User talk:Death&Taxes
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Miss Molly
I love your brainstorm!!! Molly is a feisty girl and might rough up the auditor if she thinks I'm uneasy. There must be some Code section disallowing that. :) BethAZ 20:26, 24 October 2007 (CDT)
PDCPA
Sigh. Some days I feel like a potentially dangerous CPA every time I pick up a pen. BethAZ 12:49, 25 October 2007 (CDT)
It's not the time...
Hi David - My tax practice is small enough to manage the awkward timing of the audit, so that isn't really an issue. Spoke with old boss. He agrees there may be something more here due to the auditor's credentials, so close to the SOL, Nat'l Heritage Foundation, the size of the transaction, etc. He thinks the IRS might be trying to disallow the entire transaction back to 2000, not just the tiny amount used in 2004. That's why I think an attorney would be a better bet, and from the start. You are wonderful for helping me with this perplexing issue and are a great source of knowledge and comfort. Thanks BethAZ 11:35, 26 October 2007 (CDT)
My Email
D&T,
Thanks! My email is troupe55@mac.com
re: Home Sale Exclusion for newly married taxpayers
Thank you for the information. It was quite helpful. It sounds like I don't have enough good facts at this point to claim the exclusion. I'll probably advise they stay in there for the full 2 years to exclude the gain. Your link was very helpful.
Thanks, SoelbergCPA 15:36, 8 November 2007 (CST) Soelberg
Mystery message
Hi David - also a mystery to me. I don't recognize the user Eduardo(?) and don't know why he left this for you. That audit is in the hands of an Ex-IRS guy who is an old hand at this and will be meeting with the auditor in early Dec. He said he'd keep me informed and I'd be happy to share the outcome with you if you're interested. Thanks again for being so wonderful! BethAZ 12:33, 9 November 2007 (CST)
curiouser and curiouser
I'll keep you informed. Maybe we've stumbled onto a conspiracy. Hush hush.
"the message"
David, I hope you don't mind me commenting on this, but I happened to see the posts regarding your mysterious message. Personally, I don't think that information belongs on a public website.
I went to a seminar once in which the Heritage Foundation made a presentation. As best I can recall, the Foundation helps people set up charitable trusts in which they indicate how funds are to be distributed but they do not have to administer. Perhaps this person thought you were somehow related to the people in the message. It also seems like this person is at the bottom of the barrel as far as trying to resolve the situation. Note the date references at the end for November 2006. It seems like previous communications have gone out with no responses.
BTW, the sender's profile is just the standard default, and it was set up the day he left the message for you.Natalie 04:48, 10 November 2007 (CST)Natalie
Mystery Message
I've been watching - no need to alert me. ;-) The person who submitted that message created an account, left you the message, and hasn't edited anything else. I have no idea who it was.
- Tim Doyle, TaxAlmanac Moderator - Talk to me 10:16, 10 November 2007 (CST)
Eduardo Alarcon
I don't know why Mr. Alarcon keeps posting information regarding NHF, but googled "Alarcon NHF" and found that he has done the same thing on various forums. No explanation as to why he continues to copy and paste legal proceedings, and the other forums seem as puzzled as we are regarding his intention. Perhaps he has a beef with NHF. I imagine it would easiest to just delete the message. Sorry you are receiving these. You helped me, and no good deed goes unpunished :) I will leave him a message on his message page and ask that he stop posting legal briefs on your message page. BethAZ 08:58, 16 November 2007 (CST)
turbo tax
hi death&taxes,
i've recently looked up a couple of topics and you seem to coincidentally be on the posts and have the answer i'm looking for. since you seem to have clients in the same situation as me, i was wondering if you could answer a question about turbo tax (or any other software program, tax cut, etc.). can turbo tax handle my return - i've been doing it by hand forever - i have an average of 20 pages of schedule d-1 pages (manually written), and have an investment in a couple private equity funds (goldman sachs) which issues these very lenghty k-1's where i connect the dots and put the information on other forms such as schedule d, e, 4797, etc.
thanks a lot --Daqdaq2000 12:01, 26 November 2007 (CST)
Acronyms
When I saw EBE, I was thinking employee expenses, but I got stuck on Unreimbursed Employee Expenses. And MLTN really threw me. I had no idea about that one. Thanks for all of your translations! Natalie 21:26, 5 December 2007 (CST)Natalie
Update on Audit
Hi David - appears the IRS is targeting participants in the NHF program. There is abuse going on with these foundations, but my client isn't abusing so looks like he's off the hook. Whew! Beth 11:28, 20 December 2007 (CST)
My Newsletter
Hit my page www.jrobertsaccounting.com and the Newsletters page for the newest version...scroll down for it. Jeff JR1
Volume of returns
DT
How many tax returns do you do from a home office?
Just curious, if too personal a question, I fully understand.
Please respond to southparkcpa@----------.com
It is Yahoo. I hate spam. This seems to help.
Matt J in Charlotte NC
Hawaii visit
David, you know if you ever visit Hawaii, I'd really like to meet you! I just read your post about the astrological signs. You bring so many interesting things to TA! Natalie 02:23, 7 January 2008 (CST)Natalie
You're welcome!
No Properly Filed 1099 = Disallowed Deduction?
I saw your reference to a court case involving a disallowed deduction for expenses that should have had 1099's filed for them and wanted to try to get more info from you.
I have a client who is currently under audit for 2005 and did not file 1099's at the time. We have prepared 1099's (have advised client regarding late filing penalties, etc.) but do not have complete information, specifically missing some federal ID numbers. The agent is saying that the deduction amounts will be disallowed for recipients we do not have numbers on, but we have backup to support deductions (invoices, etc.). He says that's not good enough. Any court citations or precedents would be appreciated.
Write up
Hi D&T, I really enjoy reading your posts. I was looking at your profile and saw that you focus on taxes, having done the writeups way in the past. I thought I'd touch base with you and say if you get any writeup/bookkeeping requests that you don't want, maybe you could throw them my way. I'd be glad to pay a referral fee. You are more experienced at this than I am and I'm sure we could work out an arrangement agreeable to both of us. For the past four years, I've not done any marketing and my practice (from home although I use 19 Main St., TR for mail, meeting clients, etc.) has taken a back seat to Town Hall in Toms River. Now that I've been emancipated, I'd like to rebuild the practice. If I'm way off base, just let me know. Thanks, Paul Brush
This is so simple, I figured I would have seen some replies to my post SOLD DEED OF TRUST for LESS THAN FACE VALUE Perhaps it was too convoluted?
Maybe you can help?
Thanks
Whoops I forgot the blessed tildes
This is so simple, I figured I would have seen some replies to my post SOLD DEED OF TRUST for LESS THAN FACE VALUE Perhaps it was too convoluted?
Maybe you can help?
Thanks
Cmts707 09:32, 12 January 2008 (CST)
Acronyms
The acronyms are flying all over the place. Help! What is PTD? Natalie 15:50, 14 January 2008 (CST)Natalie
I enjoy your writing
D&T - One occassion you've linked to some of writings. Your way with words is always a pleasure to read. Can you provide me with links to more of your writings?
Rick - rgtaxservice
BTW, is there a way to link my Username instead of me typing it?
Penalties and Amended returns
Hi David - For 2006, client gave me the wrong backup file of Quickbooks that only included detail for half the year. There is a substantial understatement of tax. You once said "You practically have to shoot the commissioner" before IRS will impose penalties on a voluntarily submitted amended return. Do you think that will also apply to an accuracy related penalty? I'm not taking responsibility for the penalties. Thanks so much. Beth 10:30, 18 January 2008 (CST)
Parrying Explanation
The explanation I gave is as follows: TAXPAYER REPORTED INFORMATION TO PREPARER THAT WAS CONTAINED IN AN OLD "ACCOUNTANT'S COPY" OF HIS ACCOUNTING SOFTWARE (QUICKBOOKS). SINCE HIS ACCOUNTING SOFTWARE SHOWED "ACCOUNTANT'S COPY EXISTS" IN ITS HEADING, TAXPAYER MISTAKEN ASSUMED THE PREEXISTING "ACCOUNTANT'S COPY" WAS AUTOMATICALLY UPDATED. THEREFORE, TAXPAYER ONLY REPORTED A PARTIAL YEAR'S ACTIVITY TO PREPARER. AMENDED RETURN WAS PREPARED IMMEDIATELY UPON DISCOVERY OF THIS ERROR. What do you think? Thanks as always for your kind advice. Beth 11:34, 18 January 2008 (CST)
Appeal
You sure do have a way with words. If I had to answer that question about pain, giving birth is an easy 10.
Anyway, thanks for the reply. I guess I'll just wait until we hear from them again. Natalie 12:37, 21 January 2008 (CST)Natalie
Get thyself to...
The thread about officers of a non for profit. It's actually about musicians....he needs you there.
airline crew
D & T what is your personal email? Nancy Shoe
Partnership 179 carryforward and guaranteed pmt
can you look at my most recent post. Not sure about NJ letting me get full benefit of my 179.
thanks
Thought you might have run into this. In my software i was able to put in the extra depreciation and it looks like it nets it out on the NJ K1s. So i think it is ok.
S Corp employee fringe benefit
Thanks your your input on my question about the fringe benefit for the son. NC Gil 11:25, 8 February 2008 (CST)
I'm Just Dense
David: I think I finally got the point trying to be made. I did put a few states that I think may have this "Decree of Separate Maintenance" or the like, but I did it by a undependable websearch. I was never able to pen it down to a specific statute in my state, but I know we have it, whether we have it by common law, or whether it's a sub-part of something, I don't know. CrowJD 19:03, 9 February 2008 (CST)
Ran Across this
David: As you pointed out, this is a rare and strange bird. FYI, I ran across this and pass it along to you, from all places, the local Ft. Mac Newsletter, note how it does not even start out as a Divorce, this is what I understand my client has (no doubt this is of Catholic origin, when the annulment would not do lol):
What is a Separate Maintenance Procedure or a “Bed and Board Divorce?” Perhaps the most frequently spoken of, but least understood form of marital separation is the “formal judicial separation” which is sometimes called a legal separation. The “formal judicial separation” or legal separation is initiated as a lawsuit by one spouse against the other. The name of the lawsuit that results in a formal judicial separation varies in different states. It is often called a “bed and board divorce” and in Georgia is called a separate maintenance proceeding. The legal assistance office will not be able to assist you with a separate maintenance action other than to advise you of the benefits and procedure involved in this action. From a Ft. Mcpherson Newsletter. CrowJD 11:31, 10 February 2008 (CST)
NJ gross receipts for minimum tax purposes
D&T, I'm copying this from an exchange I had on m.t.m. today ... just curious to know if you have any more information or insight into this issue. NJ certainly doesn't make it easy to find the information! But it seems like a common question.
On Feb 10, 11:45 am, (deleted for privacy) wrote:
> A New Jersey S-Corp sold its only asset, rental real estate located in NJ > in 2007. For purposes of calculating the minimum tax for the CBT-100S should > the sales price of property be classified as all other business receipts > earned in New Jersey?
> Is there any source were the definition for NJ Gross Receipts is given?
The definition of NJ gross receipts is in N.J. Admin. Code 18:7-18.1, and it isn't a lot more detailed than the list on the form. The form instructions are no help either. The only place where a sale of real (as opposed to tangible personal) property would fit, as you suggest, is under "other business receipts earned in New Jersey."
The best reference I found for this is in a Q&A issued by the NJ Department of Revenue on January 1, 2004. The response to Question 42 is that for purposes of the alternative minimum assessment, the Corporation Business Tax sales factor numerator rules will be used to determine NJ gross receipts. New Jersey Corporation Business Surtax and Minimum Tax Changes, 07/11/2006, says the new minimum tax definition of NJ gross receipts is the same as for the AMA. Sooooo....it appears we should look to the CBT apportionment rules. N.J. Admin. Code 18:7-8.12 lists sales of capital assets and sales of real property under "other business receipts," so we must be on the right track.
For sales of capital assets, that reg refers to N.J. Admin. Code
18:7-8.9, which says:
"(a) The gross receipts from sales of capital assets (property not
held by the taxpayer for sale to customers in the regular course of
business) either within or without New Jersey should not be included
in either the numerator or denominator of the receipts fraction. The
net gains from such sales which are included in entire net income are
the amounts which are properly to be included in the computation of
the receipts fraction."
"(b) Where the taxpayer's business is the buying and selling of real
estate or the buying or selling of securities for trading purposes,
these assets are not deemed to be capital assets and the gross
receipts from the sales thereof are included in the same manner as
other includable receipts."
If the property sold was a capital asset in the hands of the S
corporation, the net gain, not the gross receipt, is "NJ gross
receipts." If the corporation's business was buying and selling real
estate, the gross receipt would be "NJ gross receipts." Either way,
it goes under Item 5, "Other business receipts earned in New Jersey."
Whew!
KatieJ 15:11, 11 February 2008 (CST)
translation assistance requeste
What is DIF?Natalie 14:14, 13 February 2008 (CST)Natalie
From Mike - IRSFIXER
We need to have lunch sometime. I really enjoy your posts and have a lot of respectr for you.
Involuntary conversion and Like kind exchange
David, I must impose upon your kindness. Client bought >6000 lb truck in 2003 for $23k, took Sec 179 on entire amount in 2003. Totaled truck in 2007. Received $21k ins reimbursement. Bought another >6000 lb truck in 2007 for $24k. I don't see any taxable gain as long as I treat the new truck just like the old truck. Don't know which forms, if any, to fill out and am tempted to just change the description in the asset detail screen. Will you tell me which forms, if any, need to be filled out and I'll take it from there? Sorry to be such a dunce, and I know how busy you must be. BTW: Audited NHF client closed with no change :). Thanks always. Beth 11:38, 25 February 2008 (CST)
Question about artist's expenses
Hello -- I'm a new professional artist and am getting so many conflicting answers (even direct from the IRS) on whether I have to keep an inventory and deduct only costs of goods sold, or whether everything can be deducted in the year purchased.
Based on what you said in this thread, it seems to me you're confirming that all costs incurred in any given year can be written off in that year for a visual artist?
http://www.taxalmanac.com/index.php/Discussion:Artists_can_deduct_all_expense_in_current_year%3F
Am I still confused or is that indeed the case?
I sure would appreciate any help you could give!
Thanks,
KJ
It won't let me edit my previous post...
I didn't realize I wasn't leaving any identifying info or contact information. Sorry about that.
Theconfusedgiraffe 08:57, 27 February 2008 (CST)
Thanks for your help. I really appreciate it.
So we make the case?
D&T: I dont' have many Tax prep. clients, but Uncle must have only 2. How in the world are we to make a case for malfeasance along with everything else we are supposed to be doing? And as you say, you could not be anonymous then! What, are we then to lose several days time appearing somewhere to be a witness to prove the case we made for the government? Hehe. But, I definitely support licensing now too.CrowJD 11:21, 28 February 2008 (CST)
Thanks Death & Taxes, I did look in discussion, but they raised more questions than answers. If the corp deducts and then issues the taxpayers a 1099-INT then it's just a wash. Income to the individual and deduction to the corp. Thats why I am considering ignoring it altogether (no 1099) and treating it as personal.
Landon5784
10990misc to emnployee
When you use 2106, how do you input the mileage allowance, since 2106 doesn't seem to be used for that purpose from my research (it's for Box 12 of the W-2)? In other words, can you use a 1099-misc Box 3 to go to the 2106. This is what you've done before?
16:59, 2 March 2008 (CST)
Sec. 179 disposition
Would you please be willing to talk about this issue offline? Thanks
David, thought you would appreciate this
You know how our brothers in the UK can't resist a wager. Now you can enjoy the fun. Check this out http://www.intrade.com/jsp/intrade/contractSearch/ Click Social Civil at left. You can "wager" on U.S. tax rates, and a lot of other things. I found this site through reading Richard Hoffer's "Jackpot Nation" c. 2007. An interesting read. He claims these sites are amazingly precient to boot. I have not put any money down on anything, but I'm liable to do anything. lol. CrowCrowJD 06:47, 8 March 2008 (CST)
That might no be a bad
That might not be a bad bet! I get the feeling they are already broke. lol. I thought that place was interesting, but I did not go through all the possible wagers. But, I'm going to start checking it from time to time. CrowJD 10:44, 8 March 2008 (CST)
PA SUI
Do you deduct PA SUI as an itemized deduction?
Dusty 11:38, 12 March 2008 (CDT)
D&T:
I value your many contributions to this web site!
Could you offer me your opinion on a question I posted on this web site?
Here's the link [[1]]
I believe recording the trhansactions on Schedule A and Line 21 are probably the most appropriate treatment since this is probably considered all personal use without a profit motive. All the parties are joint owners of the property.
However, do you think there would be any possible way to argue that the payments from the parents to the related taxpayer (child) could be considered gifts?
Thanks!
Gsscpagsscpa aka Gerald S. Sutton
Mbaqb
Death & Taxes,
I had a quick question. I've worked my way through this asset disposition issue ("Deemed disposition of asset") and I just want to confirm one thing. I've got depreciation recapture upon disposition which has been calculated, and I've entries to close the books (see below), but as far as other income outside of depreciation recapture, I am also going to have to show income up to the amount of debt relief, correct (I'm not able to gift that amount, correct?)?
Dennis (talk|edits) said:
15 March 2008
"The gift would be the difference between debt assumed and fmv of the truck. the debt reflief itself is no different than cash received."
These are my facts:
FMV of asset upon disposition= $42-43K
Debt relief (note assumed by son)= $34,485
Asset was placed on books at $24,000, fully depreciated with Sec. 179
Dr. Note Payable 34,485 Cr. Sec. 179 recapture 16,501 Cr. Other gain on disposition of asset 17,984
Mbaqb 08:33, 24 March 2008 (CDT)
Mbaqb
Thanks for replying, I appreciate it. I understand what you mean. Good luck!
State
David, thanks to you and Katie J on state taxation issues. It's appreciated more than you know. Of course, it's Federalism at it's worst, and underlines how underpaid all tax people are. It really slows me down, and I always wonder if I'm doing it right... Thanks again. CrowJD 17:19, 24 March 2008 (CDT)
DE/PA LLC
Good morning D&T.
Hope you are making it through this tax season. I have a question regarding a PA LLC and thought I would try you directly. If you don't have time to answer I understand and will post to the board directly.
Client started a LLC in 2007. LLC holds a rental property. Registered in Delaware (of course) with a foreign registration in PA. Client is a VA resident. I am a bit confused as to what state returns need to be filed. PA 65 with a NR K1 and then a PA 40NR? VA 506 with a credit for taxes paid to another state? Anything for delaware on the LLC level? I believe he has to pay filing fees on a yearly basis to both DE and PA. I'm not sure why he registered in DE and could only tell me that is what he saw to do on the internet.
Thank you in advance for your input. This was the client that handed me all the paperwork and said....I'll be easy again this year. I find a recipt for LLC expenses in his paperwork and call on it. Oh yeah...I forgot to tell you about that.....
Have a great day.
Marcellah 12:52, 28 March 2008 (CDT)
Marcy
PA/DE LLC
Thank you for your response-
I don't know why this is so confusing to me. I used to live in PA!
LLC is a partnership, no s or c corp election was made.
Since the partners both live in VA would I file a PA 40NR? Then file in VA with a credit for any tax paid to PA on the NR return?
Is it April 15th yet :-)
Marcellah 13:29, 28 March 2008 (CDT)
Discussion:Reposted - LTD and Not Workers Comp BUH DUH
Hey DT,
When's the Montana trip? lol
Could I get your quick input on this one. My main concern now is what numbers I use for the lump sum averaging. original amounts excluding dbl payments or amended amounts that include the dbl.
Logic would dictate that I use the amounts excluding the dbl wages. If the SS was received those years as it should have been, then there would not have been w-2 dbl wages. Therefore lower income in regards to SS tax calc.
Could I argue this position?
Does that make sense? And yes, I know logic and sense doesn't always correlate to IRS logic.
Thanks
Fred
Fsteincpa 08:59, 30 March 2008 (CDT)
Below is what was posted last night in a blurred haze.
Now, let me see if I get this straight for the current year. Looks like multiple issues now. Lump sum averaging
I can still Lump sum average the SS received in 2007.
If yes, should this be based on the amended amounts with the disability amounts added in? Or should I base them on the original return amount? significant difference in tax arises.
Theoretically then, if I use lower amounts for prior year, do I back out the DBL I included in income in 2006. Logic would dictate that I use the higher dollar amount, but then this is like replacement money. My head hurts.
Claim of right -
No claim of right for 2004 and 2005 because he omitted, but, he omitted incorrectly it appears. Could claim of right be argured.
2006 I included in income thinking that this money is her money. So, legitimate claim of right for 2006.
did I say my head hurts?
client coming in tomorrow.
It's maple syrup weekend here too
Oh well, thanks for at least listening.
Lump sum for Soc security is relatively simple actually. At least now that I have researched it. when we have clients that receive lump sum amounts in one year, there is a worksheet that allows us to calculate the taxability of it as if it were received in the prior years and thus, using that agi calc to determine % of taxable soc security. then depending on what is better we can use either method.
That part is easy. I'm trying to figure out if my argument for excluding those DBL W-2's from my calculation makes sense. I think it does, but what do i know.
Fsteincpa 09:16, 30 March 2008 (CDT)
--Tedkil 15:17, 31 March 2008 (CDT)--Tedkil 15:17, 31 March 2008 (CDT)== Keyspan Merger - Stock owner dies during merger process ==
Hi: I saw some of yourresponses and name "Death and Taxes". My sister in-law is a Corporate Tax Lawyer for the Hartford Ins. Group. Her father died with the following issue:
Michael is 93yrs old, never sells his stocks. Has KEYSPAN which is merged with National Grid for all cash at $42. Stock certificates in Safety deposit box, in his name only. Merger material states "effective 8/24/07 the merger contemplated by the Merger Agreement was complete". Letter for stock tranmittal received in Sept. 07. Sent the cerificates on 10/3/07; and Michael died on 10/06/07. The check for stock is dated 10/23/07, and is deposited. Receive the 1099-B under his social sec.# with a Sale Date of 10/23/07. I want to report as a sale from the estate and report step up basis. Others are worried about the effective date being 8/24/07. What is the appropriate sale date and can it be reported on the 1041 with step up? Thank
We have searched Many Tax data bases, including my sister in-laws corporate data bases. Seems to be too unususal an issue. Any help would be wonderful!
Ted Kilbride
Madison, CT--Tedkil 15:17, 31 March 2008 (CDT)
Part IV of 4797, when sold? Or only when asset retained and bus. usage drops below 50%?
Death&Taxes,
Is part IV of the 4797 used when an asset previously depreciated using Sec. 179 is sold? Or is part IV of the 4797 only used when the business usage drops below 50% (and the asset has been retained)? I ask because I have a similar issue I'm working with and I read the discussion on the Sec. 179 Hummer disposition from a while back and still didn't feel clear about it. If part IV is only used when the business usage drops below 50% (but asset is retained), then when you sell an asset previously depreciated using the 179 election you only have to show the income amount on page 1 of the 4797 (no self employment tax), and not on an other income line with the Sch C (where you would have to pay the SE tax). What's the proper treatment if an asset has been sold? Thanks. Mbaqb 16:03, 31 March 2008 (CDT)
Thanks!
Thanks for all your help with the Phila. return(s)! I clearly see why no-one wants to live & run a business within the city.
Szptax 13:13, 4 April 2008 (CDT)szptax
Thanks for your help on NY source income.
Rental
So what positin did you decide to take on your musician with the rental property?
8814 v. 8615
Followed a few topics regarding kiddie tax that you participated in. Noticed that you prefer to report the child's income on the parents return if able. Is this because the fee for preparing a separate return for the child more than the overall tax savings to the family? D'Nero 10:05, 14 April 2008 (CDT)
Blame it on my fingers
David: I was just having some after tax season funnies there: there was no Newscaster, etc. I'll get in there and fix it with another post soon. P.S. Check out the trial transcript at the Tax Court post....There's a certain EA on the board I thought I would have a little fun with. Of course, I'm not even a member of the Tax Court bar. I've had no need to be. And, of course, I have great respect for all the EA's on here. CrowCrowJD 08:20, 17 April 2008 (CDT)
need your advice
I have two situations and looking for second opinion both surround the same corporation.
1. IRS has performed an audit on the same corp year after year with little or no changes. now being the 4th consecutive year and requesting the same areas as previously which had no changes or disallowances. I thought they could not do that?
2. IRS examined corp 2005 tax return and made virtually no changes again. now wanting to re examine 2005 in the same area as no changes took place. can they do this?
any information that you can provide would be appreciated and if you have reference as to what you might offer that would great.
Thanks in advance.
Need advice
Hello! I am a student. I am trying to understand the handling of capital gains on the sale of a collectible baseball card. The card was hel long term and is taxable at 28%. The basis of the card is $40 and the sale of the card is $400, therefore, the capital gains of the sale of this collectible is $360. Please feel free to correct me if I am wrong! My main concern and question is my professor has asked if the fact that the baseball player featured on the card is still playing ball would affect the fact that the card is a collectible. My answer is NO, but this part of the question has completely caught me off guard. Why ask such a question unless it plays a role in the answer....
Also, considering I am a student (accounting program) and someday I will want to do real accounting for a living, do you suggest becoming a CPA or is an Enrolled Agent just as good?
is new fed id needed for renewal of grantor trust with amendments
Hi,
I've posted this question on the public forums but have only recieved 1 answer from somebody who has only been preparing taxes since 2008. Would like to get a more experienced opinion which is why i am sending this to you directly. Hope you have the time and can answer this for me.
I have a client who was 50/50 trustee on a grantor type trust with his wife. The trust is expiring ( 20 yr life) he went to a lawyer and got the paper work filed for a trust with the same trust name. There were some amendments to the original trust docs in terms of adding the kids as addtional beneficiaries on the trust ( where as before it was just husband and wife 50/50 now its husband and wife as jt tennants getting 50%, kids 1,2,and 3 getting 16.6667%, 16.6667% and 16.6666% respectively).
Does the government require that a new fed id be applied for for this trust?
thanks in advance for your experienced opinion.
Ted
CP2000
Hi David, Recently, within the last month I'd say, I read a post in which you discussed the many CP2000's you deal with and for the life of me I can't find the discussion searching CP2000. I recall you had a procedure that works well for you and if you don't mind could you point me towards that post. There were quite a few posters in that post as I recall but I can't find it. There was some discussion about the various IRS fax numbers that went into a black hole. I want to avoid that since I got one for a client. Should be easy to resolve fortunately. Thanks much. Paul Brush Toms River 732-240-0600 home office 732-612-1124 efax email: paul@pcbcpa.com
CP2000
David, Thanks. The link worked. Paul Brush
Dangerous reality shows
Nice topic you started there D&T! I guess it's time to hit the hay. When I see you posting, I know it's my bedtime!Natalie 08:11, 21 June 2008 (CDT)Natalie
Hello David, I know you use Proseries and are very knowledgeable. I have a client who got 4 K1's from various limited, publicly traded partnerships. Never a NJ K1 is issued, just the federal. I key in the K1's on the fed worksheet and none of the income posts on the NJ side. I go to the NJ K1 worksheets and check the box for not receiving a NJ K1 and the data is posted on worksheet B. Everything looks correct except none of the income is posted on the NJ return. She is a resident (Berkeley Twp) and these K1's produce income not losses. Any thoughts? Thanks,
Paul BrushPBinNJ 13:02, 28 June 2008 (CDT)
Left you a message
David, i just left you a message but I may have accidentally tagged it to one that Natalie left in the discussion forum. Hope you get it ok, I have a problem with K1 not posting on NJ Proseries. Thanks, Paul BrushPBinNJ 13:06, 28 June 2008 (CDT)
K1 on NJ 1040
David, I can't find the msg I left yesterday for the life of me. I somehow thought I linked to you through Natalie by mistake but I can't find the message. Anyway, I think you use Proseries as I do and I thought my client's ltd partnership k1's were not posting on NJ but they are, so disregard my note. Thanks for the reply, tho'. Paul Brush
