User talk:Bean

From TaxAlmanac

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- Tim Doyle, TaxAlmanac Moderator, Tdoyle 16:36, 26 December 2005 (CST)

TaxAlmanac testimonials

Hello, I am the managing editor of CPA Magazine. I am including a feature story about TaxAlmanac in the August/September issue of the magazine. I wanted to include TaxAlmanac user testimonials in the story to show the value from a user standpoint. I was hoping I could use the following testimonial that you left on the Community Feedback page: "This is a great network for tax professionals! I have a home-based office and the tax work can be quite solitary, so it is great to be able to connect to a network of other professionals out there. It is an excellent tool of communications and it's good to know that you don't have to make the decisions alone when it comes to gray areas, and that we all can exchange knowledge and ideas and learn from one another. Thank you!"

You can email me at megan@cpamagazine.com to let me know if you would like for your testimonial to be a part of the story. If so, I can get your name and business information to accompany your testimonial at that time.

Thank you, Megan McDaniel Megan 14:40, 7 June 2006 (CDT)

Hi Bean,

I'm new here. I've been reading the discussion on Health Insurance, and your post caught my attention.

Situation:

I am the sole owner of dwindling S corp. I have 1 employee, my wife. We both materially contribute to the business. Since 2005 we've had no payroll and take no compensation. The corporation has less than $20K income and our company health plan is a group (of 2) policy. The corporation pays the premiums. We issue no W2s.

Am I treating this expense properly as a Line 19 expense on 1120S?

Thank you.

Hamilton

bpiz@yahoo.com

C Corp. NOLs

I saw your post regarding C Corp NOLs not being used by an S-corp. I just picked up a new client whose prior CPA converted her to a S Corp as of 1/1/08. She has C-corp positive retained earings after 2 years of NOL's. but he never carried the NOL's back. We'd have to go back to 05 a file amended to apply those NOL's to a C-corp year with income. Any other ideas how to use those NOLs? She of course now has a income year as an S-corp.

Investment Mgmt. Fees

Not to muddy the waters even more, but brokerage commissions are not deductible. They may, in fact, be considered additions to the IRA. For the fees to be deductible, any trading commissions would have to be deducted. The fee your client is paying to SunTrust seems abnormally high. In my experience (25 years managing portfolios for private clients), the fees for a $2 million account should be 1% or less, unless the manager is doing something unique (which does not seem likely in this case). Your client will appreciate you even more, if you can save him/her $15,000/year. I would be more than happy to discuss this with you. If interested, send me an email to jlayton@leemunder.com.