I had an investment with Provident Group that was rolled over into an investment in a Dominican Republic Resort, which was later determined to be a Ponzi scheme in 2010. Provident has been asking us to close the account, but we never did due to their fees. Now, they are threatening to report the account as a write-off to the IRS, making us responsible for the income. Can I use the IRS provision in Rev.Proc 2009-20 to claim a loss for this Ponzi scheme, even though I never closed the account and it has been 10 years since the discovery?

December 20th, 2024

I can't finish my electronic return due to issues with the 1099-MISC form, specifically not having a copy of my 2017 return to enter my AGI or a 5-digit PIN, and not having a printer to mail my return. What can I do?

September 11th, 2024

In 2002, our parents deeded their home to my sister and myself, giving them life-time rights to the house. Our Mother died in 2012 and our Father died in 2016. They lived in an assisted living home from 2007 until their deaths. My sister and I sold the house in 2018 for $40,000. We were told by the county assessors office that the house was assessed in 2002 at $34,710. Do we use that amount as the cost basis OR do we use the market value of the house in 2016, the last year a parent was living? We just want to know the cost basis versus our proceeds from the sale of the house ($40,000 in 2018) to know what our capital gain liability will be.

November 29th, 2023

I have clients that did not pay for the work completed. Where do I write that off?

April 17th, 2023

If I receive a property from my parents as a gift and return it back to them in the same year, do I need to report both gift actions, or is it not considered as a gift action at all?

July 13th, 2024