User talk:Lhhesscpa
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Privacy
Larry:
I blanked out your phone number and email address that you added to this page. It is common for automated "robots" used by spammers to view any and all webpages they can find to add phone numbers and email addresses to their collection for spamming purposes. I'd hate for you to start getting spam due to your posts on TaxAlmanac.
Yvette left you a message here, but to reply to her, you'd need to go to her talk page. Only then will she be notified that you have responded.
Also, a better way to begin private communication is to go to her page and select "E-mail this user". That's the safest way to send someone your phone number or email address without announcing it to the world. In order for this to work, the other person must have added their email address to their preferences. If they haven't, they can go to your user page and send you a message in the same way. If you need any help with this, just let me know.
- Tim Doyle, TaxAlmanac Moderator - Talk to me 09:42, 19 December 2006 (CST)
Private Chats
No, the wiki model is for everything to be open for anyone to read, so anything private should be taken offline.
- Tim Doyle, TaxAlmanac Moderator - Talk to me 14:06, 19 December 2006 (CST)
Larry appreciate
I appreciate the wise counsel you have already given on many issues here. Please let me know what you think of my post on "Biggest Issue" (it's regarding AMT), and the fact that it really cannot be repealed now. I think it's extremely unfortunate that accounting has gotten pushed aside by tax, and as we both know, the smaller practitioner now is doing 70% tax. By the same token, clients desparately need the counsel of an accountant to understand the ungodly speculation that's going on in our economy now in real estate (or speculation in any area)... and just exactly what compound interest really means to the wallet (on the payor, not receiving side)! We have a very, very strange thing going on now. All clients under 36 can use a tax program as well as we can, so we have to offer them value added. How can you offer them value added under a flat tax? But, lets say they could repeal the AMT, will younger accountants wake up to the fact that they must offer more than plugging numbers into programs in the day of very sophisticated clients? Thanks for your very good posts.--CrowJD 19:03, 22 December 2006 (CST)
Thank you
Larry,
Thanks for your comments with respect to my "snafus." I think they have all been on-point. Not necessarily fun to hear, but on-point and accurate, and hey, the topic *is* the IRS.
Your comments have been the best I could ask for just short of walking into your office (which would be a long walk, because I'm in Georgia!)
Very much appreciated.
Lostbyirs 16:47, 29 December 2006 (CST)
New Mexico Links
Larry:
Thank you for adding the New Mexico Links!
I see you've become a frequent visitor here on TaxAlmanac. How are you liking it? Any feedback on how I can make it better?
Thanks!
- Tim Doyle, TaxAlmanac Moderator - Talk to me 13:46, 2 January 2007 (CST)
Finding Code and Reg sections
Larry:
I agree - this could be made easier. Do you know that you can type "Sec. 123" into the search box to go right to a code section? "Reg. 1.123-1" works the same way for regs. If this isn't the functionality you were looking for, let me know. If it is, perhaps I better make that more widely known.
Thanks!
Note that when I say to type in "Sec. 123" you would do that without the quotes.
- Tim Doyle, TaxAlmanac Moderator - Talk to me 14:57, 2 January 2007 (CST)
Adding a category
It's ok if the category doesn't exist - the link will just be red. You can then click on that and type something in and save it. We recommend a 1 or 2 sentence summary of what the category covers, but you can do anything. I sometimes put " " which is an HTML code meaning "non-breakable space". I have to do that because if you try to just type a regular space, the editor removes it, sees that you haven't made any changes, and won't save. It's too smart (supposedly).
- Tim Doyle, TaxAlmanac Moderator - Talk to me 20:27, 15 January 2007 (CST)
RE: Rule of Thumb for Land Value
Larry:
I read your comment and you don't seem to be pleased at what I said. You do have a lot more experience in Accounting and Tax than I do - so I respect your comments and value them. However, as I stated, back in the mid 80's I did work as a bookkeeper of a local owned CPA firm. This is where I first heard the expression " Rule of Thumb " for land valuation. I thought it was the norm. So when my client was recently audited and the Revenue Agent was discussing the value of the Land - I thought everyone had heard of this Rule of Thumb.
I don't know what I am going to tell my client now. I just explained the Rule of Thumb to her and now she wants me to try to get back the deduction for the disallowed depreciation. Oh boy...Although, i could simply make a case in my appeal to the IRS that the former CPA did not have any actual appraisals on the land. And the Taxpayer did not know anything about this either.
Thanks for your comments!
Lisa
LPKCPA 18:42, 3 February 2007 (CST)
Larry: Thank you for your advice. I probably do need to find a more experienced Tax Attorney, CPA, or EA that can "mentor" me. Being inexperienced in the fine art of "IRS AUDITS", is a bit intimidating when working with a seasoned Revenue Agent and could result in less than perfect results for my clients. This is something that I definitely want to avoid.
Thank goodness that I do have good E & O Insurance - although I don't want to have to use it!
Another lesson I learned from my first tax audit - GET A RETAINER from the client UP FRONT! I guess the TP figures that if the CPA cannot get the tax bill reduced - that they did not earn their fee? I will require payment up front in the future. I don't like doing work for free. Cannot make a living this way...........
Thanks again.
LPKCPA 10:43, 4 February 2007 (CST)
Restitution Payments
Larry,
Thanks for your response. I guess it is just a little bit confusing because the income that was illegally obtained was claimed as income (tax returns amended to include income), therefore, tax is being paid on that money. It would seem that since the money is being repaid from the illegal activity that the taxpayer should be able to claim those payments. I guess that is just the IRS for you. Thanks again.
TSaegert
Lacerte
Thanks for categorizing the Lacerte discussions. That has been usefull reading for me.
William Price, EA | Portland, OR - Talk to me
Lacerte View
Larry:
One of the things that we built in the discussion forums was flexibility. Now that people, including yourself, are categorizing discussions, we have the ability to create unique views into that data. Take a look at Discussion Forum - Lacerte. This page shows all discussions which have been categorized in the category of Lacerte, sorted by most recently edited. I thought you might find this helpful.
- Tim Doyle, TaxAlmanac Moderator - Talk to me 20:20, 18 February 2007 (CST)
Lacerte Forum
Larry:
You can't yet - I've just created this as a test - to see if it was useful. Because of this, I haven't linked it in to the main structure yet. You can add a link to it from your user page if you want though. Because this is the first of what could end up being many such views, I need to think through a few issues before a solidify it by linking it in permanently. Keep in mind that this is a view of topics which are actually in other forums, such as Tax Questions and User Introductions. I need to think through how to make this work without confusing people.
- Tim Doyle, TaxAlmanac Moderator - Talk to me 21:10, 18 February 2007 (CST)
User Page vs. Talk Page
Hi Larry:
You actually added it to your User page not your User talk page (abbreviated to "talk" page). Your user page is the one with your picture on it - notice the title startes with "User:". This page is your User talk page. But yes, that's what I meant - you did exactly the right thing. Hope you had a good weekend and aren't working too hard!
- Tim Doyle, TaxAlmanac Moderator - Talk to me 23:13, 18 February 2007 (CST)
Been There
Believe me, I have been there! In the "old days" of Lacerte, before we had automated and streamlined some of our processes and a lot more was done manually, I worked some pretty long hours. I remember one week of 97 hours, times when I had been at the office for 2.5 days without sleep, and finally falling asleep on my office floor using the back of my down-turned chair as a pillow because I was too sleepy to drive home. Hang in there!
- Tim Doyle, TaxAlmanac Moderator - Talk to me 08:22, 19 February 2007 (CST)
Hi Larry, from Santa Fe.
I didn't think we had anyone on this forum from NM....
Where did you come from, originally?
I edited this page only to remove my e-mail address---------
Mike Gray, EA
age calculation
Larry, this is the one of a lot of little things that makes me feel very very young. Just divide my age. When I do that my grown up boys LOL, and invite me for diner.
Hi Larry, from Santa Fe.
Hello again...
Thanks again for your help.
I feel I might need to buy a franchise or something, this tax season is a bust.
How's your's going?
Mike
followup to my question
Thank you. I thought that the retention period was three years, I just needed to make sure.
Thank you
Thank you for helping me with my questionGlendaandtaxes 23:28, 17 March 2007 (CST)glendaandtaxes
Copyright
Larry:
Do you know the copyright status for the spring chickens picture you added to the site?
Thanks,
- Tim Doyle, TaxAlmanac Moderator - Talk to me 13:56, 10 April 2007 (CDT)
Gross Receipts Tax
Larry:
I have a client in Los Angeles that has an office in Santa Fe and provides services to New Mexico clients. The business started in 2006 and really got rolling in 2007. It is a consulting business. I understand a little about the gross receipts tax, but have not been able to find an easy place on the internet where we can register and pay back taxes for 2007 and possibly 2006, or is it an annual payment after the year is ended?
If you are interested in preparing the forms I might refer them to you for this particular purpose. I also might have to begin allocating the LLC income to New Mexico in 2007.
Thanks
Andy Levinson
Tax implications of forming an LLC as S-corp for rental property
Larry,
My name is Mike Daley and I am from Albuquerque as well. I was just wondering if I could get your contact information and maybe meet with you some time about tax implications with forming an LLC or LLC taxed as S-Corp for strictly rental property? I had previously talked to my tax accountant, but his explination was so unclear that I am not sure if he knew what he was talking about.
Thanks,
Mike Daley daleyspam@gmail.com
Hi Larry,
I have a NM question. I am reading myself around in circles. The client moved to Colorado from NM on Sept 25.
I cannot get Lacerte to allocate only the 75% of his pension income to NM. It keeps coming out on PIT-B line #3 as the full amount received. At the input screen 13.1 I am allocating the amounts 25% to CO, 75% to NM. I can see that CO is being generated correctly.
After reading the instructions for PIT-1 & PIT-B, my question is "because the client lived in NM more than 185 days, they have to report ALL their income as if it was from NM?' It says it right on the form itself but that means my client has to pay NM tax on the CO amount as well?
I'm sure I just answered my own question but wanted to be 100% for the client. Thank you so much. Barb
Did my question come up?
I'm not sure I'm doing this right...
Barbcolorado1 20:39, 20 March 2008 (CDT) Barb
Simple question? Part Year Resident NM Form PIT-B
Opps. I did it wrong and it was attached to the last question. Here goes--
Hi Larry,
I have a NM question. I am reading myself around in circles. The client moved to Colorado from NM on Sept 25.
I cannot get Lacerte to allocate only the 75% of his pension income to NM. It keeps coming out on PIT-B line #3 as the full amount received. At the input screen 13.1 I am allocating the amounts 25% to CO, 75% to NM. I can see that CO is being generated correctly.
After reading the instructions for PIT-1 & PIT-B, my question is "because the client lived in NM more than 185 days, they have to report ALL their income as if it was from NM?' It says it right on the form itself but that means my client has to pay NM tax on the CO amount as well?
I'm sure I just answered my own question but wanted to be 100% for the client. Thank you so much. Barbcolorado1 20:41, 20 March 2008 (CDT)Barb
Hey it worked! Thank you
I was just trying to figure out how it get back to your chat spot when the message popped up! Thank you so much. I always try to research the question completely before I ask then second guess myself to death if the answer isn't the one I want. Thanks also for this tip- "If you e-file, mail the CO return attached to NM form PIT-8453." No guarentee that Lacerte or I would have caught that. Go home! It must be 8 in NM too...
Lacerte discussions
I just saw your favorite place on TA. I never saw that before, and it's not listed under "discussion forums" on the bottom left. How did you get that?
As far as the normal.dot file goes, if I don't save it, it causes problems sometimes.Natalie 14:06, 17 June 2008 (CDT)Natalie
