User talk:Kevinh5
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Links to Pubs
Kevin:
Like this: Publication 17. I can make "shortcuts" so you can abbreviate "Publication" to "Pub" (or should it be "Pub."?) if you think that would help.
- Tim Doyle, TaxAlmanac Moderator - Talk to me 11:33, 27 January 2007 (CST)
thanks a lot Kevin. I dully appreciate your feedback
Stormy
My Stormy is a Cocker Spaniel as well.
- Tim Doyle, TaxAlmanac Moderator - Talk to me 18:40, 8 February 2007 (CST)
Stormy II
Stormy is black with tan and white markings on his feet, chest, and cheeks. He loves to run around the backyard here chasing rabbits, and so I have to keep him shaved down as well. He doesn't like to swim, but he's gotten in the habit of walking into the swimming pool on a shallow ledge and laying there to cool off in the summer. He's my 3rd cocker - the other two died within a month of each other a few years back.
- Tim Doyle, TaxAlmanac Moderator - Talk to me 18:57, 8 February 2007 (CST)
Moving a post
Hi Kevin:
I see that you moved the post already, but let me fill you in on what happens in the forums.
All wiki pages are just pages. You can add, edit, or delete content from them using the edit tab at the top.
The discussion pages are still just pages. You can add, edit, or delete content using the edit tab. When you do it this way, it won't add your name, etc. or make it formatted nicely.
When you add to a forum topic using the 'create new' or 'reply' functionality, the system takes what that person typed in and adds a few things such as their name (with link) and the date, and also adds the squiggly braces (not the official term, I am sure) and a call to a template so that it's all formatted like you're used to. It then takes that text and plops it at the bottom of the page.
The best way to move a post from one discussion to another is to bypass the automated reply box entirely. Edit the page, grab the whole entry, including the squigglies, date, name, etc. and just move that to another page (using the edit tab there as well). That will bypass the automatic addition of YOUR name and just add it to the page.
I hope this makes sense! Perhaps more than you wanted to know.
- Tim Doyle, TaxAlmanac Moderator - Talk to me 16:33, 10 February 2007 (CST)
IRD
Kevin:
I love your article about IRDs! I've just created a shortcut to it. If you enter IRD in the search box, it'll go right to your page. This is exactly what we had in mind when we launched TaxAlmanac!
- Tim Doyle, TaxAlmanac Moderator - Talk to me 22:58, 6 March 2007 (CST)
Depr Tables
Kevin:
I like your idea of putting the Depreciation Tables here on TaxAlmanac. Thank you for pointing out where they are located as well! My question to you is this. What do you think the page name should be called? "Depreciation Tables"? Should we put all of the tables on one large page, or should the first page be an index to additional pages which then hold one table per page? What should these pages be called? Should we just have a Quick Link Page to the tables as they exist on the IRS website, or should we work to bring them to TA (meaning we'd have additional maintenance in the future if the IRS changed them)?
Thanks!
- Tim Doyle, TaxAlmanac Moderator - Talk to me 10:14, 7 March 2007 (CST)
EA exam
Hi Kevin, thank you for your help regarding Fixed Assets. As you may see in my profile I am already retired, have a small practice in Houston but even though I have an MBA from NYU I was not interested in pursuing a CPA certification since I was in the corporate sector. Now I regret it. I am trying to take a second best choice which is Enrolled Agent. In 2005 I took in the old format all four parts, but unfortunately I only passed 1, 2, and 4, and I missed part 3 Corporations Fiduciaries... etc. I took the test for the part I missed under the new Thompson format and I failed it by three points. However I don’t give up and I am planning in taking it again around May or June after all this Tax season commotion. Now I need your wisdom in telling me please what will be the best way to study for this exam. Is there any courses? Or classes I can take or is there a method I can follow to study to pass this test? I would appreciate any light you can give me.
Thank you again
Jerry A. Mercer
Thanks Kevin, I am comfussed. Why would I study parts 1 and 3 and then 2? I only missed the Corporations Part. and they are giving credit for the other parts I passed. I am inclined to buy the GLEIM EA review book only for the new part 2 Business. Any comments on that?
THank youBiggulping 12:40, 7 March 2007 (CST)
Your Web Site
NIce site. My father is a retired CLU. He worked for Prudential. He said it stands for Chartered LIfe Underwriter. Your web site has you as a Certified Life Underwriter. If that the same?
Are you teaching the final 1040 in Colorado this summer? What is your email address? john@frankcpa.net
Thank you and question on EA
Hi Kevin,
I just wanted to thank you for all of the times you have answered my questions on this forum. You are very knowledgable and I wanted to know your opinion on becoming an EA. I also have an MBA and I am a Registered Tax Preparer in California. Some of my CPA friends say I should take the CPA exam and others say I should take the EA route. I was interested in why you choose that path and what do you believe are the benefits and downsides to becoming an EA and also the benefits and downsides to becoming a CPA. Also, for one who is not good at memorization but who is good at test taking overall, which path is the best?
Thanks,
Glenda
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legal fees
hope you are doing well, I have some stuff on legal fees i thought you might like, didn't think it pertained to any particular discussion, i always enjoying your comments !
http://woodporter.com/pdf/TN052206.pdf
don't know Robert Wood, just some of his stuff about legal fees i found interesting, I hope this is helpful
TexCPA !
Thanks Kevin for your presence and a question for you
Hey Kevin;
I have learned sooo much from you and I for one value your opinion above many others...
I am thinking of taking the EA exam this year...I am a CPA but it is beginning to cost more and more to keep this designation and besides that, I don't need it much anymore being in a small town and no intent to audit ever again!!
I talked with another CPA friend the other day and they think I should not go for EA, that being a CPA is more distinguished...however....I truly think it is overrated....
Even some on here that are "preparers" know a vast amount more than I....
What would be your response to someone who says that a CPA is more valuable? Since you teach and also are involved in the EA community, I thought I would go to the horses mouth on this one.
Thanks so much!!
Sandysea
Thank you Kevin!!
Oh for sure I know I need alot of studying for the EA exam. But in the town I am in, I do more taxes than anything else. Yes, I do a ton of F/S, but I don't really (for my clients) need to provide reviewed or audited statements...they are statements for internal use only and for tax return prep most often.
I don't care much about titles....they are simply letters after a name and mean absolutely nothing except you need them sometimes to show others....
Thank you for the input. I am going to try this thing....haven't taken a test in years, but as I said, the need for my CPA in this town is not cost effective. I can certainly reinstate it if I choose when the business needs it, but for the work I do...I want to know more about taxes and less about what I already know about...hehehehe
Thank you!
Thank you for removing those spam posts!
- Tim Doyle, TaxAlmanac Moderator - Talk to me 08:49, 11 May 2007 (CDT)
SIngle member LLC.....
Kevin - you handled that rather well under the circumstances. Just thought you should know that counts allot looking from the outside. Have a good weekend. Michael
Stepped Up Basis
Just wanted to say thanks...my research leaned on yes but it wasn't black and white...just wanted to hear it from another source.
Can you give me a hint to where I can see this in a reg, code sec ect>>>Have to let an attorney know. Many thanks, Tax Lady
Special Thanks
Special Thanks for Mr. Kevin Huston for replying the links you sent me for EA exam really helped i already registered for three day workshop. but i would really appreciate if you can guide me where i can get the detailed knowledge about part 2 as i dont know practice in corporations, trust or any non profit organizatoins and i need to know about these things in detail. by the way would it be benefit for me in any different way if i will practice as EA instead of practcing as self employed individual.
thanks again for your time
Jaideep Singh
EA
Thanks for encouragement. Faxed over stuff earlier, and your name is down as my referral...if you win a trip to Hawaii, take me.
Thank you
Dear Kevin H,
Thank you so much for your assistance in turning my collections situtaion around. I also appreciate your comments about adding financial services which I probably will do eventually.
Jane Davis
YOUR RESPONSE
Thank you for your help! I really appreciate the knowledgable advice!
KimT in AZ
Hello Kevinh5,
I wanted to thank you for giving me some great resources to prepare for the EA exam. I think it was NATP but I found some great on-line classes and CPE opportunities...just wanted to thank you. Have a nice evening. I took a class with TaxMama last summer to prepare for the EA Exam and although it was a great class; I just did not feel ready. I had some medical issues that distracted me from getting the most of the class. Thanks Again and I can tell that you really do know your stuff.
Brownie Points
Consider your brownie points in the bank!
profile link
Thanks for changing my discussion to include a link for profile, Kevin. When I first saw that you made a change, I was very curious what it was that you would change.Natalie 01:23, 27 June 2007 (CDT)Natalie
F-1041 Deducting Closing Expenses on Sale of Residence
Thanks for your note. I have read that expenses related to a personal residence (of the deceased) for sales expenses are deductible. Does that include the brokers commission, legal and the various closing costs?
Thanks for your input.
Scott
Re: Mr. Huston
Dear Mr. Huston,
What about HD Vest. I am hoping the financial aid services will bring in more tax clients and then I can associate with someone like HD Vest.
Can't make money doing accounting and bookkeeping.
Jane Davis
Re: Financial Planning
Dear Mr. Huston,
Thank you for your advise. I got some info from HD Vest. Going to hold on and see if the college financial planning ( FASFE) program can help me get more tax clients. Then I will revisit HD Vest.
Jane Davis
Confidentiality Agreement
Thank-you for your time!
NATP conference
Kevin,
I didn't get the opportunity to meet you in Las Vegas at the NATP conference last week but I am hoping that perhaps someday I'll get the opportunity. By the way, we signed the CPA in our office up for NATP and used your name as a reference. Did you receive any "brownie points"?
Education does payoff!
CPA I do subwork had a client die and asked me if an estate tax return needed to be filed. (He owned three businesses.) I said yes and that I had just gone to a seminar about them. I'm taking my book and going to the CPA's office on Friday. I suspect he'll just ask me to do the return.
Thought you'd be interested. Thanks for the great class!
Various Matters
Dear Kevin,
You have responded to some of my questions in the past and I greatly appreciate that. I am going to an HD Vest local meeting with a buddy of mine to check it out. I have 130 clients at this time ( live in a rural area) and may wait till I have more do do investments.
I an EA as well as have an out of state CPA license ( which I can't get reciprocity for easily and will probably have to do some audits for someone to get it). I do writeup work, tax returns and planning as well as QuickBooks consulting for individuals and small businesses. I am not a great fan of audits but wish I had that CPA( a self esteen issue) I wonder if it is worth all the hoops to try to get it ( fees, peer review,etc) when I probably would only do a few compilations. Can CPA's charge alot more for the same work as EAs? Would focusing on financial planning ( if I get more clients) make up for the economic difference. How is it working for you?
thanks. that's alot of questions. Sorry I could not make the NATP convention this year. Is there a way I can purchase your seminar?
Jane Davis, MBA/EA/CPA
Re: HD Vest
Dear Kevin,
I attended a HD Vest local meeting in Worcester, MA. It looked impressive and I would certainly like to do financial planning whether or not I pursue CPA reciprocity. Since I only have 130 clients and many don't have much money I am wondering if I should wait a few years and try to build up my clientele. Right now I can only see selling a few IRAs to these people( Maybe I am wrong). What is the rolling gross they talk about? Will HD Vest get rid of you if you don't sell much for a while?
Thanks,
Jane in CT
Hi Kevin
You had left me (TaxNerd) a message. My name is Larry Moon and I used to work with Griffin & Associates. One of the other guys at that firm works in Marietta now. His name is Stafford Huff. You can e-mail me at LarryMoonEA@Bellsouth.net, or my phone number is 770-438-2080. I would love to have somebody to refer clients to if you are accepting new ones, especially the more complicated ones that I am trying to avoid, although I believe you are in NC now. Feel free to contact me. Going tomorrow to the NCPE corporate seminars. I like their seminars, but I'm sure they don't compare to yours (this is where I would put the smiley face thing if I knew how).
Honolulu Nov 1-2
Hi Kevin, I see you'll be in Honolulu the beginning of November. Do you have any free time available? Perhaps we could meet for coffee or take a hike in East Honolulu. (I can bring my boys if that would make you feel more comfortable.) I'd just like to meet you while you're here if that's possible.Natalie 18:59, 6 September 2007 (CDT)Natalie
That's great Kevin! Now, how much of a challenge do you like hiking? The Makapuu Lookout hike is pretty easy for all hikers. The road is paved, and there's a beautiful view of the ocean. It takes about 30 - 40 minutes to get to the top. It's a great place to see whales, but I think the first part of November is a little early for them.
If you'd like more of a challenge, we can go up Mariner's Ridge. From the top, one can see the ocean on both the Diamond Head and Windward sides of the island. It's beautiful. Since this is a ridge, we can go as far as you'd like, and there's shade. The Makapuu hike is all in the sun. Natalie 15:17, 7 September 2007 (CDT)Natalie
PVV's Ethics Post
Your post to Natalie was excellent. It hit me last night that it would be malpractice to disclose this without full client consent. It shows how quickly we can fall into a trap. It was an superb discussion. Very Socratic as it proceeded along. CrowJD 16:21, 14 September 2007 (CDT)
How to do Tax Research
Kevin:
I love your idea about a course or tutorial on how to do tax research. I didn't want to reply to you on that discussion as I want more people to answer the original question and not get sidetracked on this topic. Would you be willing to help out in putting together such a tutorial, or at least a framework? One thing that wikis are really good at is allowing people to collaborate on a topic, constantly improving it. I am more than willing to help, but I have a programming background, not a tax background, and I doubt I'd be able to hit the mark on the correct organization. TA has quite a bit of reference material, and I'd love to put together a tutorial to show people how to get their own answers. Let me know what you think of this idea.
- Tim Doyle, TaxAlmanac Moderator - Talk to me 11:47, 19 September 2007 (CDT)
Article
Kevin:
I'm thinking through a few issues here...
- I personally have no issues with you submitting the article elsewhere, but we'd need to think about the following:
- Would there be any issues with copyrights, etc. if it was submitted to both locations? I think this could be worked out.
- If the article was written collaboratively by many members of TA, who would the "author" be when it was submitted elsewhere? Would we need to get approval from all authors before submitting elsewhere?
- If the TA article has links directly to the source material here on TA, and perhaps makes reference to how to do the research on this site, how would that work in a published article?
What about the possibility of writing 2/3rds of an article and then diverging from there - adding TA specific references to the online version, and fleshing out the published version. The published version could reference the TA version and the TA version could reference the published version, both similar but with unique differences customized to their audiences.
This is an important topic, and I appreciate you taking the time to discuss it. I think these issues have prevented others from submitting work here.
- Tim Doyle, TaxAlmanac Moderator - Talk to me 12:20, 19 September 2007 (CDT)
Real Estate Prof/ Agent/Broker
Kevin, I always see you a stickler and a strict interpreter of the law and was hoping you could help. I have read prior posts but still wonder your opinion. I keep getting stuck on the definition of real estate professional. Does a real estate agent(non w-2) time count toward the participation rules. The code says real estate broker. I am talking about NJ if you feel that sways your opinion.
Thank you for your time, Hadlin
Real Estate Prof/ Agent/Broker
so you don't take the wording of broker literally.
Thanks,
FUNDGUYFundguy 02:05, 13 January 2008 (CST)
1041 Newbie
Hi Kevin,
I have read many of your responses. If you have a minute, can you take a look at my post: 1041 Filing Questions-Newbie. Any help is greatly appreciated!!!
-NancyNjmurph 21:54, 19 January 2008 (CST)
I'm pretty new to this site & have no problem filing out my profile. I'm a practicing CPA in NYC for 12 years. I just didn't see anyone explaining why the IRS would have an issue with this. If you can send me the direct link to I'd appreciate it. I also appreciate your prompt respones as well. Thanks April 15
dear kevin : thank you .The s corporation never has an income,(always loss),except this year . This is the the only year that have a sale result in big capital gain. I am debating to treat the property tax ,interest and the land as land cost,so that At least I can reduce the capital gain and the California 1.5 % income tax. If I treat the interest as investment interest as k-1 item, I am not sure I can deduct it in the computation of net ca s corporation tax . Further ,If I treat the interest as business interest ,I am afraid it may disqualified land sale as capital gain.sincerely davis , It need to note that The s corporation never have any significant activities during the last twenty years,; each year just pay partial property tax and collect some interest from shareholders then pay to to land seller.
YouTube link
How in the world did you find that? I thought you were a busy man!!? Natalie 12:54, 23 January 2008 (CST)Natalie
Yes, actually it did work well in that instance.
I already did, Kevin. I added onto your request. Of course he can always login again later. I wonder if there's a way to prohibit posts from certain URLs? Natalie 14:58, 23 January 2008 (CST)Natalie
You might want to look at my discussion page. Tim added some information about blocking posters and deleting information. Natalie 15:32, 23 January 2008 (CST)Natalie
Visitor
Kevin:
I'm not sure how he got back in either... I am watching closely.
- Tim Doyle, TaxAlmanac Moderator - Talk to me 16:21, 23 January 2008 (CST)
unwanted poster
It looks like Tim took care of him. I don't see a trace now. Natalie 17:12, 23 January 2008 (CST)Natalie
You left me a message
Apparently someone deleted the offensive post from my e-mail. I did call it to Tim Doye's attention. Don't know what he did after that. Uncle Sam````
Banned User
Yes, I did have this person banned for one week. See Special:Log/block. Note that I added him twice (which I shouldn't have had to do, and it apparently still didn't work. I've not removed both of those and added a permanent block. I've also asked our technical people to look into why the other type of ban didn't work.
- Tim Doyle, TaxAlmanac Moderator - Talk to me 11:29, 28 January 2008 (CST)
dog trainer being audited
lets say she does treat them as livestock, they live in the kennel.
For the show expenses, by winning the awards for the training promotes her business, also this help with the breeding of her dogs. The breed is dobermans. The shows are not like the regular akc best in show for that breed.
To me the more she shows her training techniques at these shows, her business will grow. Also, what if she shows her clients dogs? I assume the IRS will let her deduct those show expenses.
Thanks for your help, I think the IRS agent is being a little picky, the cell bill she denied was for only $500.00, but the show and supplies including food is about $5,000.00.
Please help with any ideas to present her case. Thanks again.
Having a hell of a tax season already, divorced couples coming in and trying the claim dependents not entitled to. Should retire? Thanks Again, I was going to try take the EA exam this year after taxes, How was the new one. I've taken it once before, only missed by a couple points. Any study ideas. Thank you, thank you, thank you, Time to Get DRUNK for the evening before the president comes on.
Thank you.
Kevin,
Thank you for taking the time to answer so many of the questions i have posted the past 2 years.
You have been and still are a tremendous help!
I am very grateful for everything.
I hope i can give something back in the future as well.
Have a great tax season.
Will
Thanks for your reply. But can u also guide my for minor younger if he payes salary of more then 5,000.that won't affect kiddie tax right?
Hi Kevinh5, I noticed that last year had participated in a discussion regarding Arbonne and said that you had filed an Arbonne return. My wife sells Arbonne and I am trying to figure out the tax implications. The way I understand it, she takes samples of the product and displays them at parties. She has no standing inventory, other than these few samples. At the parties, she takes orders for products, and the people buying from her pay her directly. She places the order with Arbonne and pays for it. The amount she pays Arbonne for the product is what she sells the product for, there is no markup. She receives a 1099-Misc with a commission amount, as well as a check mark in box 9.
How do I account for the product sold? Do I list all of her purchases on Schedule C as COGS and put the price she paid on line 36 Purchases, or on line 38 materials and supplies, or somewhere else? She only purchases product when she places an order so should the inventory lines at 25 and 41 of schedule C be $0? I appreciate any help in this confuing matter. Jim8krop 08:05, 3 February 2008 (CST)
SH loaned S Corp monies and the company dissolved before repayment, can the SH put it on their personal return as a Capital Loss and How?
I am having a situation with a dissolved S corporation. My boss has a client that loaned 30K to her company and dissolved the company before any monies was repaid to her. Can she carry it over to her personal tax return as a capital loss and HOW? What is the IRS code for this?
Did search on Casemaker
Kevin: I just did a search on Casemaker (free service to Ga. Bar Members) which includes GA statutory and case law. I entered "Divorce Twelve Months", "Divorce one year", and "Final Decree time", and got nothing of interest. I did hear of the law, or proposed law, you mention. To be sure, you can call the office of Legislative Counsel.CrowJD 11:04, 10 February 2008 (CST)
Separate Maintenance Proceeding
The item my client has starts as a Separate Maintenance proceeding. It's a strange bird, and is not the same thing as your normal separation agreement. This is an explanation I ran across that attempts to explain. You may have already run into this yourself when you were in GA. Notice that it does not start off as a divorce, but as a distinct Proceeding for Separate Maintenance:
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 11:22, 10 February 2008 (CST)
HELP ME PLEASE??
I am having a situation with a dissolved S corporation. My boss has a client that loaned 30K to her company and dissolved the company before any monies was repaid to her. Can she carry it over to her personal tax return as a capital loss and HOW? What is the IRS code for this?
Thanks
Hi Kevin,
My name is Michelle and I am a CPA. I started my own practice this year and realized there were a lot to learn. I already tasted the sweetness of digging more into tax field!
I would really appreciate if I can get your advise from time to time.
Thanks!
--YZCPA 11:04, 11 February 2008 (CST)
I read some of your DPAD discussions from Spring 2007. They helped, but I have two situations I'm stumped on. Would a landscaping business qualify under the construction heading? Would a business that does custom metal plating qualify as a manufacturer?
Thank you for any assistance.
GregC
DPAD
Thanks for your help. Can you recommend any resource materials or website for this topic? I normally have better luck with my research but the "how" to determine which business' qualify seems vague everywhere I look. Your explanations are the best I've found.
Thanks again
GregC
Hello Kevin i am looking for answers on income averaging.
If one was to recieve a onetime settlement can it be ajusted with income averaging? I was told that was an option in the past but I can not find any info today.
Thank You
Dplask22:09, 12 February 2008 (CST)
LLC-what is best to do
hikevin, HELP HELP HELP My first client is LLC (california). HE started business august 2006. He Never filed taxes for business. He did file his 2006 personal tax return without business. He does not know that LLC can go on sch C. He did not make election for corporation on form 8832 either. He is drawing w-2 for him and for employees. his revenue for 2007 is around $400000, and income is around $10000 after all expenses. What is best way for him. To amend his W-2, payroll reports, 1040 and stay as SCH C; or to file 8832 to be treated as corporation. I heard, LLC is not a good choice; california can charge extra tax on corporation income. mk-accountant
deletion
Now why did you delete your comment, Kevin?Natalie 18:49, 16 February 2008 (CST)Natalie
I understand. It is sometimes hard to communicate when the other person is not able to hear the voice inflections or see the body language. Sometimes I'll type a couple of sentences, and then I end up deleting them even before I post them.Natalie 19:29, 16 February 2008 (CST)Natalie
EXCEPTION TO PENALTY FOR HIGHER EDUCTION
You responded to my question about the exception for the penalty of a retirement withdrawal from a retirement account. Does the penalty exception apply to a withdrawal from a retirement plan at work as well as an IRA account? form 5329 instructions do not specify an IRA but it looks like Pub 970 states early IRA distributions.
Help Required
Hello KevinH,
My name is Shiraz Khan. I have noticed from the forum that you give classes on how to grow ones practice. I have recently distributed about 50000 newspaper inserts in a local newspaper only to receive couple of calls. One would imagine I would have a better response. But it was pathetic. however, can you pitch in some insight from your experience as to some steps i could take to make some money this tax season. I would hate to lose all the advertising dollars I have already invested Any help will be greatly appreciated. Thanks
how to check answer
Kevin I did post the question regarding LLC-what is best to do. I don't know, did you already answer my question or not. I am new to website. How to check that my question being answered. any one can answer this. thanks MK-accountant
QPAD
Hi Kevin,
After reviewing the boards, it appears as though you are the resident expert on this topic! :) Any words of wisdom? At the seminar that you attended last year, were you told about the necessity to use 263 if you want this deduction?
All of our clients are exempt from 263. Do you have a methodology for implementing 263?
Thanks!
Mary Anne
solicitation letters to specific professions
Hi Kevin,
It's Will.
How are you doing this tax season?
I was wondering if you could give me your feedback on something.
I just purchased a list of home addresses of nurses who earn over 80K in my region, and i have been sending them letters trying to personalize my letter to attract their interest (for example, i bought stickers of a nurse with the phrase "this nurse needs help with taxes" and placed the sticker on the front of the envelope, to peak their interest, and in the letter gave a very brief explanation of some of the deductions that apply to their field, just to give you on example
My question is: do you see any possibility of success with these types of lists?
I did a new homeowners list last year, sent out about 700 over 2 years, got about 5 calls, and this year did actually get 2 new clients that are good returns to have.
part of my problem is i get all good ideas in the middle of tax season and my timing is off sending the letters. Next year I plan to send the nurses and homeowners a letter in early January, followed up by a postcard in early February.
As always, thank you for your expertise.
Will
Thank you for your reply Kevin!!
I really appreciate it.
your "hurt" feelings
Are you going to ask Tim to have FrankP removed from the site?Natalie 17:39, 29 February 2008 (CST)Natalie
It just bothers me when someone makes a blanket statement like that. I guess we can monitor him. Maybe he won't be back.Natalie 17:46, 29 February 2008 (CST)Natalie
Kevin, Yes I got forms, Thanks very much.
Just for you
http://www.girlscoutcookies.org/
North Carolina PY and Nonresident
Client moved from NC to VA 6/1/07. Client continues to work in NC after moving to VA.
Questions:1 Do I file 2 NC returns - one for Part-Year and one Non-Resident or do I combine them on one return?
2 If combined, how would I compute the out-of-state credit for VA return on NC Non-Resident portion of the tax?
Thanks for the NC help.
Smog
On Bipolar
Kevin: my father was a manic depressive too. The only thing that kept us from rack and ruin was the fact that he had started a business in the 50's that had done well, and the employees managed to conspire to keep him out of there when he was in the manic phase. Two years after he was finally started on Lithium, he died. I was 17, but it was much harder on my sister at 11.
I can now see the humor in certain aspects of it. Coming home from school on the bus one day to find sheep grazing in my front yard in your typical subdivision. lol. True story. The toughest thing for any human being to face is when there is no one to blame.CrowJD 09:35, 3 March 2008 (CST)
nol carryback or carry forward
This is davis chang. I just posted an nol question. I am not sure I post it right. I have not seen any one answering it. The question is if I elected to carry back NOL for year 2002,my total NOL for year 2002 exceeding total of preceding 5 year's total income,can i carry the balance to year 2006 or future under the new 5 year rule ? Can you answer this question for me sincerely davis
Deletion of §645 thread
'Tis poor taxdue doing the deleting. Obviously embarrassed.♫
Last Rebate Question
Hey Kevin - After seeing that last rebate question. that Bozo Punching Bag can't come too soon, can it? TomTaocpa 14:28, 5 March 2008 (CST)
Me too!
Which is why I can't stand the arrogance of those initials. They mean nothing usually...not even minimal competence.
nurse letter follow up
Hi Kevin,
I got my first call today from the nurse letters I previously mentioned. Actually, it was a male nurse who gave my letter to his female nurse friend who called me.
She is scheduled to meet me at my home office for a tax meeting on Monday, so it looks like I have a decent chance at 2 new nurse clients and then I can put your great advice you gave me into effect. (part yr CA part yr NJ resident, lives in NJ now works in nyc)
Since i finaly got a nibble, i will try to muster up enough energy to send some more letters out tonight :)
Thanks a lot for your time and suggestions!!!!!
Will
hey
hi kevin
i was reading a post somewhere that you posted up saying you were located in asheville nc and that triggered something in my memory. I told my partner and she looked up in our records, im pretty sure we attended an estate seminar you put on in atlanta a couple years ago. It was good stuff. Anyway, small world i suppose to run into you here. If you ever put on any more seminars please let me know. We are trying to gain knowledge in the 1041 prep area, we get asked to do more every year.
thanks scott
seminar
black hair, beard, sat in the back (i always sit in the back) lol. scott and my practice is in va
You were on fire this morning
Kevin- Good for you. I took a few minutes to do this. Maybe Tim can highlight the DIY and this so people will get the message. TomTaocpa 09:53, 8 March 2008 (CST)
Discussion:TO TAX PROFESSIONALS - PLEASE READ
Green dinosaurs
Kevin, Thanks so much for the laughter today. Although I had a hard time getting work done, what with checking your posts. My son in particular appreciated the green dinosaur. Had to show it to him about ten times. Pierce Pierce 18:03, 8 March 2008 (CST)
your were rare form
Was there a full moon behind all the clouds? I tried to post this yesterday, but just then my power started to flicker & went out for a while from a storm. Some sort of cosmic intervention? You were pretty snappy & and pretty funny yesterday! FWIW - I am not offended in any way.
name calling
Kevin, Just to clarify, my post on name calling not being professional was definitely not directed at you. I thought you handled the personal attack quite well.
Candyass psuedo intellectual? Hardly.
I appreciate all your comments on tax issues and have learned a lot from them.
Cheers.
Don't you wanna wear a hat?
Kevin: how the hell did you remember the solar thru 2008? You know, your brain does expand to more than available size. Don't become like me, and not be able to wear a hat! lol. Sorry, I just will never be a movie star with that tiny head (small brain). Thanks for your spring of knowledge, you are appreciated! CrowJD 11:11, 10 March 2008 (CDT)
Kevin,
saw your name below my question and I really don't know if that means you will answer a question or what, but I will give it a try.
Have clients (partnership) who want to deduct home office expense. I have not had this situation before, but my understanding is that their personal residence is not an entity of the partnership and therefore cannot be deducted on 1065. However, I spoke to a distant family relative who is a CPA and he said that we could probably do this on 2106 and Sch A as an itemized deduction. But the thing that bothered me was that he said "probably" indicating that he was not sure.
Anyhow, your opinion would be appreciated.
Tony
my email address is tonya030@optonline.net
Thanks
Kevin
First, thanks for all the input you give. I have 2 questions. 1) What are some good topics to give talks on? I am going to look to give a series of talks but do not know the best topics. 2) Do you know anything about HDVest?
Thanks,
Dusty
Thanks for the info
Kevin:
Thanks for the info. I think I will plan on getting hold of a local group and attending a meeting. If there is any benefit to you giving me the information then I would be more than happy to do that.
Thanks
Dusty 09:17, 12 March 2008 (CDT)
Thanks Kewvinh5.
Mikel 13:48, 12 March 2008 (CDT)
sch m of s corp?
dear kevin : could you help me to report deferred income tax in sch m of s corp.is it reported in the other adjustment column? are the total of aaa ,other adjustment and previously taxed income equal to retained earnings of the f/s balance sheet ? other adjustment usually only included the tax free interest or income . what other items may be included in other adjustment> davischang thank you.
EA in May
Kevin
I haven't attended a good tax seminar in years. I am in Charlotte.
Is this May seminar worth a try?
I will take your word for it. I would be tax track as I do almost NO representation.
matt@mgjcpa.com
Matt Jelnicky
Kevinh5
Hi Kevin:
I noted your 2-29-08 response to the question of whether sale of a country club membeship is considered sale of investment property.....
Your answer was "if loss, personal". I also am an enrolled agent, and I completely agree with you. However, I have not been able to find anything I can specifically reference to convince my client. I have searched all my reference materials, the IRS' website, and finally google -- that's how I got here.
My client has a loss on the sale of her equity interest in a country club, and wants to treat the equity interest as investment property so that she can deduct the loss. I have told her it is personal property treated much as the sale of a timeshare, but cannot point to anything written to back it up.
I realize you are extremely busy (I'm a member of the club), so I would appreciate any input you may have.
Thanks,
Sandra D. Beach, EA
Country Clubs
Thanks for your quick reply. I will, indeed, stick to my guns.
Leon Faris
Hi Kevin,
I'm the CPA in Kennesaw who posted the other day. You mentioned Leon Faris, but Derek Leroux is who I've been in touch with at PAS already.
I'm assuming you're still in the area and, seeing the HD Vest in your profile, doing financial planning? If you are still in the area I'd love to take you out to lunch one day if I could "pick your brain" for an hour or so while we eat.
You can e-mail me at Drawdy@msn.com or give me a ring at (678) 314-3604. Thanks Kevin!
John
Kevin Trust Resource
I have a title from Surgent: "The Complete Trust Workshop", Code TCTW, http://www.surgent.com I think it's pretty good, sometimes spotty in it's cites, and slim on examples; so it's above average but not great. I am not an expert in the area. One class on Estate taxes and one class on Income taxes in law school (1985), but I'm trying to refresh my education.
GS Cookies
You are more than welcome. I am glad the kittens enjoyed them as well. It was my pleasure. TomTaocpa 21:04, 20 March 2008 (CDT)
Deemed disposition of asset
Kevin,
I was wondering what your thoughts are regarding this issue (deemed disposition of asset). I've got a taxpayer who wrecked a semi in Dec. 05, took out a $60k loan to buy a replacement truck at $48,000. The taxpayer was going to receive insurance proceeds of $24,000, which he used to pay down the $60K loan. The prior firm placed the replacement truck on the books at $24,000 and took a Sec. 179 election on the entire amount. Then, in late April 06, the taxpayer deeded the title to the asset to his son, who assumed the outstanding note payable (Which at this point was approximately $34,485). The son was starting his own trucking business, and is not my client. The replacement truck had a FMV of approximately $42-43K at the time of the disposition. Normal depreciation allowed has been calculated at approximately $9,332, leaving $14,668 for recapture. In closing the books, part of the entries involved include Dr. Note Payable 34,485, Cr. Recapture on 179 election 14,668 and Cr. Gain on Disposition of Asset 19,817. This would result in showing total income on the tax return of $34,485.
So of the 34,485, do I show the 14,668 of recapture on the Schedule C and the 19,817 in Part II of the 4797 (held less than one year, taxed as ordinary income)? Thanks for your help, I appreciate your wisdom and insights.
Mbaqb
Sorry Kevin, my apologies. I forgot to sign my message to you. Thank you again. Mbaqb 17:36, 24 March 2008 (CDT)
Gambling
I need a PKR, Kev. Private Kevin Ruling. (And as soon as I see it, I'll delete it...)
What are my obligations on gambling winnings? I have a client who does a lot for fun, receives some W2G's, which we report of course. But I now realize that he has many many more wins that are not reported. He keeps records and legit has losses to offset. Nets a couple thou loss per year, cheap entertainment to him, I guess. BUT, what kind of hit me yesterday, shouldn't ALL the wins be reported? Which creates huge state taxes, and more Fed tax due to Sch. A limits......a really dumb program. If someone went out and gambled a million a year and broke even, it still creates tens of thousands of state income taxes and probably eliminates itemized deductions.... Jeff JR1
CRUT discussed earlier today
Hi Kevin,
One more question, if I may.
These same clients who created the CRUT in CA moved to CO 1/1/07. The trust document does state that the administration of the trust is governed by the laws of the State of CA.
However, a legal professional is telling me that the state trust returned to be filed is CO.
Which state should be filed?
Thank you in advance,
Gail GWCPA
CRUT question
Kevin, Seems I didn't sign either. Gail GWCPAGwcpa 19:41, 27 March 2008 (CDT)
State CRUT
Morning Kevin,
Thanks for your input again.
I understand the nexus issues about filing a state return. But in this case, now that the California property has sold, the $$ are invested in cyberspace for my now Colorado clients in a Vanguard account. Are the assets really "IN" any state? Or in this case, are they considered located where the clients live?
If that's the case, then I need two 2007 state returns as the property sold in January 2007 and in 2008 it will be entirely CO.
GailGwcpa 09:58, 28 March 2008 (CDT)
Thank you!
Kevin,
Just thanks for being there to help out. I really appreciate your input!
GailGwcpa 13:12, 28 March 2008 (CDT)
Mbaqb
Kevin, thanks for your reply. I understand what you mean with the math and theory differences. I'm going to post a statement on the thread that I'm referring to. If you have any insight, it would be greatly appreciated. Thanks again.Mbaqb 16:40, 28 March 2008 (CDT)
Mbaqb Deemed Disposition of Asset
Kevin, would the difference between the debt relief (note assumed) and the FMV of the asset be able to be gifted by the taxpayer? Thanks again for your insights. Mbaqb 20:55, 28 March 2008 (CDT)
Mbaqb
Kevin, what do you make of what Roy Dale posted on the disposition thread? I've read through code section 1033 and I still don't understand what he's getting at. The prior accounting firm showed the disposition of the wrecked truck on Part I of the 4797, with a 0 sales price and placed the replacement truck on the depreciation schedule at 24,000 (48,000 purchase less the 24,000 in insurance proceeds) and took the 179 election on the 24,000. If they've shown that the original asset is disposed, how could the holding period on the replacement truck be considered longer than 5 months? In theory would the difference between the debt relief and the FMV of the asset also be taxable (and if so, also on the Sch C other income line?), or would that be a gift? Thanks in advance for your response, I know you are busy and helping many other people. Mbaqb 17:57, 29 March 2008 (CDT)
Pierce
Hate to tell you, but I felt honored that you replied to my Proseries depreciation question. My response was intended to be good-natured and I hope you took it that way. This is my one and only "chat" forum, so am still learning that things sometimes are taken differently when typed vs. spoken. (come to think of it, this is my one and only social outlet at the moment as well). Hope things are good with you. Pierce 19:36, 29 March 2008 (CDT)
Mbaqb-Sorry
debt relief and gift
this is a basis question?
debt relief in excess of basis is normally income to the person receiving the debt relief.
The reason is that the basis in the hands of the receiver must be at least equal to the amount of debt assumed. (general rule, there may be exceptions)
so as far as the gift question, you can't give or assign away income (the income tax must be paid by the person receiving the income, not the person receiving the gift) Kevinh5
Kevin,
I apologize for the misunderstanding. I'm not talking about gifting away income. The FMV of the asset when the taxpayer deeded it to his son(42-43K) was in excess of the note payable outstanding on the asset (34,485). Obviously the taxpayer who disposed of the asset has income from the Sec. 179 recapture (16,501) as well as gain on the disposition of the asset up to the amount of debt relief (34,485 less the 179 recaptured amount). The questions that I have are whether or not the difference between the FMV of the asset when it was disposed (42-43K) and the debt outstanding at that time (34,485), could be gifted? And would the other portion of the gain on disposition (34,485 less the 179 recaptured amount) be shown on part II of the 4797 or in other income on the Sch. C? Thanks.
energy credit
No, you can't help me or no a homeowner can not be a contractor? Can you lead me to a source? Thanks much.
energy credit
thanks....very very loose...but don't want to take a $2k credit and have it bite me in a year!
Can you look at something....
I posted something today. Blrg posted a response. I don't know if I want to even look at it. Thanks, TomTaocpa 10:28, 7 April 2008 (CDT)
snarky
Hey Kevin-
A little tact goes a long way. You could have very kindly asked me to update my profile as any reasonable (professional) adult. Additionally, you could have cut me a little slack this late in the busy season, especially since your link didn't function this morning.
It's updated now...
Happy end of busy season...
Julie
Life estate question
Researching this topic and came across your explanation. Thanks for the links; it gives me most of my answer. Have a similar situation here in NY with the sale of a residence with a retained life estate.
The only difference I see with the Tax Pro example in the March article is that the parent actually deeded (for $1) the residence 10 years ago. Therefore I don't see that she meets the "ownership" test. Doesn't matter though, the nursing home expenses wipe out the tax liability.
I'll be apportioning the gain based on the tables between the parent (life tenant) and the daughter (remainder interest).
Do you think I'm missing anything?
RitaCPA
Bad timing
I did not see your subsequent response to your "tax 101" comment until after I had posted my comment both directly to you and on the discussion. If you notice, I've removed my public comment calling you a jerk. I am quite aware of my lack of individual tax experience. I've been a CPA for 22 years in the the corporate world. I am only doing relatively simple personal returns until I've gained more education. I incorrectly thought that there was a step-up in basis. I would hope you can appreciate my angst considering it's the 14th and my client just happened to tell me that the car he bought in 6/2007 was through cash he got by selling stock his father had given him. I efiled his return last week. This is my first tax season and I certainly do not want to have filed an incorrect return.
I need your help!
Can you PLEASE look at the trader thread. I have never done this before I need to file something today on this client... Thanks much! Nancy Shoemake
Kevinh5 (talk|edits) said:
16 February 2007
GLM, its because when you first start using the terms, you have to say "an increase to the bank account is a Debit, Right?" and "An owner's contribution of capital is a Credit, Right?" DR, CR
That is one of the funniest posts I've ever read.
A query I posted.
Kevin:
I posted a question, but I've not received a response from anyone. If you have the chance could you read my question in regard to a cash basis C corp purchased by an accrual base C corp. The cash basis company was purchased 4/1/07. The final tax return, as a cash basis company, was file as of 3/31/07. What do I use for beginning balances for the 12/31/07 return? The acquired company is now part of a consolidated group. I assume I have two choices: either use the cash basis ending balances and reconcile in the M-1, or start with the cash basis balances and then convert to accrual and use those numbers for my beginning balances. Any idea which would be preferred? By the way, I ask this question as CFO for a small company for which I work, and not in my self-employed job as a tax preparer. I've not previously encountered this situation.
Thanks for your contributions.
William 21:28, 18 April 2008 (CDT)
William Alverson, CPA St. Louis, MO
teaching
kevin, did you announce who you are now teaching for and your 08 schedule. Thanks, ekcpa
Aloha Kevin
I don't see you around TA so much these days. Just thought I'd check in and say hi. Hope all is well with you and your family after the tax season. Mine was the absolute worst season and one that cannot be repeated, thankfully. But we are now moving on to the extensions and actually, it's a lot easier, even the harder ones are easier without the deadline stresses. Take care, Paula Wilson
RMD - Thanks for helping out
So let me see if I understand. The penalty will show up in 2008 for the 2007 RMD, IF the RMD is assessed (or the IRS picks it up). If I file form 5329 and it is determined not to be assessed, then nothing should/will show up in 2008 and no further action must be taken.
Thanks! Jordan
Kevin,
I hope I am not being intrusive by contacting you directly. I am new to this forum so my apologies for the profile.
I have visited your website and also have viewed some of your responses to others on this forum.
If you can find time to respond to my question concerning the contribution of an asset I would certainly appreciate it.
As you can see throughout the discussion my conerns get into if I am still using tax basis or if I have crossed over to 704 (b)? Also my apologies I have also been researching under 704 (c) as well.
I had instructed the parnters many, many times to seek a partnership attornery to draw up an opertaing aggreement and yet they have not done so.
The only information I am able to get from them is that they wish to share in profits, losses, and distributions equally and to my understanding this holds true even if one were to contribute a little more capital than the other.
The partnership is an LLC filing a schedule 1065 and started in 2007. The LLC builds commercial buildings to lease out. That is all that they do.
I have in the past always have used Income Tax Basis for financial reporting. And would like to continue to use Income Tax Basis. But if I am required to report the asset on the Statement of Assets Liabilites and Capital at FMV to the asset account and the member's capital account, is that still Income Tax Basis reporting?
I apologize if this is too in debt. Thank for your time. It is appreciated.
profile
you are very rude to newcomer. what difference does a profile make in asking a question?
Hello,
Under where it says IMPORTANT RELEASE INFORMATION it says if not refiled by a certain date does this mean after that date is the lien still enforceable or is it over for good? Can I go to the court house and get this removed off of the court record? It's over 10 years old.
Hi it is Sandysea
Kevin?
Could you please (as a friend) contact me via my email?
I got scammed by another accountant here and I am about just to realize that life is not fair....but hey.
I tried to get someone to work alongside myself on a client, but now this accountant has convinced MY client that he can do a better job than I.
WOW...life changes fast and when will I learn not to trust EVERYONE?
Thank you
Sandy
Appreciate the heads up
--Incognito 16:21, 26 June 2008 (CDT)
401(k) question
Thanks for your response...much appreciated.
An Entreaty
Kevin:
WP/WPB has been busy since you stopped posting for the evening. But he’s only making *himself* look bad, and he didn’t start with a very high standing to begin with. I know you’ll be tempted to reply to at least some of his attacks, but I’m here asking you not to. Ignoring him actually gives you a stronger "win" than knocking down each of his patently laughable attempts at getting to you, in my opinion.
Please don’t let him drag you down to his level. And I also agree with what Ksnoopy wrote here, and thought you should see that post before you happened onto any of WPB’s.
Besides, after a while he got bored with trying to bait you and moved on to other users (he asked Uncle Sam about his profile, and basically accused "Karen 258" of performing audits without a license, even though her profile has the CPA box as clear as day). Sigh.
Trillium 22:49, 14 July 2008 (CDT)
Please be careful
Please email me directly.....I watched a discussion
SandySea
TAX QUESTION
Kevin,
Did you ever teach the NATP 1040 Update and Extras seminars in Virginia Beach, Virginia or the NATP corporate/partnership classes in the DC area? If so, I did take your class.
I have submitted two questions tonight (one dealing with the distribution of real estate to a partner and the other dealing with the reporting/accounting for the proceeds of the refinance of a loan secured by rental property owned by the partnership) which I desperately need help with. I have 5 partnership returns for the same client, a client who basically has no bookkeeping skills. I have just about driven myself crazy trying to straighten everything out, and am at the point of second guessing everything I'm doing now.
I'd appreciate any help you can give me. I've put so much time into these returns that I hate to give up now.
Debbie Carlucci DCTAX1
ASED
Hello Kevin, Omega1911 here, it caught my eye that you mentioned "ASED" in your response, as an ex-IRS person I'm impressed! Not many tax pro's mention things of that nature, and I truly believe that knowledge of IRS operating/processing procedures is a very important knowledge-base to have. Keep up the good work!!
P.S. I agree 100% about the value of tax software - will never replace a human tax pro!!!
OMEGA1911
Kevin - I don't know what you're referring to. I haven't had anyone on this board bugging me in a while. Although I have noticed that WPBCPA gets a bit nasty to those who don't have his "espertise".
Sorry Kevin - I forgot to leave my identity in the prior post. Uncle Sam
I can use all the help i can get lol
thanks kevin
scottinva@hotmail.com
im looking at sandys audit thread right now too, thanks again
