User talk:Captcook

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I am a manager in a public accounting firm in Washington State. I have a strong background in small business having managed one for several years as I went through school. I also have a specialized knowledge of Quickbooks. I have learned much in this forum and contribute when I can.


create an M-1

Capcook, Was reviewing some answers to my post a couple weeks ago... "Employee Wages and Payroll taxes"... where you mentioned you "usually create an M-1 for the ER portion of the payroll taxes". Could you take a moment and expand on this? What line(s) on Schedule M-1 do you use for the adjustment? How does this change Schedule L? Thanks much. Anchorman 15:49, 14 March 2010 (CDT)

C-Corp to S-Corp Losses and Liabilities

Two related questions regarding C-corp losses/liabilities transferring to an S-Corp after conversion (election to S-corp).

Loan and Capital Stock losses:

1) Do I understand correctly that loan liabilities from an C-Corp can be transfered to an S-Corp at conversion from a C-corp to an S-corp? The loans received by the C-corp were made by the sole owner to the corp. When the S-Corp is then dissolved and loans are not paid can the owner claim the losses on his personal return?

2) Background: An owner provides capital to the C-corp in exchange for stock over a period of 4 years (2003-2006), (during 3 year period C-corp experiences losses) then the C-corp elects and is approved for S-corp status (election effective 01Jan07 with 3 more years of losses 2007, 2008, 2009) and closes (2009). How can I capture the capital stock losses in the S-corp and provide the owner with a loss deduction on his personal return for the year the company was closed (2009)?

Good discussion

Capt. I enjoyed having the discussion with you. Even in the good days, we didn't have too many malpractice insurers. If you have any doctors as clients who've been in business for a while, I think they will confirm this. Malpractice insurance requires a lot of expertise from the insurer as well, and if they can make money selling some other kind of insurance, they'll do it.

After tort reform, I agree that new players may come into the market. I am not against tort reform if it actually reduces the cost to practice medicine over the long haul, and as long as a strong, but reduced medical malpractice bar can survive to serve the public.

Take care.

CrowJD 23:09, 27 March 2010 (CDT)

The Warning

Hi again. Did you manage to catch this Frontline Special called The Warning?

It really put the thing in perspective for me, and trust me, it does not spare either party.

This is a great program worth watching if you haven't already seen it.

Ok I finally got to get to bed now! CrowJD 01:27, 28 March 2010 (CDT)

I've moved one of your posts

Hi - wanted to let you know that I moved your response to ScottCPA, and also his post, from Discussion:Small Business Health Insurance Credit and Related Businesses over to an existing discussion on the Chat Forum about the status of the health care bill, here.

This was done because - as you can see from the Chat forum discussion I've linked you to - this topic tends to become ideological quickly, and the consensus of the members of the site here is that political/ideological comments should be limited to the chat forum discussions only. That other discussion got moved from the Tax Forum to Chat pretty quickly, and I didn't want the same fate to befall Bert's discussion while his question hadn't yet been fully addressed.

If you have any questions about the transfer of posts, please let me know (you can leave me a note here: User talk:Trillium.

Trillium 07:45, 13 February 2011 (UTC)

Letting you know a discussion you posted to has been moved

Hi, you have posted to Discussion:Audit Question; that has been moved from the tax forum to the accounting forum on Roy's recommendation, and because it's not about a tax topic. Just letting you know.

Trillium 16:57, 11 May 2011 (UTC)

Don't take seriously my remarks

Please don't take my remarks to Stuart seriously. I'm just having a little fun with Stuart over there. Take care, Capt. CrowJD 21:24, 8 June 2011 (UTC)

Hello Captcook,

You comment on my S-Corp clients purchased and mentioned you made a 1377 election. Can you tell me how you did that? Is it on the S-Corp return? Any info about this would be so helpful. Thank You.

You titled your discussion with "CG"...

What does the "CG" mean in the title of the thread about the three C corps that might want to consolidate if you can figure out what the consequences might be? We can fix the "CG" for you if it was inadvertent.

Spell Czech


Thanks for your response about third party inventory software. I looked at Fishbowl and the priceis somewhat steep for my small client. If they go with it I will let you know. I have a retail client who use QB QBPOS, we have some issues of COGS on just a few random items gets out of whack. Nobody can tell us how to prevent or solve the issue. I guess it is my job security - kep going back to make AJES and resetting COGS pricing.


You may have heard by now that the Tax Almanac ( ) web site forum is permanently closing its doors effective June 1. Perhaps you have seen the pink bombshell “Important Service Announcement” when logging in.

Long-time TA user ChrisV2 has volunteered to set up a new website where TA users may continue the discussion. The site is up and running now and has an active base of contributors.

We invite you to take a look and join your fellow TA refugees.

Frankly (TA member and new member of TaxProTalk)

Frankly 03:47, 3 May 2014 (UTC)

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