Discussion:Getting hanged over wrong Sec 179
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Discussion Forum Index --> Basic Tax Questions --> Getting hanged over wrong Sec 179
Discussion Forum Index --> Tax Questions --> Getting hanged over wrong Sec 179
| 11 June 2008 | |
| I'm in an awkward position at the moment. Client meet me today angry over the following:
1120S His nephew said Sec 179 Depr items should be on Line 14 and Schd K 11 along with Sec 197 as well. My preparation: 0 Depr for Line 14 (because of the Sec 179 election) and amount is on SchK L11. I have Sec 197 Amort. on Misc Exp an non attributable to share holders. I have been filing SCORPs that way ever since I started Tax Prep and I believe I am right. This guy is big and I'm intimidated =(. Maybe I should eat more and be big too. | |
| 11 June 2008 | |
| You are correct. Sec 179 deduction goes on line 11 of K-1, not page 1, line 14 of 1120S. Sec 179 deduction is at the shareholder level, not at the corporate level.
RE: Sec 197, amortization of goodwill, is a miscellaneous deduction to the corporation and is included with other deductions on page 1, line 19 of 1120S. Information of Sec. 179 is on Page 24 of the instructions for Form 1120S. Information regarding amortization is on page 16. | |
| 11 June 2008 | |
| Thanx =). I just needed to vent out =( I hate it when clients come growl at you with such attitude assuming that you are dead wrong...... | |
| June 11, 2008 | |
| As mentioned, you are correct. Tell him he's still going to get the benefit, it's just reported in a different area. Maybe you can confuse him :-P
Or send him my way. I'm 6'9" and quite intimidating. | |
| June 11, 2008 | |
| I use Guido & Garcia....they're available if you're interested ;-) | |
| 11 June 2008 | |
| Wow tall people O_O. I'm starting to wonder why small business owners have no manners to the people that work for them..... I have heard him scream at his secretary over a broken printer before. | |
| 11 June 2008 | |
| Tell him you charge double when working with obnoxious people. Or just charge him double from now on:). | |
| 11 June 2008 | |
| I sent him an disengagement letter and invoice for the work done already =). | |
| 11 June 2008 | |
| Good job. Maintain your own dignity. I work with many small business owners, and all of them have manners. The small business owner is not the problem. Your soon-to-be-ex-client is the problem. | |
| 11 June 2008 | |
| You should have held off the disengagement letter until you were paid. | |
Donniecastleman (talk|edits) said: | 11 June 2008 |
| I'm 6'3" but 6'4" in my cowboy boots, I could almost see him eye to eye! | |
| 11 June 2008 | |
| I agree but good thing I got a retainers prior to the work being done. I agree with you guys tho.... I should have sent that letter later but I let my emotions step in because I was mad... =( | |
