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?
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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?
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—-Potential liabilities to tax pro?
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— Client’s parents quitclaimed home to children. The property comes with rental income. How should this all be handled.
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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?
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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