Answer by Bill-EA
Non-Cash Charitable Contributions - I provide clients with a worksheet provided by CFS Tax Tools. It offers four pages of common items donated with an estimated fair market value. I have never had a...
View ArticleAnswer by Toni McIntyre CPA
Due diligence requires that you not knowingly prepare incorrect returns. You know very well his basis in the property is what he paid for it. To use anything more, which he clearly has stated the amout...
View ArticleAnswer by EAgent
For the charitable stuff, you've done your job - you advised him of the rules. I'd advise him in writing that the amounts seem high and that if he wants to continue to use the amounts he needs to sign...
View ArticleAnswer by user-249
And don't forget to document all of your advice to the client IN WRITING to protect yourself when he does throw you to wolves.
View ArticleAnswer by Frank
Isn't the sales price and other such accompanying data public? I think in terms of ethics, if a client is acting unethically and you do agree with what they are providing to you, ultimately as a...
View ArticleAnswer by EALady
Attach form 8275 Disclosure Statement or 8275R Regulation Disclosure Statement, explaining each position you are uncomfortable with. You are required to do this with any position taken on the return...
View ArticleAnswer by kevin
Dear xyz: I'm writing to remind you of the need to substantiate your charitable contributions. While all contributions must be substantiated, contributions of $250 or more require a written receipt...
View ArticleAnswer by Tom
You've got lots of good answers already, but I'm going to throw in my two cents. For non-cash contributions, I don't let my clients use inflated prices. I explain about fair market value, give them a...
View ArticleAnswer by stephenweinstein
Read the bottom of a Form 1040 (the paper one, not the electronic version): "Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the...
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