User talk:Cindylee
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I would simply do nothing and file as is or if you feel more comfortable, put 30K on a schedule C, do not send a 1099.
Subject the 30K to SE Tax with no deductions.
If you do that, you are exposing yourself as YOU made the decisionon the 30K. For that reason the client needs to acknowledge their understanding in writing.
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S corp interest
Hey CindyLee! Yes, I'd amend, and it won't raise red flags, you're just matching properly. As to current interest, it doesn't go on the K1 anywhere, just page one of the 1120S if expense, and line 4 of the K if income.... JR1Jeff
Thanks No problem
No problem, appreciate the thanks....RoyDaleOne
Basis
Hi Cindy
You left me a message but I find TA as a communicative tool frustrating and slow but I am happy to help. E mail me directly web is mgjcpa.com
my e mail is matt@my web site
helps reduce spam to not spell it out.
Matt
Andersen alumni
Hi Cindy,
Nice to see another Andersen alumna here! I was in the SALT group at Andersen for 14 years, based in the San Diego office and then telecommuted to St. Charles from home. I retired in October 2001, about the time they were having the shredding parties in Houston. Little did we know!
I didn't know many people on the audit side, so I doubt if our paths ever crossed.
Anyway ... welcome aboard. KatieJ 20:12, 12 April 2008 (CDT)
S corp owner's Health Ins/W2's
Hey Cindy. Sorry for delayed response...May finally hits and I'm gone....!
I would not bother changing anything at this point. The Notice affects 08 and on, and obviously, a safe harbor if we used that technique for 07. But I wouldn't lose a wink over it. The original headliner still has/had no basis in law, it would be tough to imagine an auditor challenging 07 as long as in 08 and beyond you do the right thing. Jeff JR1
S's and Health
CindyLee, the Notice is effective for 2008. Naturally, any God-fearing American figured that using those rules for 2007 was a safe play. But it wasn't required. You had a reasonable basis for doing it the old way, it comes out the same, so don't worry about it one bit. I didn't.
