Poker Players Are Next......IRS Wins Court Case For Internet Records

[thing85]

[ QUOTE ]
My CPA has an MBA. I pay a small monthly fee and a year end fee. My bank statements go directly to him evey month. He has power of attorney for all financial activity. I just go in to sign quarterly returns.I get monthly, quarterly and year end financial statements. Get a CPA with enough confidence in himself to get an agreement like mine. I have had the same CPA for 21 years with same agreement. What hooked me was the fact that they are willing to pay for their mistakes and no extra fees for audits. All audits, not just IRS audits.

[/ QUOTE ]

I'm trying to figure out why it matters that your CPA has an MBA. While it may make him a better businessman, it has nothing to do with the quality of his accounting work.

[MicroBob]

I get my advice from EF Hutton. And EF Hutton says.....

[ColdCaller]

[ QUOTE ]
[ QUOTE ]
My CPA has an MBA. I pay a small monthly fee and a year end fee. My bank statements go directly to him evey month. He has power of attorney for all financial activity. I just go in to sign quarterly returns.I get monthly, quarterly and year end financial statements. Get a CPA with enough confidence in himself to get an agreement like mine. I have had the same CPA for 21 years with same agreement. What hooked me was the fact that they are willing to pay for their mistakes and no extra fees for audits. All audits, not just IRS audits.

[/ QUOTE ]

I'm trying to figure out why it matters that your CPA has an MBA. While it may make him a better businessman, it has nothing to do with the quality of his accounting work.

[/ QUOTE ]

Not true. An MBA can significantly help him with understanding the expenses behind a business, and help him to fill in the gaps you can't adequately explain. They may be better able to understand your goal with tax avoidance and provide more accurate advice.

A CPA just takes all the evidence and figures it out. Most CPA's I know have MBA's as it is, though.

[AAAA]

if they get audited once and are found to be doing something really wrong, they are toast. after a while of being in business, the IRS sees who signs off on the return and won't mess with them, because they just have done their home work and have things done right.

plus, they know how to avoid flags.

[proformance]

As a former IRS employee, the chances of being audited are so small that it's really not worth worrying about. The IRS spends more time checking SSNs and denying things like exemptions, EIC, and child tax credit than doing audits. They check SSNs and when they aren't valid or have been claimed by somebody else, the just drop a letter (about 25,000 letters a week out of the KC service center) that says 'you claimed an SSN that is not valid and your return has been revised to reflect the change'. Denying people EIC or child tax credit is worth billions and billions of dollars. Just submit an accurate return and pay your taxes.

[proformance]

Having a good accountant is so valuable. My accountant of 10 years (yes I even had him help with my taxes when I was with the IRS) knew all of the auditors in the KC office so it takes a lot of the worry out about meeting with the IRS. Having someone in your corner who in many cases knows more the auditor is worth every penny.

[gaming_mouse]

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I don't know much about this stuff but, for some reason, this REALLY surprises me.

I thought audits were a bit more common than that.

[/ QUOTE ]

quick google shows that only 2% of all returns are audited....

http://www.answerbag.com/q_view.php/3798

[sushijerk]

In a couple of years the IRS is going to own a lot of flat screen TVs and x-box 360s.

[thing85]

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In a couple of years the IRS is going to own a lot of flat screen TVs and x-box 360s.

[/ QUOTE ]

...and Dell fp2001s...

[Aytumious]

[ QUOTE ]
[ QUOTE ]
I don't know much about this stuff but, for some reason, this REALLY surprises me.

I thought audits were a bit more common than that.

[/ QUOTE ]

quick google shows that only 2% of all returns are audited....

http://www.answerbag.com/q_view.php/3798

[/ QUOTE ]

Though from 1997, this data is also interesting.

http://www.wwwebtax.com/audits/audit_avoiding.htm

Being a high rollin' self-employed poker player is a good way to get yourself audited.