause in lending contracts that I have seen in CA. However, the lender usually will accept an internally prepared financial statement with a CPA reviewed/audited year end statement (specifying that the statements conform to GAAP), and of course the year end tax return. For your specific question related to the Capital Lease rules, I think I remember that FASB has a phase in period for adoption, and if I remember correctly, it is based on revenue of the company. Double check me on this, it was over a year ago that I went to a training on that. Tom Modesto, CA

Love the SSD. Will help with boot ups. CPU is a little slow, but maybe the SSD will help. Light on Ram. You will be paying for Office 365 for the rest of your life, but that is OK if you are OK with it. I prefer to buy the software upfront. I think you did good for your stated intended use. Tom Modesto, CA

The iRS is full of people with accounting degrees. You would think that some of them actually earned the degrees and have a somewhat inquisitive mind....and would ask this question as well? And maybe the number is big enough that they just don't fix the system? It is not a conspiracy theory if they really are after you... Tom Modesto, CA

I am thinking like Possi. Some kind of 3rd party supplemental disability insurance purchased by the employee? Tom Modesto, CA

I always start with the IRS letters. There should be some. Figure out how aggressive they are in the collections process. From that information, you will get an idea of what years the IRS is looking at. Then call the IRS and let them know the guy is coming clean and will be filing his returns. Ask them which years they want. One time, IRS asked for 7 years, knowing that the taxpayer had lower income and withholding during most of the years. They did not seem to care about the other 4 years. Another time the client was a tax protester, and they wanted every single year, all 10 of them, as they were actively collecting on all of them. In both cases, they stopped collections and gave me time to prepare the returns. PPS can be your friend on this. Use them. Tom Modesto, CA

I did not really buy it to get more customers, I bought it to get the secure portal. I think that the IRS is going to mandate higher data security in the next couple of years and I think email of client documents is going to go by the wayside. So I am preparing for what I think is on the horizon. My plan is to ease all my clients who email me their docs to start using the portal on my website. I will request they do so this year, and require it in future years. I will also start putting all my correspondence to my clients on the website. My client letter that I mail out every year will go on the website only and in each of their portal folders. Whenever I drop something into their portal folder, it pushes an email to them to look for what I dropped in there. But, since I have to have a website for the portal to reside at, I thought I would put it together as professionally as I could. I saw this vendor at the CSTC seminar in Las Vegas. The product looked good and it was affordable. They have been very good to work with so far. What I am really concerned about is the same thing we have on this board, DIY taxpayers asking questions on how to do their taxes on TT. Tom Modesto, CA

So, I have joined the 21 century and got a website. Mostly for the secure portal. Take a look and tell me what you think. www.trctax-ea.com Thanks Tom Modesto, CA

Just wondering why Edsel is worried about the employer. Paying the SUTA is their issue, not the employee. And it is not the parent's issue either. Unless the parent is the employer? Or the employer is also a client of Edsel? Or the student is going to get a 1099 MISC and not a W2? So long as the student gets a W2 from the employer, Edsel can prepare the returns. It is a slow day and I am bored, so I am thinking about this instead of working like I should be. Tom Modesto, CA

So long as the parents are claiming her as a dependent, their home is her home. Tom Modesto, CA

Did the TP move permanently to CA? It is a question of Domicile. If they moved to CA with the intention of living here permanently, then they are a part year resident. If they moved here temporarily and they intend to go back to IL, then they are a non-resident. Different rules for each scenario. Residents are taxed on world wide income (with a credit for taxes paid to another state). Non- residents are taxed on the income received while working in the state. Tom Modesto, CA

Got an email from ATX. They will not do anything for prior years to allow for this change. They say it will be incorporated into the 2019 software. Tom Modesto, CA

Got a call today from ATX. They are looking for the authority to make the IHHS payments eligible for EIC while excluding for Fed Income Tax Purposes. So they are finally working on the issue of how to enter in ATX. Tom Modesto, CA

Judy changed her avatar. She now has a face to put to the posts! Tom Modesto, CA

Guess who just called today when her self prepared return was sent back? Looks like she wants to file MFJ now that we explained why she could not file single, why she would have to pay back the PTC, and why she needed to file a CA return for the wages she earned in CA. She really did not understand that she was getting the PTC, and she really thought that if she moved to another state by the end of the year she would not have to file in CA. How she came to those conclusions I don't know. I think now that she has all the correct information, we can make this right by both of them and then they can go their separate ways after we get the return filed correctly. Tom Modesto, CA

Not sure about the answers to your specific questions, but how about starting with the 4562? Was there one included with the return? It should have been. Since the business started in 2017, and if the form is filled out, it will show you the assets purchased and available for 179, as well as the breakout of the totals for 3 year, 5 year, 7 year etc. Next, I would ask for the financials for the company for 2017. It might be easier to recreate a return from the original documents (I bet you find errors that can get you an amended fee) than to try and use the limited information you have on the originally prepared return. That is just how I would approach it. Tom Modesto, CA

Who has plans anymore that have minutes? I have been on an unlimited plan for about 6 years. I don't like to call on my cell because the quality of the connection sometimes suffers in my office. Kinda weird. Good service most places, but not my office. It is OK, but not great. Tom Modesto, CA

I don't do enough representation work to make it worth my while right now. If I had to go through this every day, I would sign up. Tom Modesto, CA

Oh what a relief. Finally. 2 and a half hours for a 5 minute conversation. The guy on the other end was competent and resolved my problem quickly. Blamed it on a computer program not working properly. What else is new. Tom Modesto, CA

Mine has a cord. I am not fancy dancy like that. Hoping this gets resolved soon or I may have a puddle under my chair. Tom Modesto, CA

I really need to pee, but I can't take the chance that they will pick up while I am in the bathroom and I miss out and have to start all over again. Tom Modesto, CA

2 hours hold time and counting. I think I ought to get a Facebook account and live stream what I do while on hold for the IRS. I bet it would be a big hit. I could get my own YouTube channel and have people watch me play solitaire while holding for the IRS. I am real good at solitaire. Tom Modesto, CA

After holding for 25 minutes this morning, it looked like I was going to get through.....NOPE. "Due to technical difficulties, we cannot answer your call at this time. Try your call again later." Tom Modesto, CA

Hmmmm….I wonder if that will work with my client when they call me and say their account was swept by the IRS? Tom Modesto, CA

I have an offer number. Someone forgot to enter that information on the client's account. When the number was created, it should have been attached to the account. Seems simple enough to me. OK, someone messed up. But when you call, and they won't take your call, and when you do get to someone, they say they can't help? I could have faxed the official letter to PPS and they could have put a 30 day collection hold on the account while I tried to get to the right person to get them to do their job. If I can't get someone at the OIC office to pick up the phone, I am going to have to go to TAS to get this taken care of. And that will put extra work on TAS, which I guess is where we should start with every attempt to resolve an issue with the IRS. Normal means of dispute resolution are just not working any more. I am going to go play softball tonight and try and work off this frustration. Tom Modesto, CA

My client is under OIC consideration. We sent the offer 12/27/18, got the confirmation letter 3/27/19. Letter says they will respond by July 24. This weekend, I get 8 letters for my client saying they are going to levy. While you are under offer consideration, everything is supposed to stop. So I try calling collections. They are too busy to answer the phone. So I call PPS. They tell me they can't see anything on the record that shows we have an offer under consideration and I need to call the OIC folks. I call them and they are too busy to answer the phone. I am so sick and tired of these lazy (fill in the blank) never being able to do their job right. And I don't care if they are overworked or underfunded or any of that other bullcrap they put out there for justification of not doing their job. I don't have time to call them every single day until they decide to pick up the phone. It makes me feel like becoming a tax protester. The IRS SUCKS! SUCKS! SUCKS! SUCKS! SUCKS! SUCKS! SUCKS! Tom Modesto, CA