TaxMama’s Tax Roundtable – October Session

Note:  TaxMama’s Tax Roundtable is a monthly live discussion open to all TaxMama Family Members and above, and all TaxMama’s EA Exam and Solving the Tax Puzzle Students. Don’t you wish you were here?

REPLAY today’s session below – you can listen and SEE the session and forms

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Today’s topics included:
— Client paid for fraudulent advertising scheme – stuck with thousands of dollars of lease fees each year.
—-Discussed further legal recourse against bank.
—-Discussed accounting for fees
—-Discussed personal liability
—-Discussed separate entity to protect the trust account
— Truck driver clients. He collects all their money each month to cover taxes and his fees and put them into a trust account.
—-How does he account for it?
—-Potential liabilities to tax pro?
— Client’s parents quitclaimed home to children. The property comes with rental income. How should this all be handled. Should parents be paying rent?
—- Discussed reporting the income
—- Discussed undoing the transaction for many reasons
— How long does it take to get EA card?
— Office in Home AND outside office? How do you handle that?
— Irrevocable trust of child with downs syndrome owned home and sold it.
— NSA members get 5 free research questions answered
— Debbie Lee Magee researched how to handle Cancellation of Debt. Described her research and results.
— VITA resources around the country

  • And more

REPLAY today’s session – you can listen and SEE the session

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