Rental Property Investor · Raleigh, NC · Member since 2019 · 10 posts · 3 votes
I am finally accepting the fact that I need to file for an extension and work with a CPA. How do I go about vetting one and getting on someone's schedule at this point in time? Any recommendations in the Raleigh, NC, area? (I feel like it should be someone in close proximity in case they need to see documentation.)
I've got everything pulled together and pretty much entered into the H&R Block software. But I need another set of eyes on this stuff. We are fairly new to real estate investing-- we have a couple of rental properties, and we entered into a 1031 exchange at the end of 2018.
Accountant · Atlanta, GA · Member since 2015 · 1k+ posts · 1k+ votes
7y
@Account Closed
There's a material probability the IRS will transcribe your paper return into their database. As far as I know, the breaches and theft of IRS data don't occur during return transmission. When we're talking about efiling vs using the USPS, we're talking about method of transmission.
If it makes you feel better to paper file your return, by all means do so. However, I see reason that paper filing protects your data from IRS database breaches moreso than a taxpayer that efiles.
Items get lost in the mail. It's one reason my practice (and I'm sure many others) recommends mailing returns USPS First Class with Certified Receipt if they must be mailed at all. This problem does not exist with efile, practitioners get notified of acceptance or rejection usually within an hour for a federal return. Pick your poison...
There's a material probability the IRS will transcribe your paper return into their database. As far as I know, the breaches and theft of IRS data don't occur during return transmission. When we're talking about efiling vs using the USPS, we're talking about method of transmission.
If it makes you feel better to paper file your return, by all means do so. However, I see reason that paper filing protects your data from IRS database breaches moreso than a taxpayer that efiles.
Items get lost in the mail. It's one reason my practice (and I'm sure many others) recommends mailing returns USPS First Class with Certified Receipt if they must be mailed at all. This problem does not exist with efile, practitioners get notified of acceptance or rejection usually within an hour for a federal return. Pick your poison...
Thanks @Eamonn. I appreciate that. I used to sell satellite data transmission technology for a Fortune 200 corporation. I'm more than a little versed on the process and the pitfalls. ;-)
Some CPAs/EAs will allow you to mail/FedEx your source docs to them and they will scan in. This will most likely add to your fee however.
Criminals are putting old tax returns up for sale on the dark web By Irina Ivanova
Updated on: April 17, 2019 / 4:53 PM / MoneyWatch
Most people trust their accountant. But security breaches at accounting firms and legal firms are contributing to the plethora of tax information available at rock-bottom prices online, according to a cybersecurity executive.
"This item pairs very well with many of my other forgery items such [as] forged IDs and especially by forged Social Security cards," the listing advertised.
"These people are not trying to pickpocket you. They're trying to steal your financial future," said Tom Kellermann, chief cybersecurity officer at Carbon Black. "For a little as 19 cents for your ID and a dollar for last year's tax return, I can own you indefinitely until you have to go through the nightmare process of getting your Social Security number changed."