User talk:LJACPA

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Welcome

Hello and welcome to TaxAlmanac! My name is Tim Doyle and I serve here in the role of TaxAlmanac Moderator. Thank you for posting your question on the Ask or Answer a Tax Question page - hopefully someone will be able to answer your question quickly.

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I hope you enjoy editing here and being a member of the TaxAlmanac community! If you have any questions, see the help pages or ask me on my talk page. Again, welcome!

- Tim Doyle, TaxAlmanac Moderator, Tdoyle 16:08, 11 November 2005 (CST)

Your Feedback

Back in November, you asked the following question on the TaxAlmanac Feedback page:

I posted a question and apparently have some responses, but have clicked and clicked and clicked and cannot find my original post or any responses. I also received an email and tried to click on the links and just came in to the welcome page. It must be easier than I'm making it!

Since that time we've launched the discussion forums, which I see you've been participating in. I wanted to check back with you to see if your earlier comments were still the same or if our new system had solved the problems you were having.

Thanks!

Tim Doyle, TaxAlmanac Moderator, Tdoyle 21:12, 8 December 2005 (CST)


Options

bob1935@toast.net--Solomon 07:49, 1 April 2006 (CST)

CPA Designation

I've added it for you!

- Tim Doyle, TaxAlmanac Moderator 15:36, 5 May 2006 (CDT)

OIC questions

You can call me, Steve Kassel, EA, My business is eTaxes.com. I haven't made it to the office just it. I'm still at home. Please visit my site, eTaxes.com and then contact me.

Skasselea 11:43, 19 July 2006 (CDT)

2 Partner Firm

I have good info for you. DZCPA@YAHOO.COM

Can you please email me @ vid72@yahoo.com the document you mentioned below? Thanks, Suvi



LJACPA (talk|edits) said:

6 January 2007

I don't think you are correct, Randian. I have contributed to several other discussions re: HRA/Sec 105 plans in regards to >2% shareholders. The company setting up/promoting/administering these plans states that this is allowed and I have, as I've mentioned elsewhere, a document that provides a thorough example of how this works. I'd love to get it to someone (if I knew how, don't know how or if I can attach it here)and get others opinions on this. Anyway, the qualified medical costs are not limited to the three you mentioned.

LJACPA I'm a former small (passive - unfortunately) business owner and as I turned these businesses back over to the previous owners who financed them for me and one of them sold in foreclosure. I discover that our bookkeeper hasn't paid payroll taxes for almost 3 years. I'm ready to face the music, as I currently have some success in current career, but seems that the liability might be shared between the bookkeeper, who has little or no personal assets or income and a CPA who I think should have hit me in the head with a brick 3 years ago. Your thoughts?

You're preaching to the choir

LJA: I agree that it's extremely frustrating that the small practitioner has to keep all the Circ. 230 law in mind, plus the revisions! I get my ethics hours in, try to study it and do my best, and I think that's all any of us can do. The main thing I think we need going forward is for the accounting and legal organizations, like AICPA, ABA, NSA, NATP, the EA's, etc. to really stand up for the smaller practitioners. Were it not for us, many business taxpayers would just throw in the towel, and become non-filers: and that's the real world we live in.

On S. corps & cars

LJA, I took a stab at your question also. I don't know if my efforts were any better than anyone eleses. Take care. CrowJD 16:13, 17 September 2007 (CDT)

SMR edit!!!

No. corps. cannot use the standard mileage method. Rev. Proc. 64-10. P.S. And I agree with your concern about overstating the books. Can you show ownership of an asset unless you have title and/or a written trust agreement where the employee agrees to hold beneficial title to auto for corp.? Here, I think accounting rules apply. I'm not a CPA, but I do think it would be a problem as far as reporting goes...unless of course this is a managerial function to decide these things?

May not be contradiction

In my humble opinion, the burden is on the preparer of the 1065 to get this right, and report it correctly on the K-1. Once you GET the K-1, you should be able to rely on it. I THINK that's what the IRS person was trying to say. My understanding is that you did not prepare the 1065. NOW, I would warn my client, and document my file, that should there be an audit of the 1065, he needs to be prepared for an adjustment: and that's the facts of life. CrowJD 11:25, 5 October 2007 (CDT)

Me and the LLC

Hi, Lynne: I don't know how it happened, but LLC's have just seemed to walk in my door the past two years. In my area (Atlanta), they seem to be younger people who have formed them themselves on some website. They don't come to me until it's time to do the tax return. Talk about a mess. I posted a question on here a few weeks ago about LLC's and so-called profit interests. You may be able to do a search. Anyway, it showed me that a lot of good tax people are really hazy on them, so I didn't feel too bad. It's not surprising that so many small office lawyers have gotten away from corporate law because there really is more competition that you would believe from the net. The best way to find a decent lawyer in my opinion is to ask another accountant for a referral, if any of them know an lawyer in Asheville for instance, maybe that lawyer could refer you to someone in one of the smaller towns. CrowJD 10:51, 6 October 2007 (CDT)

We had a group of amish gentlement pour a concrete floor for us. Labor costs were $1000. Do we need to do a 1099 form. Why has our tax lady not had us do one for our childcare provider?

Wher in NC

Read your comment on QB importing and agree Where do you practice in NC?

I am in Charlotte.

SP

LJA,


Shoot me your email addy and I will send you some information regarding the 105. Honestly, I am more than worried about this election as it seems to be akin to the 'reasonable salary' of the SubS and one of those things that the IRS says "go ahead and elect it, if you got the balls!" :D.


I found a lot of information through google by going down the 105 avenue. I can't find anything about the NASE take on it. That place is like a cult and it is hard to find anything about them.


Michael

TaxBook

LJACPA: do you have The TaxBook Deluxe Edition? I have last years edition, they publish annually. They do a great job of cutting through the real estate mess. Ch.7. It's a great book, I think. CrowJD 09:04, 12 February 2008 (CST)

Auto expense discussion

I just wanted to apologize for my post regarding your response to the auto mileage vs. actual expenses.Natalie 02:48, 4 April 2008 (CDT)Natalie

S Corps and HRA's

I've run into my first S Corp that has an HRA. I've been reading the various discussions along the way, but never had to worry much about it. I have a >2% SH that has $3K in medical expenses that would be covered by an HRA. However, it seems these are not allowed. I noticed your last post in January was still questioning conflicting cites. Have you come to a conclusion about these? Can you point me to any references? Thanks in advance, Wwtaxes 22:40, 9 April 2008 (CDT)

Quickbooks backup file

Hi LJACPA,

Did you call the AICPA and get a definite opinion on handing over your QuickBooks backup file? Are we obligated to hand over QuickBooks data or backup file as they could be construed to be "client records prepared by the member". Please email me at ravi@archcpa.com. Thanks!

JR's email

Hey Lynne, you bet. Hit me at jr@jrobertsaccounting.com

LJACPA

LJA,

Is there a way I can call you to get you advice on something? What is the best phone number or e-mail address? Thanks! Samuel

CPE

Yes, you may email me at kevinhuston@msn.com. Do you have certain dates in mind for Sept? Kevinh5

Stock options

I came across your message from a long time ago that you had info on stock options. I am interested in this if you still have it (or an updated version.)

Any tax planning advise for someone going to exercise ISO and NSO's this year would be helpful as well.

Thank you, Lisa Caraway

NC Education deduction

http://www.dor.state.nc.us/downloads/indiv_archive/08archive/D401.pdf page 12 allows a deduction of up to $4,000 on the NC return if one claimed the Hope or LL Credit instead of a deduction on the Fed return. Kevinh5

FMV is GREATER than Loan Balance

You are correct, my 4/01/10 subject was incorrect -- the FMV is GREATER than the Loan Balance on a recourse loan. Loan is against a rental property house.

I have had this on back burner because the client is behind in progress payments for me to complete their taxes.

I'm probably going to "fire" him in a few days.

Randy

Dead-end discussions - Suggestion

Rather than bumping old dead-end discussions back up to the top of the discussion forum index by adding a post to the end, try this:

Click “edit this page” and look for the line that says:

<!-- Add categories below this line -->

Right under that line, paste this, including the double square brackets at either end:

[[Category: Archive]]

Having that category on the discussions should allow Tim Doyle’s robot to quickly find all of the dead-end discussions you’ve identified, and any others that have been categorized as “archive” material by other people. Those can then be moved into the "archive" section as soon as that's been set up, and that section is intended to be non-searchable by default - thus making your searches much more efficient. (Tim’s ETA on setting up the archive is later this summer/fall, so it’s not going to happen immediately, but any discussions you identify now will be sure to be moved at that time.)

Note – as far as I'm aware, the robot will already be able to identify:

  • questions with no responses
  • discussions that are older than a certain date, or
  • discussions that are in the consumer forum,

...so you shouldn’t feel like you need to identify those with the "archive" marker.

Adding the category in this way will also leave the discussion languishing far back in the discussion board index, which is as it should be for dead-end discussions! (If you bump them as you did yesterday, some person will surely post to them -- either trying to be helpful years/months later, or just because they don’t read the date, or your post.

Thanks!

Trillium 13:28, 22 July 2010 (CDT)

Sounds good

Hey, I totally understand the frustration. In fact, now that I know there's a solution on the horizon I can hardly wait for it to get here - it almost seems worse now, since I know there's a way to fix part of the problem for you and everybody, but we can't do it just yet.

My earlier note wasn't meant to make it sound like you did anything wrong - on the contrary, it was a good idea (but just had some slightly negative consequences). I might not have gotten the tone of my note to you just right. But if you don't want to label things as "archive" material, there is no need to. It's one alternative to keep in mind if you feel like it. Most of the really dead-end stuff will be picked up automatically to be moved.

Thanks -

Trillium 15:31, 22 July 2010 (CDT)

Partnership

No problem. My pleasure. Partnerships are indeed the Cadillac of all entities - and are not needed by most folks. When in doubt BE S.

I've thought the same thing.

I didn't realize that our user names were so close until I was on here for a while. I have to look twice sometimes as well. I don't know what happened to my history, but I've have had more than 100 posts since July of 2007 when I first joined. I could change my user name if you want me to. Have a successful tax season! Let me know about the user name.Leslie 21:38, 13 February 2011 (UTC)

Title changed

The discussion was actually about sunflower seeds, and the title was an attempt at humor, but you're probably not the only one who recognized a possible alternative meaning. I've changed the title, and actually the OP then changed it even further, to be more generic; it now is called "All about seeds." However, the original title was moved into the body of the discussion as a subheading, so you'll still probably want to stay away from the discussion!

Trillium 16:32, 25 February 2011 (UTC)

Hi LJACPA. I can completely understand your doubt on my degree. It took me a year for it to really set in myelf. It's actually Summa Cum Laude not Cumma Sum Laude. Mine is the highest designation and I didn't realize what an honor it was until a few weeks later when someone else noticed it hanging in my office. I can provide a picture of the degree if you are a doubter. I promise I graduated with a perfect 4.0

I must have completely missed that little thing called humor. So sorry for taking it personally. I now see my misspelling and I also see the humor in what you said. Sorry for being so serious lol. I have had many people completely doubt the ability to graduate summa cum laude. I guess I'm smarter than I look lol. Apology accepted and also given.

Thanks

Thanks for your kind words. I left another "true life" story from when I went to confession recently. CrowJD 17:47, 31 July 2011 (UTC)

Where?

Where in NC are you exactly and what sort of timeframe are you looking at?

Fsteincpa 14:14, 1 August 2011 (UTC)

email

Throw an @aol.com after my username and you'll get to me.

Totally understand. From my perspective, I'm not looking for a lot of details other than timeframe, as my son has another year left of high school before I would even consider relocating.

But, since you had it out there, and that's an area I am considering, because I am tired of the cold, I figured I would ask.

Shoot me an email and let's chat casually about it.

For now, it's off to golfages.

Fsteincpa 20:33, 1 August 2011 (UTC)

Please get in touch with Tim Doyle

I think that the info you communicated to me can be better handled by Tim, as an Intuit employee. His talk page is User talk:Tdoyle. Thanks,

Trillium 19:36, 13 September 2011 (UTC)

I've been representing clients before the IRS for 21 years. You can have the client at the interview. But before you make the decision, consider the following: Is the taxpayer familiar with the facts of the issue(s) on the amended return? Would he/she clear up the facts and make it easier to determine the validity of his/her claim? You know the client. How do you think they would handle themselves? Have you asked the client if they want to be there?

Following up on the question Okietax asked in your "field audit" discussion

Okietax asked whether you really had intended to post your question in the Chat forum, which is generally for joking around, letting off steam, etc. (and is also where discussions get moved if they get too racy, political, etc.). Lots of people ignore the chat discussions, if they're only interested in practice management or technical tax issues.

I do tend to agree with Okietax that it's not your typical chat topic... do you have a preference for which other forum it might fit better in? Or do you want it to remain in the Chat forum? Let me know, and I can move it if you like. Here's the list of the various forums and what they are intended for: Discussion Forum Index.

Based on how you started the discussion, it seems like more of a Practice Management question than a technical tax question, but there are other audit experience discussions in the tax forum, so either one would be fine. Also, there are some discussions categorized as Category:Audit Experiences; maybe those would be helpful, too. (I bet you've already read them, but I'm including the link just in case it's helpful.)

Trillium 00:17, 25 October 2011 (UTC)

Your discussion is now in the practice management forum

You can still get back to it via the "my contributions" link in the upper right corner of your screen. Good luck with the audit!

Trillium 12:18, 25 October 2011 (UTC)

Your recent question is in the CHAT forum again

That sounds like a serious issue - with the Taxpayer Advocate. The chat forum is generally where people kid around and post things that aren't allowed on the tax forum or the Practice Management/Business Growth forum.

I'd think your question would be much better placed on the tax forum, but if you don't want it there, then we could think of it as a client management issue, which would be suited for Practice Management. Please let me know if you'd like me to move it for you. You might also check your bookmarks for starting new discussions, if you didn't intend to start so many on the Chat forum lately.

Thanks,

Trillium 20:35, 22 March 2012 (UTC)

here's a direct link to where you can respond back to me: Trillium's talk page - add a message.

Hi! I read your posts about selling your practice and the capital vs. ordinary gains issue. I am in the process of purchasing the tax practice from the sole prop for whom I work, and am wrestling with the same issues. Would love to hear your resolution and/or more reasoning if you have time to discuss it, either by email or by phone.

He maintains that he has a "capital account" even though it is a sole prop. I am purchasing the client list on a 6 year buyout - paying a % of gross income each year. We are including about $1000 in fixed assets to satisfy Maryland and pay sales tax on that amount. Our agreement is that we will take the cap acct divided by gross income *% (as if the income stayed the same for all 6 years), and apply that % to cap gains for each payment.

So, if the cap account is $200K, and the gross income is $300K, and the % is 25% of gross for 6 years, we are saying $270K/(300*1.5)= 60%. So each month when I pay 25% of gross to him, 60% of each payment receives cap gain treatment and 40% is ordinary income.

Does that make sense to you?

My name is Cindy and my email address is garnettec@verizon.net. Phone is 240-383-7837.

sale of practice

I have also been researching this. What I come up with is capital gain treatment. But I question long term or short. I would love to know what you have found. I am also selling my practice/ client list. But its not a merger - I have accepted another job. Thanks!

Szptax 10:49, 15 June 2012 (UTC)

We have other forums that are better suited for your EA/CPE discussion

As Okietax suggested just now in your discussion, the General Chat forum is probably not the best place for your discussion. It's going okay so far, but as you yourself have noted in the past, the Chat forum is usually where people do their off-topic joking around. That's what it's for, mainly.

Most CPE and registration (EA, RTRP, etc.) questions go into the Practice Management Forum (a shared forum between Practice Mgt and Business Growth). I'd like to move your question there, if you don't mind, as you'll probably get some additional responses from people who haven't seen it in chat.

Here is a list of the various forums and what they are for: Discussion Forum Index.

You had previously indicated that you were unhappy with the level of discourse in the Chat Forum. You're probably going to be happier if you just use the other forums instead, and ignore the Chat forum. That's what quite a few people here do (and, in fact, it's one of the reasons it was created by Tim Doyle, way back when).

Trillium 22:35, 13 September 2012 (UTC)

End of the forum

You may have heard by now that the Tax Almanac ( www.taxalmanac.org ) 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 www.taxprotalk.com and join your fellow TA refugees.

Frankly (TA member and new member of TaxProTalk)

Frankly 23:52, 3 May 2014 (UTC)

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