Originally Posted by TucoRamirez
I am incorporated and my cpa had me paying quarterlies on the estimated money that i would make (going by what i made the previous year). I paid taxes for 2 quarters in 2011, but since I never received my winnings my cpa filed it as a loss (if I remember right) and I got a refund on the quarterlies that I paid.
Does my cpa have a clue what he's doing?
I'm no CPA, and I didn't even bother to hit a Holiday Inn Express last night, but I think that if you claimed FTP monies as a "loss" then you may need to pay taxes on them as you withdraw them. That was the way my CPA explained it to me, or rather that was the way I interpreted what he said to me.
If your CPA has his crap together even a little bit then he should be able to tell you how to proceed.