User talk:BEGooding

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[edit]

Thank you for the note!!

Hope we can help one another. That is what is great about this site!!

SandySea

Hi Brad:

Many thanks for your reply. I did not deduct the interest because it was personal in nature. However, do you know if the interest expense that I get reimbursed for is taxable to me? I can look at this transactions as a direct 1 to 1 offset, i.e., I paid $1 of personal interest (not deducted) and got reimbursed $1. My concern is that the tax laws are so complicated that I maybe over-looking something, which would make the $1 that I received taxable.

Once again, many thaks,


Regards,

Orville W. Freymuth

Thanks alot for answering-I never knew about this site & I'm practicing in NYC for 11 years. Guess I'm too busy to surf!!!



BEGooding (talk|edits) said: 

January 3, 2008

First you have to determine if he was required to file. Were total assets of the pension plan at the end of 2004, 2005, 2006 below $100k? Were assets below $250k at end of 2007? Is the S Corp a member of a controlled group? Did, in any year, the business have any leased employees or employees other than the owner? If he was required to file, you can bet IRS will assess penalties unless he has a good excuse for not filing. "Just not filing" as a way to stop penalties is never a viable strategy.


April15 (talk|edits) said: 

3 January 2008

Thanks for getting involved! There are 3 differnt plans-each one is lesss than 100K but in the aggregate it's more than 100k. Sole shareholder is the only employee-No outside services- Does this mean he was not required to file???

[edit]

IE7

Thanks for that info. Brad. I think I asked you about IE7 a while ago. I finally downloaded it several months ago and then found out it causes problems with my printer. Luckily there's a work around. I actually use Firefox for most of my browsing.Natalie 02:22, 14 February 2008 (CST)Natalie

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