User talk:Michaelstar
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Statute of Limitations
Michael, filing an amended return does not affect the statute of limitations in any way.
Sale of Home - Capital gains
Michaelstar -
Couldn't these individuals "move back" to Detroit ... occupy the home in Detroit (have an apartment in Chicago for the convenience of working 9 months out of the year (they are techers)) and it would "appear" that this is still their primary residence ?
I look at all tax issues such as this that in the end it must pass audit. So to answer your question, I believe that it is the intent of the t/p that will determine the answer to your question. Did the t/p file their t/r's using the Chicago address. Did they give all appearences that they officially changed their official place of residence. They certainly can move back to the Detroit home, reestablish their residence there and move the time line of the 2 years/5 years forward to best fit their situation. They can also move back into their home in Detroit, rent the apt in Chicago for the convenience to not need to commute and that could work. Bottom line, they need to have owned and used the residence as their principal residence as that is the key condition in order to qualify for the homesale exclusion. Occupancy of the home is required. Short tempory absences are counted as periods of use.
Things can not be done to "appear" like that is what they are doing to make it work.
Basis spreadsheet
Hey Michael. Thanks for offer. Yes, I'd like to see your spreadsheet. Could you Save As some Excel file and then email it along. Curious as to how you made it work... Send to...well, let's use my public address just in case some idiot comes along... headsong1@yahoo.com Thanks, Jeff.
Form 1099-Misc
Real Estate in a C Corp
I just saw your response to Kaya directing her to the Real Estate in a C Corp article. Since we launched TaxAlmanac a year ago, the discussion forums have taken off like wildfire, but users have not yet discovered the benefits of the articles. I've been trying to get people to add to existing articles or edit existing ones such as the Real Estate in a C Corporation article, but with little success. I just can't imagine everyone answering the same questions over and over, and at some point someone is going to start creating these 'quick tip' pages so people with common questions can be easily directed there instead of having to answer the same question yet again. I've been jumping in and trying to set an example of how to direct users to this page, and you're the first to follow suit! Thank you!
If you'd like to help out, try the following:
- Find a topic in a discussion that gets asked about frequently
- Click the Start a new Article link in the left panel
- Type in the name of the topic and click the button
- Fill in the page with a little bit of information about the topic - any little bit helps
I will follow along and link it in to the menu structure. From then on, you can just point people to these pages. As related questions are asked, additional pointers can be added to these pages making them richer and more valuable.
I hope you can help out - thank you!
- Tim Doyle, TaxAlmanac Moderator - Talk to me 12:50, 12 July 2006 (CDT)
Your post
Michael:
Very interesting! You should add that to your user page... perhaps even upload a picture of it to make it more interesting.
I know that computers are a tool for you and probably not a hobby. What I am looking for are a few people to give it a try - create a few pages - and let me know what was easy, what was difficult or confusing, etc. Any attempt you can make would be great.
Thanks again,
- Tim Doyle, TaxAlmanac Moderator - Talk to me 13:08, 12 July 2006 (CDT)
Janakpatel Changed your Post
Michaelstar: I noticed that User:Janakpatel changed your post at Discussion:Stock basis in privately held company. I wanted to let you know that I left this user a note on their talk page explaining why this is not the correct way to handle a situation where you think another user's reply is wrong. Take a look at User talk:Janakpatel.
Thanks!
- Tim Doyle, TaxAlmanac Moderator - Talk to me 07:54, 29 September 2006 (CDT)
Thank you!
Thanks Michael... Users can edit pages, delete content, and notify me, all of which are a great help. As system administrator, I can delete pages (which I have now done) and block problem users (which I have also just done).
Thanks for helping out! I like seeing the community stepping up to help to police the site.
- Tim Doyle, TaxAlmanac Moderator - Talk to me 13:43, 10 October 2006 (CDT)
cash donations
Sorry Michael. When I use the term "cash donations," it means any donation made via cash, whether a receipt has been received or not. Natalie 14:49, 7 November 2006 (CST)Natalie
PI attorney costs
Michael,
There was a recent post about PI attorneys and their case costs, can't remember where though, you discussed those issues...I've got one PI as a client...and have looked for info on how to treat case costs incurred on cases not yet settled, I have expensed,...do you have any specific references that you can point me to?
Thanks,
Mike McKee
Michael, always appreciated
Micheal, I have always benefited from the things you have to say here. Pretty new to the income tax side here myself as I come from the 1041, 709, 706 side. But I am a student of tax policy, which I think is absolutely critical today. I look at it this way, anyone under 36 can use a computer program as well as I can. I have to offer that client "strategy" and tax planning. Now, there is strategy and planning under AMT, but, lets be honest, not a lot.
KatieJ
Hi, Michael -- now I know who you are! I'd be glad to get together with you sometime. I'll be teaching an undergraduate class at SDSU on Tuesday evenings for 10 weeks beginning Jan. 23, and I'll probably have to have office hours on campus for an hour or so before class each week. I might be able to stop by your office in the late afternoon some Tuesday before my office hours.
Log Out Issue - Still a problem?
A while back, you indicated that you were affected by the "log out" issue - where TaxAlmanac would "forget" you and you had to log in again, fairly frequently. We think we found the solution, and I wanted to find out if this has been solved for you or if it is still an issue. I know you're busy with tax season, but if you could leave me a quick message, I'd appreciate it.
Thank you!
- Tim Doyle, TaxAlmanac Moderator - Talk to me 14:25, 17 February 2007 (CST)
Session Log out
Are you manually logging out when you leave? If not, you shouldn't have to log in again. Try going to Preferences and clicking the "Remember across sessions" checkbox under the password area and clicking the save button and let me know if that fixes that or not.
- Tim Doyle, TaxAlmanac Moderator - Talk to me 14:35, 17 February 2007 (CST)
Do Doctors that are PA or Corporations get 1099MISC?
I picked up a new client – a group of radiogists that don’t want me to 1099 them under their social security number NOR their EIN (under their PA). Their old CPA never did. But I disagree. I think I should 1099 the PA. Am I correct on this? What are your thoughts?
THANK YOU
No need for the apology, but thank you Michael. I think at this stage of tax season, we are all a bit short and if I did anything to offend, please consider it a "moment"...thank you again!!
Sandysea
tax return organizational spreadsheet
Hey there,
I would also love to have a copy of your spreadsheet.
If you could click on my user name and use the send email link there, I would appreciate it. I guess Tim said not to leave emails here.
Thanks,
Fred Stein, CPA
Worksheet
Michaelstar,
I'd really appreciate a copy of your worksheet. It can be sent to: tao.cpa@verizon.net
Thanks,
Tom O'Connor
Worksheet
Hi
I would love a copy of your worksheet. My email address is mphillips9809@yahoo.com
Thanks and have a great tax season!
mhill427
SDSU Classes
Michael, you can enroll in any of the graduate level tax courses through Open University, no matter how old you are! I believe they do require that you have a BA, but several years ago I pulled some strings and got an acquaintance (she worked for a client and was very competent) into my class although she did not have an undergraduate degree. The other requirement, of course, is that there be space available in the class, but that hasn't been a problem in recent years.
Gene Whittenburg teaches the tax research course. I taught it in the fall of 2005 when he was on sabbatical and would love to do it again, but alas, he's younger than I am and isn't likely to retire any time soon -- and he's used up his sabbatical leave time for a while!
You'd be more than welcome to take my class. I'm sure there'll be room. My philosophy has always been, if we fill up the room, we'll find a bigger one. KatieJ 23:14, 4 August 2007 (CDT)
5500 EZ Form
I noticed on Tax Almanac where you said you had the 5500EZ Forms ... do you have the physical form or just the PDF ?
Thanks,
John Oldshue john@oldshue.com
Much Thanks
Excellent point Michael. It's easy to get distracted. He came in to talk to me about his next steps in life, and forming his own business next year. I need to look backward before I look forward! It's 2006 he's got to think about too. I just changed the gender of the person on the board because I was using such specific figures. CrowJD 16:52, 8 November 2007 (CST)
Hi i wonder if you can help
I have client who is in a 2 member llc partnership. First year of business they had 1200 dollar loss. Second year they had a profit of 16000 and they r in there 3rd year now. Partner A is 90% holder and Partner B is 20%. There outside basis is same as capital accounts (are on income tax basis) as they have no assets and liabilities and only have cash in business. They have only had losses and cash distributions to their basis. Partner A's Basis is $784 and partner B's Basis is 1500. Partner B just contributed to the business about a month ago cash in the amount of $30,000. Her basis now is $31500. Partner A need the money for some personal reason and took out $30,000 with the permission of Partner B a month after. They dont want to classify as a loan. they are going to have a loss of $1000 this year. I see that partner A will have ending basis of $-30116 and partner b will have $31400. The question i have is that partner A will have a capital gains tax on personal level, but is cash distribution treated as long term gain or short term gain? Also another question is when the partnership is wanting to change to a sch. c and the partner leaving has a negative capital account due to cash distributions and loss, What happens with the Negative balance and if condsidered income on personal level, where is it reported. is the negative balance is considered a gain at the time of the partnership changing to one member llc
S-Corp Health Insurance
Thank you for bringing this to my attention.
This makes a lot more sense than that Headliner.
--PVVCPA 19:53, 13 December 2007 (CST)
deleting discussions
Deleting discussions does not actually remove them. They are still available for viewing under the history tab.Natalie 14:17, 14 February 2008 (CST)Natalie
Apparently not a fan of the Beatles
History says he deleted.
Help with my Offers In Compromise
Hi Michael -
I saw that you commented on this posting about an OIC for payroll taxes:.
www.taxalmanac.org/index.php/Discussion:Offers_and_compromise_on_payroll_taxes
I would like to speak with you about a paid engagement to review two lump-sum Offers in Compromise forms 656 that I have prepared myself: one for me personally and one for my S-corp. I was supposed to submit the latter by yesterday, with the personal OIC to follow soon after. Would it be possible to speak sometime today? I apologize for the short notice.
Thanks. I can be reached at 215-713-0378 or at awaDM@aol.com.
Spidell LLC Letter
Thanks for the assistance. I wholeheartedly appreciate it.
My email is tincook@hotmail.com
Review of 1045 Submisssion
Michael,
I have never filed a NOL Form 1045 before and I have two filings this year for 2007. I would like to use the 1045 since my clients are very interested in receiving refunds as soon as possible. Also getting an independent review could eliminate any potential problems.
After reviewing many of your comments on NOL posts, I am very much interested in getting your review of one of my proposed submissions.
I have already completed all calculations. For a "quick review", I could send you a .pdf file that would contain a draft explanation letter to IRS, Form 1045 and Schedule A. One of my key questions is which forms should be attached to the submission; I do identify the proposed attachments in the draft IRS letter.
If you desire compensation for this quick review, please identify your requirement.
Thank you for considering this request.
Re:Review of 1045 Submisssion
Did not sign my last request. Here it is Dave --Dave 14:45, 22 May 2008 (CDT)
was jd joking around?
hey important
Was JD joking around?
19:30, 27 May 2008 (CDT)~Basspro55
hey important
JD is not being serious again. whats up with him?
hes trying to suggest that IRS does warrantless searches on this website.
take a look at the topic lol
hey important
JD is not being serious again. whats up with him?
hes trying to suggest that IRS does warrantless searches on this website.
take a look at the topic lol
Basspro55 21:52, 28 May 2008 (CDT)Basspro55
