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This house has been around for a long time if it's fully depreciated. Are you sure that your predecessor captured all of the capital improvements done to the house? I'm guessing if it usually showed a profit then he didn't just treat all improvements as repairs. If your client can provide solid proof of any of these improvements that were missed you can possibly add to the basis. Those improvements should have been reported and depreciated over time of course but depending on the scope and scale there could be something to work with. What did the father spend the money on? You said he's sick, are we talking major medical? Did he invest it? He may cry and whine but selling his new stock to pay his taxes isn't the worst result. Maybe he'll be lucky and have some losers he can sell at a loss. Before he freaked out, have you discussed payment arrangement options? Obviously this is gonna be more complicated than a normal 9465 if the balance is as high as you said, but I'm sure if you can get him to chill and get someone on the phone at the IRS(lol) after you file the return you can figure out a payment plan. It's work but it's doable. You may even be able to attempt an offer in compromise.
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Jan 21, 2020 17:15
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If you are licensed , you will lose your license if it comes to light that he is misrepresenting income and you know of it. Fire that dude, no client is worth your paycheck.
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Jan 21, 2020 17:34
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I spoke with him today. He gave me his attorney's number. I spoke with her. Confirmed no 1031 exchange in writting and got the closing statement. Confirmed a bank attorney filled a 1099-S. He said something must have gone wrong if a 1031 didn't happen. I made it clear we will not file the return without the sale reported. He asked if there was any way a 1031 can be done retroactively and he said he might seek a 2nd opinion. I said it isn't possible, to my knowedge, but said I'd ask our in-house advisor. We'll see how it goes. At the very least, he's getting that I won't bend the rules for him so now he's just trying to see if I'm right. Still stressful, though. Kind of want him to leave of his own accord. I don't think my boss would approve of me disengaging. She does agree that I should not do the return. So, I feel this will result in either him doing the return my way or him leaving the firm of his own accord. He said his father purchased another rental property. Which is likely the case. However, no qualified intermeitary was used. Edit: I got confirmation from the lawyer in an e-mail that no 1031 occured and from a financial adviser I know that nothing can be done. I told him as such. Said we won't file the return incorrectly. Waiting on his reply. Covok fucked around with this message at 21:30 on Jan 21, 2020 |
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Jan 21, 2020 20:33
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Covok posted:I spoke with him today. He gave me his attorney's number. I spoke with her. Confirmed no 1031 exchange in writting and got the closing statement. Confirmed a bank attorney filled a 1099-S. He said something must have gone wrong if a 1031 didn't happen. I made it clear we will not file the return without the sale reported. He asked if there was any way a 1031 can be done retroactively and he said he might seek a 2nd opinion. I said it isn't possible, to my knowedge, but said I'd ask our in-house advisor. You are right, no retroactive 1031. No intermediary no 1031.
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Jan 21, 2020 23:45
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The client is getting a 1099-S. Spoke with the bank attorney today. They filled all of their 1099-S last week. They provded me both the copy they signed at closing and the copy b form. My boss is saying its either on the return or he has to go somewhere else. And in 1-2 years he'll see we are right.
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Jan 22, 2020 21:44
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How did y'all do on AUD? I just took it and probably failed, but it wasn't excruciating.
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Jan 31, 2020 22:13
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Having a little problem with Ultratax. I have an Indian tax client exempt from US income tax under Article 22 of the Tax Treaty between the United States and the Republic of India. They were paid on a W-2. Normally, people subject to treaties get a 1042-S. I put in that income is excluded under Article 22. The person came 6 months ago from India to research mice to create a medicine for some kind of skin disease. He hated the US and wants to back out. He's within the 2 year period of residency. He should get it. His research company had him fill out a 8833. Everything seem legitimate. When I put in the W-2 and put in that the income is excluded under the Nonresident tab, it just acts as if I'm saying there is an additional amount being excluded. Thomas Reuters is saying not to put in income in the W-2 facsimile and that everything is being properly reported on Schedule 5, but I don't trust this. It sounds like he'll get a letter for the missing W-2 even if the income is reported on Schedule 5. The guy is leaving in February and I don't want him to deal with things when he's overseas. Anyone know how to handle this? Covok fucked around with this message at 02:23 on Feb 1, 2020 |
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Feb 1, 2020 02:21
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Moneyball posted:How did y'all do on AUD? I just took it and probably failed, but it wasn't excruciating. AUD is the only section I failed. Ended up shelling out for Becker for the AUD section and did pretty well on it my second go around. This was before they notched up the difficulty a few years ago though
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Feb 3, 2020 15:02
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Moneyball posted:How did y'all do on AUD? I just took it and probably failed, but it wasn't excruciating. They sure dragged out this score release but just found out I got an 82. I'm thrilled because I'm not sure I had the will do do any more of these goddamn tests. 4/4!
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Feb 4, 2020 02:03
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Jimong5 posted:They sure dragged out this score release but just found out I got an 82. I'm thrilled because I'm not sure I had the will do do any more of these goddamn tests. 4/4! Congrats!!
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Feb 4, 2020 15:19
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I have a silly question but I have a side hobby that's a self emoyed business and am in school for accounting. I'd like to teach myself Quick Books by way of the hobby. I get a year free of Quick books professional services from my school, but can that program calculate annual taxes due for self employment? I know the self employed version of quick books can. I tried to Google but couldn't get a solid answer :V thanks all
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Feb 7, 2020 16:47
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Empress Brosephine posted:I have a silly question but I have a side hobby that's a self emoyed business and am in school for accounting. I'd like to teach myself Quick Books by way of the hobby. I get a year free of Quick books professional services from my school, but can that program calculate annual taxes due for self employment? I know the self employed version of quick books can.
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Feb 8, 2020 04:27
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I'd love to use that I just didn't want to be passe. If it's not I'll do that 
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Feb 9, 2020 00:09
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Empress Brosephine posted:I'd love to use that I just didn't want to be passe. If it's not I'll do that Depending on what you're doing business wise (biz size, invoicing, etc) you may consider using something like gnucash and Excel.
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Feb 9, 2020 01:46
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Week 4 of Busy Season --sent from work
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Mar 11, 2020 01:10
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I got a job! Entertainment accounting continues to be a land of the degree-less. The business converted to paperless 2 years ago and the new system has had 3 different caretakers since. Last person is still in the warehouse until the production that poached her moves out, the person before then is currently "in the hospital" with no further explanation. It's been great so far!
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Mar 11, 2020 02:35
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I will kill myself if they push back to may 15
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Mar 13, 2020 16:39
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Anyone seen any good corona virus disclosures that aren’t just risk factor updates?
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Mar 13, 2020 17:16
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Lord of Garbagemen posted:I will kill myself if they push back to may 15 If they push back to May 15 then we should all get one month off.
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Mar 13, 2020 17:37
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My firm has already advised people to move to drop off. We also said that we're not gonna run extended hours after April 15th. Funny enough, we made that policy today. I made that policy, actually. Then, at 3:00 p.m., I was feeling really warm and I couldn't concentrate. My boss sent me home. I took my temperature and I'm not that warm. Just 99. Since coming home, my throat has gotten sore. They canceled all my night appointments and told me to tell them how I feel in the morning so they know what to cancel my Saturday appointments. I feel so embarrassed. I bet I just have a cold. I am jumping at shadows. I must just be stressed out and it's all psychosomatic. I Called but they said not to come back in and that I shouldn't feel embarrassed and I did the right thing, even if it is nothing. I just feel so stupid. I bet its just stress. The heater was just running too hot and my tie was on too tight. I feel so stupid. I really should go in tomorrow. I have so many appointments. I am really letting them down. I mean, if I feel sick I won't but its nothing. Covok fucked around with this message at 21:30 on Mar 13, 2020 |
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Mar 13, 2020 21:27
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Dude youre doing the right thing, i totally feel u on the guilt but if better safe than sorry ever applied its loving now Quietly hoping they hand out blanket 6mo extensions for all individuals...
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Mar 13, 2020 21:44
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black.lion posted:Dude youre doing the right thing, i totally feel u on the guilt but if better safe than sorry ever applied its loving now Yeah dude if you’re sick during a global pandemic not only should you not work, but that’s just bad client relations. You can only do a persons estate tax return once, and most of your clients probably don’t have enough money for it. Also looks like the tax deadline is gonna end up extended: https://www.cpapracticeadvisor.com/tax-compliance/news/21129314/irs-to-delay-tax-season
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Mar 13, 2020 23:26
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Yeah, today two house lawmakers made a bipartisan request for a June 15th deadline. https://thehill.com/homenews/house/487518-lawmakers-call-on-irs-to-push-back-tax-filing-deadline-in-response-to This is after President Trump announced plans for an extension in an oval office address Wednesday and the secretary of treasury pushed for one on Tuesday.
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Mar 13, 2020 23:55
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October 15th do it you cowards
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Mar 14, 2020 01:22
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Today, our firm implemented our new Corona virus policy. Effective Tuesday, all of our in person meetings are moved to dropoffs. Most of our clients took it just fine. We had two people who were a problem. For better or worse, that's how we're taking things.
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Mar 15, 2020 00:22
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14th day in a row in the office, trying to get these business returns done and vaguely hoping the Fed does something wrt April 15 deadline getting pushed so I can actually quarantine m'self like the ENTIRE WORLD IS BEGGING US TO DO
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Mar 15, 2020 18:58
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I’ve been to work every day since January and we aren’t even thinking of missing investor K-1 deadlines. Like let’s all chill out fam it’s taxes who gives a poo poo?
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Mar 15, 2020 22:17
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I put all my businesses on extension first week of January and had them all have estimate payments set for tomorrow. They're all NY S-Corps and we do their bookkeeping so its kind of like "just tell me when you feel comfortable for me to send it off." So, 3/15 isn't really a deadline for me. We do that, however, because we also do sales tax so 3/20 is going to be a bit of crunch.
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Mar 15, 2020 22:47
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https://www.washingtontimes.com/news/2020/mar/16/rand-paul-coronavirus-means-irs-should-move-tax-fi/ Not that it makes much dif now may as well just finish out the last 4 weeks so we can focus on watching the world collapse around us
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Mar 17, 2020 11:04
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Our firms push for dropoff has been a success with only a few hiccups. No clients left the firm. Only some were upset but ultimately understood. It caught on and now the entire nation wide firm is doing this. I highly recommend all firms consider this option and cease all in-person appointments for your safety and your clients safety.
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Mar 17, 2020 14:48
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I tried talking to my boss about changing her in-person appointments to phone appointments and she sort of guffawed, said this was all a big overreaction, mocked the local grocery for changing their hours and bagging their bread She's like 65 or something
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Mar 17, 2020 14:53
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black.lion posted:I tried talking to my boss about changing her in-person appointments to phone appointments and she sort of guffawed, said this was all a big overreaction, mocked the local grocery for changing their hours and bagging their bread Boomer doomer, as they say, I suppose.
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Mar 17, 2020 15:16
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black.lion posted:I tried talking to my boss about changing her in-person appointments to phone appointments and she sort of guffawed, said this was all a big overreaction, mocked the local grocery for changing their hours and bagging their bread Sounds like you're about to get a promotion
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Mar 17, 2020 15:25
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IRS announced 90 day interest and penalty free payment deferral. Not sure if it applies to failure-to-file, but Munchies said that you should only keep filing if you're expecting a refund for now.
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Mar 17, 2020 17:32
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Is this officially announced or just "something they said during a briefing" at this point? Don't see anything on irs.gov
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Mar 17, 2020 18:58
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And now it is: https://www.cpapracticeadvisor.com/tax-compliance/news/21129660/2020-tax-season-deadline-extended-to-july-15-as-nation-fights-coronavirus e: And then they updated it to say the filing deadline is still April 15 lollllllllllll black.lion fucked around with this message at 21:50 on Mar 17, 2020 |
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Mar 17, 2020 21:29
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There are few activities in tax land more useless than mass filing of automatic extensions so yeah, let’s keep requiring them instead of just having the due date be 10/15 with payments due 7/15 (4/15 in years that the economy isn’t blowing up).
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Mar 18, 2020 15:47
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There's still no pronouncement about how tf this is supposed to work, right? We have tons of clients asking questions, clients we already filed the return for and scheduled a draft date of 4/15 are like "call the IRS and change the draft date to 7/15" like a. no thanks and b. does that even work rn? Like if I set the draft date in our software to 7/15 it tells me to get hosed. This is just going to create tons more confusion, and thus work for me/us Corona take me away to the sweet land of recovery at home
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Mar 18, 2020 16:19
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My friends firm is going with “file expected refunds by 4/15, hold off on anything else”
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Mar 18, 2020 16:27
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Democratic Pirate posted:My friends firm is going with “file expected refunds by 4/15, hold off on anything else” That’s currently the triage plan for the firm I do some per diem work for.
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Mar 18, 2020 16:42
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