User talk:KatieJ
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CHANGE FROM C-CORP TO LLC
Hi,
I have a question posted under the above topic and after seeing how knowledgable you are in response to other questions I was wondering if you might have an answer for me. Any help would be GREATLY APPRECIATED.
Thanks for your time!! (And your Knowledge) (-:
Answering Messages
Hi Katie:
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- Tim Doyle, TaxAlmanac Moderator - Talk to me 16:12, 11 December 2006 (CST)
Welcome aboard
KatieJ - nice to see someone with your background posting here. I also live in SD and have my practice in San Carlos - across the FW. Also an SDSU lifetime alumni. Would be nice to meet you sometime as a contact. Your post on S-Corps and the built in gains tax was well done. If your interested, let me know. User:Michaelstar
Welcome
I just wanted to tell you that you are about the brightest and best additions here! Do stick around, anxious to learn stuff! Jeff aka JR1
Michael answered my posted question. You may disregard my question below.
Sub S shareholder health insurance
I posted a question, but decided to call the EDD for their opinion when no one left an answer.
The sole shareholder of the Sub S has health insurance paid by the corporation. I will include this amount in federal wages, but not in FICA (social security and Medicare) wages. Is this amount subject to SDI? The EDD rep told me that Pub 231EB says that all health insurance premiums paid by an employer are not subject to CA income tax or SDI. Is she correct?
Thank you very much for your answer.
gasoline sles tax
Thanks for the input. That is what I thought, but did not know the statue. Had a customer that just insisted it was. Now I have a reference. Thanks again!!
I've been offered to buy the stocks of a c-corp at a "discounted" price. The c-corp only purpose and asset is a free&clear multifamily real estate property purchased over 35 years ago at a nomimal price and has been fully depreciated. Based on what I've read, I'll have a built-in gain once I elect to switch from c to s-corp and that this BIG will be taxed at corporate rate if the asset is sold within 10 years after the election. My question relates to what I read in an earlier discussion: "I think you could do a 1031 exchange without triggering the BIG; you'd just carry the C corporation's inside basis into the property acquired in the exchange. And then, if you sold the acquired property within 10 years of the S election, you'd trigger the BIG." The effect of a 1031 may be a big factor in my decision. Do you know where I could certainty on the matter?
In addition, is it correct to say that --independent of the BIG, in simple terms, when I sell the asset and then close the then s-corp, I will pay capital gains on the sale less outside basis (the amount I paid for the stocks)?? Sorry if the question doesn't make sense.
Can you share your overall thoughts, what to be concerned with, etc. Thanks!!!
I've been offered to buy the stocks of a c-corp at a "discounted" price. The c-corp only purpose and asset is a free&clear multifamily real estate property purchased over 35 years ago at a nomimal price and has been fully depreciated. Based on what I've read, I'll have a built-in gain once I elect to switch from c to s-corp and that this BIG will be taxed at corporate rate if the asset is sold within 10 years after the election. My question relates to what I read in an earlier discussion: "I think you could do a 1031 exchange without triggering the BIG; you'd just carry the C corporation's inside basis into the property acquired in the exchange. And then, if you sold the acquired property within 10 years of the S election, you'd trigger the BIG." The effect of a 1031 may be a big factor in my decision. Do you know where I could certainty on the matter?
In addition, is it correct to say that --independent of the BIG, in simple terms, when I sell the asset and then close the then s-corp, I will pay capital gains on the sale less outside basis (the amount I paid for the stocks)?? Sorry if the question doesn't make sense.
Can you share your overall thoughts, what to be concerned with, etc. Thanks!!!
Ajabrucey 18:00, 6 March 2007 (CST)
Sales tax on interstate sales
Hello KatieJ, I was very impressed with your answer about interstate sales and sales tax, and I was hoping that you could help me find some information. I just started working for the company that sells software to schools in many states. We only have offices in Oregon (which does not have sales tax) and Texas. I understand that we only need to charge sales tax in Texas, is this correct? It looks like we have several issues here: interstate commerce, intangible property (most our sales include internet access to softwares), and sales to school districts, which are often exempt from sales tax. All of these make me believe that we do not have to worry about collecting sales tax, but I would really like to have some documents to support my opinion. Could you please recommend any resources? I would greatly appreciate your opinion!
Thank you very much, NWCPA 16:21, 12 March 2007 (CST)
Thanks for the Oklahoma info That was my thought from reading the Oklahoma booklet but wanted to make sure
State Tax Question
I appreciate your insight on the myriad of state and local questions that are posted to this board. Your posts are always a welcome read.
I am hoping you can provide insight on a state issue regarding capital loss carryforwards. I posted the question a while ago here Discussion:Michigan Capital Loss Carryforward Question .
Thank you for any assistance you can provide.
Glmpllc 13:16, 5 April 2007 (CDT)
thank you for your advise on 5471
Hi KatieJ Thanks for your comment on 5471! Quesitons: Should I have my client sign the reasonalbe cause statement under penalty of perjury? of just a cover letter explaining the reasonable cause is enough? I am a self-employed and this is my first penalty case for 5471. I woudl like to know how other professionals write a reasonale cuase letter. Do you have any information as to where I could obtain a sample reasonale cause letter? I would appreciate your comment on this. Thank you for your time. YH 19:47, 11 April 2007 (CDT)
Thank you!
KatieJ Thank you so much for your advise -- as a self-employed CPA, I think it is wonderful to have this website. I feel like I have a bunch of experts in my office. Thanks again. YH 15:01, 15 April 2007 (CDT)
re: CA 540X and 1040X amended returns
Katie:
Like I said before, I have already filed tax returns for '04 and '05, filing status as single. I was married in '04, and since have already sent in to the IRS an amended 1040X for 2004 with a changed status to Married Filing Jointly.
I have yet to send in amended returns to CA for both '04 and '05, and a 1040X to the IRS for the 2005 tax year, and yes I did file the 540 for both '04 and '05 already, as you had wondered about that in the reply to my original post.
I am living here in the Philippines. I know you told me to just let them know where I want the refund sent. Will they (either the IRS or CA) do a direct deposit if I request it in writing? If so, it won't make a difference where I have the return sent; and if so, I would rather use my Philippines address. If they won't directly deposit the amended return, then I wonder whether to send it to my mother in South Dakota who can send it to me within a week via FedEx or UPS rather than have the IRS or the State of CA send it the really slow way, as it usually takes about a month to receive something from the US.
Additionally, does the statute of limitations on tax returns in CA allow mw to file amended returns for 4 years from the date of the original return, as they say something about if tax is paid to them then you only have one year. In '05 I paid in to the State of California $109, so I was hoping that I still can file a return to receive a refund.
Thanks for all of your help. I really appreciate it.
Doug Mortimer
re: or one year after the date of the overpayment, whichever is later.
What does this mean? 'One year after the date of the overpayment?' Does that mean if I originally received a refund I have only one year in which to file an amended return?
Thanks Katie.
Doug (dmvision)
KITCHEN, ET AL. v. U.S., 71 AFTR 2d 93-668
KatieJ: Thank you so much! I'd like to access this case. Do you know in which district it was? -TaxAssistCPATaxAssistCPA 15:24, 28 May 2007 (CDT)
Thanks!
Thanks for the additional citation. I don't know why I didn't notice the Indiana reference in you original cite. Thanks again. TaxAssistCPA 23:27, 28 May 2007 (CDT)
California LLC Fee
Katie,
I am amazed and in awe of the tremendous contributions that you have made on tax almanac. I don't feel comfortable bothering you but I am having trouble with California LLC fees and I think that you may be able to help me. I have read and become familiar with the issues pertaining to the unconstitutionality of the tax and of the ability to generate protective claims for my clients, but I believe that there is a way to avoid the tax to begin with and I wanted to know what your thoughts were on this. Specifically, I have a client who had one LLC that owned and managed eight different apartment buildings. For liability reasons, I believed that it would be better to place each of these properties into its' own separate LLC. Now, he paid a huge LLC fee in the past years because it was based on gross receipts from the rental income. What I would like to do for him is to convert the existing LLC into a regular S corporation and have that corporation manage or maybe even lease the eight apartment buildings that are now owned by the other eight LLCs and then create management agreements whereby the new corporation is actually responsible for collecting the gross rents, paying all the related expenses, and then remits a much lower fee to each of these LLCS. This way the LLCs only receive a limited net fee for each company. This way even if they are under common control they would not be subject to this high Fee. Please share your thoughts with me.
thanks, Ymanela 00:59, 31 May 2007 (CDT)
Hi Katie,
Thanks for your excellent input on the subject of combined and consolidated reportings. As mentioned previously, please email me the materials at jzak519@yahoo.com
Thank you very much for your help!
Small World!
Katie,
Steve is my uncle. I set up his website and was there when he bought that cool building. My aunt (his wife) is a designer and fixed that place up. I have not seen it fixed up until you sent me that picture. It looks really pretty! Ya, I opened up a small practice here in Arlington, VA. That is pretty cool that you know him. I will tell I said hi to you.
Take care,
Brian
CA EDD
Katie,
I have been very impressed by your knowledge and contributions regarding SALT issues. I also noted from your background that you worked for the California Franchise Board. I realize that this might be a stretch but i have some issues with some temporary workers in CA that the EDD wants to recast as employees even though they hold thenselves out to others and only work on a piece meal basis with my firm. I am curious to know if you have any real live experience in this area.
Green_Hunter
N Mex Groos Receipts tax
Hi, Katie, just looking for final clarification on my last question after your post:
JR1: I have read that, Tex. Maybe what changed is that when he started, there wasn't going to be NM work. He would only work clients out of state, and it didn't apply. Now that he is doing NM deals, it appears it will. Guess I'm just looking for confirmation.
KatieJ:
11 September 2007
Yes, if he's performing services in New Mexico, he is subject to the tax.
JR1:
September 11, 2007
Only his NM deals, or on any deals he does where the work is performed in NM?
Thanks so much. JR1
LLC fee
Hi Katie, I took your class in 1996 at SDSU. Small world and nice to read your posts. I have a situtation that I have researched and found an answer to, and just wanted to run it by you for your comment.
A client formed an LLC in early August, never did business, and now wants to shut it down (more than 2 weeks after formation). I told her that it is still subject to the $800 CA tax for 2007. My research is that the mere organization subjects it to the tax, regardless of it not doing business. Is there an exception for an LLC that never did business?
Could it elect to be classified as a corporation and file an initial and final year 07 return to get out of the $800?
Thanks so much. Birdman 23:44, 11 September 2007 (CDT) Keith Peterson
Sole Practitioner vs C Corp
Thanks. Sound response.
GO Zone
Katie J
Sorry to beat a dead horse, but I need help. I appreciate your response to my post about 50% depreciation disallowance for Florida. I've researched it, agreed with your post (and 1040taxman's) and put together a response based on my research to another CPA who still disagrees with me. Our clients want to go into a joint venture in So. Fla in the Wilma GO Zone area and have been talked into being able to use the 50% depreciation here. I disagree. I would love to be able to the depreciation but I still don't believe it applies. The only thing it would apply to in my area would be noncommercial aircraft and long production period property. I reviewed the Sec 105 (P.L. 109-135) which included the Wilma Go Zone but only for an additional year. Do you have any suggestions or something written I can reference that basically excludes the Wilma GO Zone. I noted that the extension of time for the "GO Zone" covered an area where 2005 hurricanes damaged more than 60% of the housing units in the county or parish - this wouldn't cover any Florida counties that I am aware of. But he reads this as an extender (of time) not a limiter (of area). Is there a publication (other than Pub 4492) or something written that you know of that specifically states the "GO Zone". I thought Pub. 4492 was sufficient - but I guess not.
Thanks for any help.
FLAEA
FLAEA 11:40, 21 September 2007 (CDT)
Multistate LLC paid other state taxes on behalf of partner
Excellent job detailing the requirements of composite returns... thanks; I've always wondered how this worked with my attorney clients with out of state income who elected to sign off to have their income included in the composite filing.
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Go Zone
Thank you for your recent response to my Go Zone message! Just wanted to follow up with you to let you know that after further research, another memo to the CPA and a reinteration that I respectfully disagreed with his application of the special depreciation to the Wilma GO Zone, he emailed a response after a few days to state that he was in agreement with me and would notify his client likewise. My client called me to tell me that while he was disappointed he couldn't use this great deduction they were counting on - he was thankful I kept him out of hot water and let him know before he started. I appreciate being able to bounce my thoughts off of you and was glad I was correct in my interpretation. Thanks for taking the time with me. :}
FLAEA 17:05, 30 September 2007 (CDT)
Guaranteed Payments in an Investment Partnership
I will try this again. Can an investment partnership with just dividend income capital gains etc pay a guaranteed payment to a partner and take a decduction as an ordinary business expense. There are multiple family partners but only one receives guaranteed payments so that the partners get an ordinary loss and dividend and capital gain pass through. How will I find your response. Bob Fendrick bobfend@bellsouth.net Bobfend 14:54, 1 October 2007 (CDT)
Thank you Katie. This is a cumbersome way of communicating. My email is mw@irsos.com. I have only been on this board a few days. I am on MTM a lot.
Filing separate return
Hello Katie,
If you have a chance, could you reply to my post on "Filing separate return"? Either directly on the board or to me personally. Thanks. Skhyatt 00:00, 4 November 2007 (CDT)
Mysterious TaxAlmanac email
Katie:
From the wording of the email, it appears as though it DID originate from TaxAlmanac. This is what is sent when someone is trying to log in to TA and can't remember their password. If you didn't do it, then someone else may have. Perhaps they also wanted to use the name "KatieJ", or perhaps they were just testing things out. It could also be that someone was trying to obtain access to your account. I'd ignore the email from now, but if you receive more of them, please let me know.
- Tim Doyle, TaxAlmanac Moderator - Talk to me 11:15, 7 December 2007 (CST)
Multi-state Partnerships
KatieJ,
We had a previous discussion relating to multi-state partnerships. I understand about apportioning and using each state's apportionment form to arrive at a percentage for the state. Non-resident state "K-1's" for partners are apportioned, and the resident state K-1 reports 100% of a partner's income and guaranteed wages.
I'm confused about which state(s) get an apportioned partnership return. Does the partnership's "home state" get 100% and the states in which it is a foreign partnership get an apportioned amount? Or do you apportion all state partnership returns? Because of different apportionment methods on the state forms you could have a situation where less than 100% is reported to the state returns.
Thanks for your help.
Andrewz 07:55, 31 January 2008 (CST)
Katie thanks
Katie: I think my clients fell in love on the way home from court. lol. Thanks for your reply, I was thinking the same thing. CrowJD 02:54, 9 February 2008 (CST)
Food Donated to Church-Related Social Events
KatieJ,
Your Wednesday dinner example is very similar to my client's situation.
Do you deduct the unreimbursed expenses as a cash or non-cash gift to charity?
ResaResagarrettcpa 14:12, 9 February 2008 (CST)
Food Donated to Church-Related Socials
KatieJ,
Thank you for your reply.
Have a Super Sunday!Resagarrettcpa 21:38, 9 February 2008 (CST)
Other State Tax Credit Outline
Thank you very much KatieJ! I really do appreciate this and all the other help you've given me on the boards.
My email is tincook@hotmail.com
TheTinCook 22:54, 11 February 2008 (CST)
Inclusion in Gross Receipts
Thank you for that discussion on gross receipts from the sale of a building. I have only one S Corp as a client here and have never come across the issue at State level. I would note that under Philadelphia Local taxes, I believe a gain from sale is included when computing the tax on gross receipts, but that is another kettle of fish entirely.
Alas, my only NJ S Corp operates from his house, so I will never run into this, but your research on this is incredible.
MS and PA Apportioned Partnership
Hi KatieJ,
I have a few points of confusion that I'm sure you can clear up for me. I'm doing a Mississippi partnership that has locations in Mississippi and Pennsylvania. One partner in MS, one in PA. I did a PA65 with an RK-1 for the PA partner (100% of his share of the income and 100% of his guaranteed wages) and an NRK-1 for the MS partner (apportioned his share of the income and his guaranteed wages).
The total PA taxable income reported on the partners' K-1's doesn't equal the total income (line 1e), the PA apportioned income (2e), or the non-PA income (2a) on the PA65 because the one partner is apportioned, the other is not. The same thing happens with the guaranteed wages (line 17). And the income and guaranteed wages for the MS partnership return.
Do I adjust the guaranteed wages reported on the state partnership return to equal the total reported to the partners? There doesn't seem to be any option on what income you report.
Am I doing something wrong? Thanks for your help.
Andrew Andrewz 21:45, 12 February 2008 (CST)
from RJMLATP
Thanks for your answer. I know that it's not their principal residence, but would that apply even if they didn't buy another house, but rented? Because that's what they've been doing since the house was foreclosed.
PA Partnership
KatieJ,
Thanks so much for your response. I thought since partnerships are "pass-through" entities the K-1's should always add up to the total on the partnership return. Apparently with both resident and non-resident partners that doesn't happen. So, what is the point of line 2e on the PA65 if it has nothing to do with the K-1's? Andrewz 19:03, 13 February 2008 (CST)
Michigan residency
Katie,
I came across a contribution you made regarding residency for tax purposes in MI.
I have a client who arrived in the US on Nov. 30, 2007 on an open ended but temporary assignment in the U.S. I will file him as a nonresident alien for federal purposes as this will be his most favorable status (he avoids taxation on a substantial bonus earned in Japan for services performed there before his arrival here although the bonus payment was received after his arrival).
The taxpayer remains domiciled in Japan where he will return after the assignment and has been present only 32 days in MI.
Would you concur, at least based on the limited amount of information I've presented here, that the taxpayer has a legitimate claim to nonresident status in MI for 2007?
Regards, Joe Jagrover 15:46, 19 February 2008 (CST)
Accounting methods, state tax
Hi Katie,
Tax Notes by Lee Sheppard, Monday, Feb 4, 2008 TNT 24-8 (Doc 2008-2141)
It is interesting in how I see myself trying to dot my i's and cross my t's more often now that we have these new preparer penalties and standards.
Thanks so much for your offer!
Jessica
JAD 13:56, 20 February 2008 (CST)
PA resident who worked in NJ
I received a PA delinquent notice from tax year 2005 - my employer had witheld NJ taxes (I lived in PA). I paid the NJ tax and filed a NJ and PA return.
As part of the tax owed was interest of almost $1,700. I requested my former employer reimburse me for the interest since they improperly witheld my taxes.
My former employer tells me it was up to me to provide a employee certificated of PA residency. I claim since they knew i lived in PA my employer should have given me the form at time of hire and did not.
Who is responsible. I had no idea I was supposed to supply this form and have PA tax witheld.
article
Katie, thanks! I sent by email directly to you, because I made sure that I recorded yours! Thanks again, Jessica
May I pick your brain for an idea or two?
Katie,
First, thank you for the link to state income tax forms. I had been trying to go from state to state looking for the right links(frustrating to say the least).
But for the real reason I am sending you a discussion. I see you have been in public accounting, government accounting, and academic accounting. I was a late starting in getting my accounting degree. I did not get my BBA until I was 51, my MS at 53, finished the CPA exam at 54, and at almost 55 I still have no experience with a CPA firm. I am now working part time with a Liberty Tax Service franchise owner(not sure if that is a good career move in itself). I am also an air traffic controller so it is not as if I am only dependent upon this career to support my family(thankfully).
Anyway, do you think it is possible to find a public accounting firm that would be willing to give an entry level position to a 56 year old? DO you think I should pursue a state level position upon retirement? Or should I go peacefully into the night and take part time positions during tax season for the LTS/HR/JH type firms?
Jeff Foster JFostertn@comcast.net
Reorganizing a corp. in another state
Hi KatieJ, I too am an admirer of your knowledge. I noticed in a recent post you mentioned that someone should reorganize their corporation in the state they do business. I have a Texas client that was set up in Delaware also, and since they have 100,000 shares issued, they had to pay a $675 fee to Delaware. I would like to reorganize them, but don't know how to do this - can you point me in the right direction? Thanks! Brensan 20:17, 5 March 2008 (CST)
Do you happen to know if the same "check the box" rules apply in New York where they also do business? I know that NY specifically requires that a separate S-corp election be made for NY purposes. But if they haven't made the NY election, are they taxed in NY as a C-corp instead? I don't have access to the NY statues and can't seem to locate the answer anywhere.Ckcpa 12:49, 11 March 2008 (CDT)
LLC Registration CATAXES 10:49, 12 March 2008 (CDT)
KatieJ,
I have a new client, CA resident, who registered SMLLC in Delaware. He is balking at my insistence that he also needs to register in CA, pays fees and file 568. Do you have a convenient cite that I can print for him re: registering his foreign corp? Thanks for the help here and on the board. I always look forward to having you chime in on CA issues.
Tom CATAXES
CATAXES 10:49, 12 March 2008 (CDT)
Katie thanks
Katie, thanks for your always thoughtful replies to questions presented here on state taxation. I lost an opportunity when I was in law school in the '80s as Walter Hellerstein was, and is (I think), a law professor at UGA, and a recognized state taxation expert. I did not take one class from him!
Overall, it's a non-workable situation. It's like Federalism at it's worst. Question: do you have a database, or reseach materials that you use? You and a few others on here (Death and Taxes has to face this constantly with his high dollar clients) are carrying the load on this issue. I'm spending more time trying to tease through these state law issues than I am on the Federal return! Thanks again.
that was me
hey, i did not put the whatever. Thanks. CrowJD 18:58, 24 March 2008 (CDT)
KatieJ,
I just wanted to thank you for giving me another great source (the GODDESS site) for state tax information. You truly are amazing.
Diane OffuttDianeoffutt 16:54, 29 March 2008 (CDT) Woodstock, GA 30189
NY PY resident and Non resident in same year
Hi Katie,
I am sure you've heard it before, but damn, I'm impressed. You, along with a few others know everything. Certain posters I make sure I stop and read what they say and you are one of them.
K, enough of the sucking up. Hoping you have the answer right there so I can avoid a bit of research.
New client, lived in CT, worked both in NY and CT. W-2 has 20,000 total, 8,000 NY and 12,000 CT.
Then 8/24/07 Client moved to NY. Another 10,000 W-2 entirely in NY. And NY Unemployment of 1,500.
That's all he has. My question is, would there, or could there be both a NY non resident and a part year resident return created?
Like I said, I haven't even researched yet because I'm knee deep in a disability repayment research project that is driving me bonkers.
Thanks.
FSteinCPA
KatieJ
Thanks for you response to my question about MFS and child support garnishment.
he's in florida and she's in ohio.
monacotax Monacotax 15:27, 1 April 2008 (CDT)
Katie, Thank you so much for your help Dave Monaco Monacotax 16:07, 1 April 2008 (CDT)
Thank you for answering the question
Thanks for clarifying that post from this morning. I have been after the user Puru since he joined to provide a profile when I noticed his answers were not matching the quality I've seen from many others. He continues to post advice that has been inaccurate in several cases. Several others have begun to notice it as well. I've mentioned this to Tim Doyle, TaxAlmanac moderator to see what can be done about this individual. Again, thanks. TomTaocpa 15:19, 3 April 2008 (CDT)
Alabama Resident -- IRD passing to Daughter in NJ
Katie, I hope you remember this subject from last year. You had given me some advice, and I hope I can 'pick your brain' now, as I've just received the paperwork. This IRD in the amount of $148K was received by the daughter and she paid taxes, ahead of time in the amount of $8820 for Federal. I don't see any forms showing the turnover to the daughter, except the year end statement for the annuity. How do I report this as income to the daughter? There would have been $40K in IRD. I was expecting to see some type of 1099. I hope you remember this....DJ 19:17, 7 April 2008 (CDT)
IRD
KatieJ, Thanks for getting back to me. I've gotten Kevin's seminar regarding annuities,along with the printout. I'm listening as we 'speak'......I did have the client send in payments to Fed/NJ last year, regarding the inheritance taxes, so we've been covered there. Just wondered why nothing was sent to the client as regarding 1099's, but KEVIN just answered that question, too. Will have to continue listening ... good to be able to continue working and listen at the same time! Thanks, again. DJ DJ 09:15, 8 April 2008 (CDT)
CA 540NR madness
I'm pulling out what's left of my hair filling out a CA (540NR) to go with a Long Form 540NR. Briefly, I worked in CA 14.5 years, retired 6-30-2007, permanent relocation to NV 7-1-2007. My W-2 info for CA conveniently/exactly runs 1-2007 to 6-30-2007. I began SS, (non/CA) federal pension, qualified IRA rollover/distribution post relocation to Nevada (which has no personal income tax).
The CA 540 has me perplexed--even after talking to FTB reps. I know all my federal income is taxed, reflected in Column A of CA. My Column E (CA income Amounts) presently equal my W-2 CA block since that wage is from CA based employment thru 6-30-2007. The remainder of Fed 1040 income is from SS, Pension, IRA & 1099 DIV following July 1 relocation.
I know I can subtract SS from Col. B subtractions--since it's not taxed for CA purposes. (Currently, no Col. C additions.)
Which leads me to infamous Col. D. The FTB reps tell me I shouldn't make any Col. B/C adjustments (other than SS). That appears to overly inflate my Col. D income--which when figured through 540NR sections Total Taxable Income & CA Taxable Income gives the impression of sizable tax & income as a baseline for figuring the various equation to Tax Owed.
I could be missing something...but my taxable CA resident work income thru June is less than half of my total income--yet proration equations have me paying more tax (than if I simply tax tabled my solely based CA income--which I admit may be totally irrelevant to how FTB taxes).
It appears as though FTB states it doesn't tax out of state income from non-resident/part year, then offers only a proration equation which taxes my "Total Taxable Income" regardless where it was earned. It seems odd that my CA Tax Rate is essentially based more on my federal return numbers (less SS & Standard Deduction) with no real consideration for when--if it really matters--I received the bulk of my income in Nevada, post retirement.
I can live with it. I just wondered if that's how the system works. Hard to reconcile not being able to subtract/adjust post relocation income (IRA & Pension) as well as SS.
But then--silly me--I know CA FTB may just have the %/multiply/divide "equations" figured more to benefit state than filer.
You know the FTB ways. Appreciate any input. One way or another I'll file either the way they want it or best legal and simplified way. Trying to find someone in Nevada that's CA tax literate--even CPA--not easy. It's all so bizarre. Thanks, Tom ...late of Death Valley
turk616Turk616 18:43, 9 April 2008 (CDT)
last minute W2 problem Joel sandler 22:10, 14 April 2008 (CDT)
hey there,
i can across some of your postings that were close to my situation, so I am calling out for help (last minute !)
i moved from MD to CA in May. I did not change employers (big law firm). I did however recieve two different W2 forms, showing information from each state. Box 1 is empty for the MD form, however. there are entries in boxes 15, 16, 17 showing state wages.
i thought this was all fine, it made sense to me. the only problem is that Turbo Tax says it's invalid to have 0 income on the W2 for "efiling". i can just print what I have and mail it in, but if this is incorrect, i need to fix. i have searched high and wide and this seems to be hard to figure out.
i greatly appreciate any help !! - Joel in Los AngelesJoel sandler 22:10, 14 April 2008 (CDT)
Joel sandler 22:10, 14 April 2008 (CDT)
Claim of Right
KatieJ, Thank you so much. j.n.culbert@att.net is my e-mail. I am, mayby not the world's worst at research, but some days I can sure give them a run for the money.
I hope you don't mind the question.
Hello Katie,
How is San Diego? I miss it very much. I don't visit as often as I would like which is bad considering how close I am.
I hope you don't mind a question or two regarding a client situation that I have.
A new client that has a corporation that was dissolved in 2007 for CA with the SOS. He is working with the IRS to settle a 60K corporate tax liability for prior years. (I just had the client sign a POA so I can talk to the agent.)There is approx 250K in revenue collections that the corporation is expecting from prior years. He said that he was told that he should close out the corporation. I believe that it should have stayed active if there is more revenue expected to be received. The bank account is still active for the corporation as well. What do you do in this situation? If the 250k is collected, do we still file the 1120 and go back to the state to reinstate the corp for CA so that we can file the Form 100?
I haven't seen this before so I'm not sure where to start. Any help is appreciated.Cindylee 17:52, 6 May 2008 (CDT)
passthrough entity owner's nexus
'THANK YOU FOR YOUR RESPONSE! it seems I spend as much time now trying to figure out state tax laws as i do federal; and the states change rules quickly and the rules are aggressive.' If you have time, I would appreciate your opinion regarding the following:
I have a client who owns 1/3 of an LLC with her 2 brothers. She lives in New Hampshire. The LLC owns property in Illinois and is registered in Illinois. The parents, now deceased, gave the property to their 3 children. The property had a mortgage at that time that was equal to about 80% of the property value. As part of this process of changing ownership and creating an LLC she did sign on a mortgage and may have personally guaranteed the debt. One brother owns the auto dealership, which rents the LLC property. He makes deposits of rent into the LLC account, pays the mortgage with LLC checks, and determines the rent amount. The corporation pays the real estate taxes. There was a refinancing that occurred about 5 years ago for property changes required by the car manufacturers. The LLC undertook those changes. The client signed various papers that were Fed-Exed to her. The Illinois brother arranged the financing and coordinated the improvements. She is not sure if there is a formal rent agreement in place. There was a rent agreement created 15 years ago.
Except for signing paperwork in connection with financing and reporting the K-1 income on her return, she is a passive investor. She has never filed an Illinois tax return in the 15 years that she has been a member of the LLC. The LLC has phantom income every year: the LLC will pay off the mortgage well before the depreciation ceases. The LLC has never paid distributions to my client and no amounts were therefore subject to the New Hampshire interest and Dividends tax.
The State of Illinois has implemented withholding for non-residents for 2008. Therefore, in 2008 she will have to file a return to obtain the withheld funds. She would like to report NO Illinois income on the theory that she is a mere investor and thus has no nexus in Illinois. I believe that in the processing of the 2008 return, or later during a (probable) audit the State of Illinois will take the position that her portion of the LLC income is taxable in Illinois. And they may want 15 years of prior year taxes! She would like to defend vigorously her position. However, she does not want Illinois to start placing liens on the LLC property in Illinois.
I was hoping the recent Lexis Nexis case before the Supreme Court would lead to a decision relevant to Illinois being able to tax an investment in an Illinois venture. But the decision, or lack of one really, seems to be focused on unitary tax principles.
I believe my question should be: Is it likely that a passive investor in a passthrough entity liable for state taxes in the state the passthrough entity operates/exists? This seems like a gray area to me, but perhaps it is a well-settled area of tax law. My impression of most states is that they consider all owners of passthrough entities that operate in their state as taxpayers.MWPXYZ 23:46, 13 May 2008 (CDT)
NOLs
I'm just curious about what the rules, regulations, and restrictions are about NOLs when it comes to mergers and acquisitions. For example, if company A uses NOLs to acquire target company B, what are the restrictions?
My contact info for your state FTE income info
Katie,
Nice talking to you as always. Please email me your FTE information to: bjwendroff@wendroffcpa.com
Take care and have nice weekend!
Good for you
Katie, Just came across your note to Tim re Dennis' behavior toward Lance. I could not agree with you more. I don't like the uppity attitude and I found Dennis' remarks in that discussion to be very offensive. Do you know how it was resolved? Status is Lance? Thanks, Paul Brush
ScheduleK for partnership
Hi, I wanted to know what goes on schedule K line 14: is it the toal taxable income or total taxable income excluding rental income. Thanks vsiddhu
540NR Schedule S with multiple states
I'm working on an Oregon resident individual return for a taxpayer who has income from many states. On the Oregon return, they get the credit for the non-California states' taxes paid. Then the non-resident California return gives them a credit for the Oregon double-taxed income. My problem arises on the California Schedule S. The income tax liability I show on line 7 is only the NET Oregon tax. So on line 9, for the AGI taxable by the other state, am I allowed to subtract the income taxed by the other non-resident states for which Oregon gave a credit from the total Oregon AGI? Thank you very much for any assistance!Fronk4 12:56, 17 August 2008 (CDT)
New York City Tax
KatieJ,
I am new to this, but have read a lot of you comments with respects to NYC tax. It apprears that if someone has an apartment in NYC and is in the city 183 days or more that they need to pay NYC taxes. My twist comes as the husband claims NYC has a resident and has an apartment in the city. Both he and his wife are on the lease, but the wife claims a residence in NY, but not NYC. She can validate 150-160 days not being in the city and validate 90 - 100 days in NYC. The city is claiming that all other days that can not be validated are in NYC and that on those days where she commuted to the city that because she has an apartment even if she was there 1 minute that that is a day in NYC. My question is whether we have a case that she is not a NYC resident? And if the husband claims the apartment and pays NYC taxes, because she is on the lease does that automatically imply that if she was in the city for at anytime, but was home at night that that is counted as a day in NYC?
Any guidance would be appreciated
SWB
Senior Service Dept. of Durant, OK
Hi Katie,
I just recently got the same card from the Senior Service Dept. as you did except your question was in 07 and I just got mine Aug. 08. I am very curious also but I don't want junk follow up either. I was wondering if you heard from anyone about this and if it is find to send the card in. I will leave out my phone # but they have ways of finding it on the web. :-(
Pls let me know what u know about them, if u follow thru with sending in the card or if u have been advised NOT toJodya 11:37, 28 August 2008 (CDT)
Tks, Jody
Telecommuting
Hi KatieJ, I relocated to Florida but still work for the same company I worked for in NY - I now work from home in Florida. My questions is due I owe NYS Income Tax? The research I have done seems to indicate I will need to fill out a Nonresident form (IT-203).
Thanks in advance for your help.
HelenHelen23 22:13, 12 September 2008 (CDT)
NOL for small business merger
KatieJ,
I came across you by doing some research on the web.
I am assisting a client (mortgage broker: A) identify an acquisition company (consumer finance company: B).
My client (A) has a small NOL of approximately 400K. In this scenario can A merge with B where B is the survivor in a way that B can preserve and use the 400K NOL? (I'm not that interested in the State tax issues, mainly federal tax impact.)
By the way, both companies are publicly traded as "penny stock" firms and both companies have less than 30 employees each.
My expertise is in the market value issues, and in this case the tie breaker might be the tax impact. Any insights you have would be greatly appreciated! Jason 16:46, 23 October 2008 (CDT)Jason
Virginia's MFS requirement, Stanford's "Closing the Tax Gap" Symposium
Katie:
Yesterday I received a letter from Janie E. Bowen, the Tax Commissioner for the Commonwealth of Virginia regarding Virgina's requirement for a non-resident to file MFS if spouse in a non-resident and has no Virginia Income. Interestingly, she cited Lunding v. New York Tax Appeals Tribunal, 522 US 287 (1998), as did you in 2006 on misc.taxes.moderated. Nevertheless, she wrote in defending the MFS requrement, "No such justification exists when neither taxpayer is a resident of Virgina." I am going to send her info from Wikipedia on Article 4, Section 2, Clause 1 of the US Constitution and information on the North Carolina legislation that eliminated the MFS requirement.
BTW, do you plan to attend the "Closing the Tax Gap" symposium at Stanford on November, 8, 2008?
WDK WD Kebschull 11:46, 24 October 2008 (CDT)
Hello Katie;
I would like to contact you to get some help (for fee help) regarding: retire my CA S Corpor changing my current CA S corp to a C corp.
My email is : momail@yahoo.com
Thanks; RegL 08:59, 5 November 2008 (CST)Reggie L
teaching
KatieJ
I see from your profile that you do some teaching. Can I ask how you got started doing that? I've been interested in trying it out (my wife is a tenure-track professor, and loves it), but wasn't sure how one goes about looking into adjunct-type positions.
Any advice would be appreciated.
J.D.
Jerrykern 15:43, 6 November 2008 (CST)
Other State Tax Credit - in audit
Hi Katie. Thanks for asking about my Schedule S issue at your conference. The auditor rejected my arguments in a letter dated 9/19/08 and said a notice of proposed assessment would be issued after final review of the case is complete. I have not received anything else. Fronk4 12:22, 10 November 2008 (CST)
NYC Rental PropertyBrian 20:26, 12 November 2008 (CST)
Katie
Tks for ur input on NYC rental property. As someone else noted, I too am aware of NYC rental property held in a partnership or LLC and there was no tax filing to NYC Dept of Finance nor any inquiry from DoF. However, I was never quite convinced that this was correct, especially knowing how aggressive NYC is collecting taxes. In addition, it seems like such a disparity that a Sub S that holds NYC rental property must file and pay corporate tax while the LLC gets a free pass.
FYI This is my first time using this site so I am still feeling my way around.
RgdsBrian 20:26, 12 November 2008 (CST)
Thanks for the info! Always interesting to hear how someone got starting doing what they're doing. It seems, though, that more often than not life has a way of throwing curveballs that get you where you end up. Very few people (at least that I talk to) predict and plan where life leads them.
Jerrykern 07:10, 13 November 2008 (CST)
Conversion of Capital Losses from S Corp to C Corp Conversion
Katie,
Could you tell me which IRC section directly addresses the topic that a C Corp that converted to an S Corp and now back to a C Corp can reconize the capital losses they had when they were a C Corp?
Thanks so much, Natalie Nata211 14:32, 30 December 2008 (CST)
Dantes
Hi Katie Thank you for your ideas on my question regarding 2 foreign members.
What Do you think is better:
A: To file Sch C including FEIN of the LLC or B: File Schedule C Without LLC's FEIN along with a letter of cancelation for FEIN
Thank you.
" "
"Dantes"
Thank You Katie, very helpful.
Dantes
ny pub 361
Katie,
Thanks so much for responding - I was hoping you would see it, being the multi-state expert!
I would really appreciate the copy of the pub - I think he might fall into those definitions you listed, but I need to go over it with him.
My email address is debbie_kravitz@yahoo.com
Thanks again!
Debbie
ny pub 361
Katie,
Thank you so much for sending me the pub! Just curious if you could clarify something for me regarding the exceptions to NYS taxability of military income as follows: Group A 1 You did not maintain any permanent place of abode in New York State during the tax year; and 2 you maintained a permanent place of abode outside New York State during the entire tax year; and 3 you spent 30 days or less (any part of a day is a day for this purpose) in New York State during the tax year.
As a refresher, the husband had all the military income and he completely follows all of the rules in Group A, but the wife (who had no income at all) does not as she did live in NYS for some of the time. Would they be able to respond to this 2003 audit by showing that if they filed married but separate then there would not be any tax owed? Or because they filed MFJ in 2003 do they have to owe up to NY?
Thanks so much!
Debbie
ny pub 361
Katie,
The situation is that the husband joined the air force in 97, moved out of his parents' home & never lived back in NY. Is the parents' home considered a permanent home since he has never purchased his own home and has always moved to whatever base the air force sent him to. He and his wife were married in 2000. The wife came to NY to stay with his family in 2003 (the year in question) and was in NY for approx. 8 months while he was overseas. Does that help?
Thanks again for your time!
Debbie
Krav 18:00, 8 January 2009 (CST)
Hi KatieJ- Are you available for consultations? Please let me know - Thanks/j
HI KATIE - I'VE TRIED TO LEAVE YOU A MESSAGE LAT NIGHT BUT I'M NEW AT THIS AND DON'T KNOW IF I DID IT PROPERLY. ARE YOU AVAILABLE FOR CONSULTATION? IF SO, I THING I'D LIKE TO USE YOUR SERVICES. PLEASE LET ME KNOW - THANKS, JEANNETAXGALS2 12:33, 16 January 2009 (CST)
california non resident
So you seem to know a lot about CA tax law and I have a question. I have never done this before so bare with me please. I moved to Nevada from Michigan last January. I started working in February for a construction union based in Nevada with a Nevada based employer but working in California. I usually file myself using turbotax online but I am confused about what to do. I have gone to the CA tax site but the program they use has issues with my computer so I can't get any info. A little bit more info is that I had no income in MI in January, I have 2 dependents and I paid union dues to NV union. The entire time I worked for the NV company we were in CA and they took CA taxes. Thanks a lot for your help, and let me know if you need any more info.
Hi
Just wanted to thank you for your continued help. It's greatly appreciated!
I have read your discussions about S Corp shareholders getting paid a salary in ratio of 60/40 for 60 % W-2 and 40% distributions. My question is whether partners need to have guaranteed payments or can all salary be distributions? If they need to be paid guaranteed payments, would you recommend the same 60/40 ratio?Bdavis 21:57, 6 February 2009 (CST)
Thank you
Thank you for the thorough response
Rajiv / Re: Discussion on Responsilbility_for_tax_filing_after_statutory_merger
Hi Katie.
Thank you for your earlier response. I added some information to the post and would appreciate if you can provide any inputs.
http://www.taxalmanac.org/index.php/Discussion:Responsilbility_for_tax_filing_after_statutory_merger
Mirror nyc 09:47, 26 February 2009 (CST)
S-Corp Dissolving
Katie,
I just finished reading a long discussion you had back in 2007 that was similar to my issue...and am hoping you can offer some insight into my situation.
I have a Client who owns a small S-Corp that dissolved effective 12/31/08. All of the assets (except cash) were disposed of in 2007. All that remained on 12/31/08 was a nominal amount of cash and several liabilities (S-Corp insolvent).
--There are two small 3rd party liabilities that one of the two shareholders assumed, therefore, no COD (Cancellation of Debt).
--The other (non-assuming) shareholder has a relatively large outstanding debt with the S-Corp (Loans From S/H).
--Also, there are two outstanding liabilities to related entities.
--S-corp's Cash is < any one debt.
--Due to prior year losses, neither s/h has stock basis, only debt basis.
What is the most beneficial route for treating the related entities' debts--assumption by the related s/h or COD? Optional or required treatment? How to treat on S-Corp's books and final return (Sch L)?
Since the Loan From Shareholder creates basis and is At Risk, will that s/h be able to claim a loss on dissolution to extent of basis (and no COD Income to insolvent S-Corp)? Again, how to treat on S-Corp's books and final return (Sch L)?
If at all possible, need to finalize by 4/29.
Thanks!!! H3s 19:27, 27 April 2009 (CDT)
Liquidating S-Corp
Katie,
I took your advice and posted my question to the general peer group, unfortunately, no one has taken a stab at it. Any suggestions on how I might generate more interest from our peers...and actually get someone to take a stab at it?
Any suggestions you have would be appreciated! H3s 19:18, 28 April 2009 (CDT)
Katie:
You commented on the "Illinois replacement tax" on the discussion board. Perhaps you could help me. I have a Minnesota partner who received an Illinois K-1-p from his partnership. The K-1 reports "Illinois replacement tax deducted" and gives an amount.
Is this a distribution to the partner for the partnership having paid the tax for him?
If so, is the tax deductible on federal A?
My thought process is yes to both, but I know little about the particular tax and was hopeful someone with greater knowledge of the tax could help.
Thanks.
BillBillM 17:06, 18 June 2009 (CDT)
Brokehouse-reporting individual-titled real props on C corp 1120 returns
Katie:
Thank you for your response to my complicated tax question. Is there some document or rule that I can read and pull off as a hard copy to present in court based on your answer?
Thank you, Brokehouse--Brokehouse 11:46, 5 July 2009 (CDT)
Thanks!
Thanks, KatieJ, for your help in editing my posts. I've used your suggestion a couple of times. I don't plan on participating very much on this forum as it is with folks like yourself who know a lot more than I about most tax/accounting matters. But, I may at times post something to try and learn from you folks and verify what I "think" I know. Again, thank you for your help. Bryce2k9 17:40, 7 July 2009 (CDT)
Nexus AnitaL 20:07, 8 July 2009 (CDT)
Hi, KatieJ. I know you are busy, but I was hoping to get your assistance with a nexus issue. I really have enjoyed reading your comments/advice on the forum. I've spent quite a lot of time the last couple of weeks reading through the forum for an answer to this question, but haven't found the answer.
As backgound, I'm a sole practioner in NC.
I have a new client who has a C-Corp, organized in VA. Until '07, they lived and worked in VA. Then in '07, they moved to NC.
The Corp has a VA office but the 2 employees (husband & wife) live in NC and have a home office. Payroll company deducts NC withholding and reports W2 income as NC. Hubby travels to VA from time to time to conduct business, but he is available via cell/email in NC. I would imagine that he must conduct some business in NC, given that the corporation consists only of him and his wife.
The Corp only sells to the government.
Last year, their large well known CPA firm filed their corporate return for NC with 96% of the income apportioned to NC. The other 4% was apportioned to VA.
Do you need any other facts? How do you think I should handle this one? I would really appreciate any guidance you may have.
Thank you!
Anita LiebscherAnitaL
Thank you very much.
Thank you very much.
Consult Question
Hi there Katie,
As always, advice you give is appreciated and welcome, which is why I am writing you now. I have an associate who is winding down his practice <i'm actually hoping to acquire it eventually> and he has been offered a part time interim controller position that he has been talking with me about.
He is thinking of taking the position, but the company deals with a lot of multi-state sales tax issues. And before he decides on the position, he wanted more insight. Well, as soon as he mentioned this, your name popped up as you seem to know all the sales tax answers.
My friend is not a taxalmanacer, he's actually been my mentor over the years, but I was hoping he might be able to contact you and maybe ask your opinion on a few things in regards to his concerns about dealing with multi-state sales tax and possible software programs. Also, if possible that he decides to take the position, there might be a need to retain someone with expertise in the sales tax field as well.
Prior to taxalmanac, Tim was my resource tool. I'd place his knowledge up there with Kevin and Riley once his research on a subject is done.
Thanks, if you'd like to email me, just add @aol.com after my TA name.
Fsteincpa 09:56, 15 September 2009 (CDT)
Joint residency
I have a couple that have residency in both California and Wisconsin. The wife has stayed behind to help her employer as he is close to reitiremen(3-5 years) and she has worked for him 23 years. Her intentions are to move to Wisconsin permanently when her boss retires. She currently flies back and forth every two weeks. She does not work while in Wisconsin. There is a period of time that she spends 6 weeks straight in California and therefore must keep her California residency. She also lives in the home they have in California. They also have a home in Wisconsin and their son goes to college in Wisconsin. The husband does not come back to California. He resides and works in Wisconsin.
Do you see anything here that would keep them from having to claim half of their income on each others returns? Do they also split "Schedule A" items. They only have a mortgage on the California house. What return is filed for California as she is a resident and and he is a non-resident? I am new to this area and wanted to make sure I file it properly.
Thank-you for any help that you can give me in this area.
Sincerely,
Debra K. Korenic Dkorenic 10:48, 23 September 2009 (CDT)
Joint residency
Hi Katie,
I just left you a message and realized that my intro was not included when I did a copy and paste. I am very sorry as I did have one. It was just saying that I felt you to be an expert in California from what I see and that I had read something that you wrote at one time about the intent of the taxpayer possibly affecting how the tax return should be filed. Once again I am sorry that I did not realize that my question went out without the intro.
Sincerely,
Debra K Korenic Dkorenic 10:54, 23 September 2009 (CDT)
Hi KatieJ I'm not a a tax pro but I have been audited by the great state of NJ and have a question for you. Like I said the state of NJ audited me for state income tax on my Real Estate business for a 3 year period 06-08. My records for deductions are poor and I will most likely take a hit? My first question is what do these auditors do when they find that a pro like me has his entire tax return in great order but has very little docs to back the deductions do they just charge me for them? Secondly I have read your information about the IRS as it refers to the using the state adjustments should I change my tax return when the state comes down on me? I'm really upset by this and anger with myself beccause I didn't keep good records I'm not that worried about the state as there is little money involed here what are my chance that the IRS will come down on me?
Thanks Frank
Hope that wasn't too intrusive
Your talk page is your own, after all... but I happened to notice that the last few messages were all in italics and wanted to figure out why. Turns out Fred had typed "<i something something something>" with the brackets and the lower case "i" so what the system saw was a code requesting italics (<i>), with no subsequent request to stop! On the discussion boards, each new post starts anew with the codes, so a little thing like that wouldn't just continue to affect future posts indefinitely. I thought it was strange that it didn't work the same way on the Talk Pages, but apparently, the talk page is one long article, not a series of separate pieces. So until/unless someone made the same mistake again, it would have gone on italicizing for years, I guess. I didn't think you should have to deal with that.
Trillium 19:38, 13 October 2009 (CDT)
Reg. 1.707-1(c) - okay?
Hey, Katie - you linked to a reg just now, Reg. 1.707(c), and that was coming up as an invalid link. I've changed it to Reg. 1.707-1(c), which now works and does appear (at a glance!) to be the one you'd intended. Just figured I'd check in with you so as to not be putting inaccurate info into your posts.
Lots of the regs don't link right when people use the shortcut link icon - I think they must have been loaded in as "articles" rather than whatever special page they should have been set up as. So that's why sometimes the Reg Sec links turn up red. This one, though, works okay once I add the "-1" in there. I'd love to know why some of them work and some don't, but I doubt I ever will.
edited to add: Oh, sorry, should have told you which discussion! Discussion:Guaranteed payments
Thanks,
Trillium 19:14, 22 October 2009 (CDT)
