Good News!!!

[Terry D EA]

Some of you may remember my posts regarding a Ponzi-Scheme, that one of my clients had gotten into that their preparer had incorrectly claimed a loss when indeed this was a casualty theft.. After some significant research and study time, I compiled the necessary paper work together. I had to amend 2012, 2013 & 2014. We did get the 2012 timely filed. 2012 resulted in a refund amount that was large enough to pay the tax due for 2013 & 2014. I gave my client a time plan to follow as to when and how to mail each amendment. They have listened completely and just called to tell me they received the 2013 refund plus interest. I am excited that all was done perfectly and the IRS has been very quick at processing the refund. In the end the client will be approximately 800.00 to the good they won't have to repay. This has restored some of my faith in the IRS.

[FDNY]

Yes, I do remember your telling us about this.  This was probably a sizeable loss where the required  casualty theft loss is so much more beneficial than a limited capital loss that the other preparer erroneously used.  What a good feeling when the client calls in appreciation.   Nice going, and kudos for the IRS, good to know there's somebody still there.  We love good news!