User talk:PVVCPA

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Contents

Welcome!

Hello, and welcome to TaxAlmanac! My name is Tim Doyle and I serve here in the role of TaxAlmanac Moderator. If you haven't done so already, you might want to review our Quick Start Guide to help you get oriented.

As you begin to interact on TaxAlmanac, your changes will be linked to this page, your personal user page. We encourage you to edit this page and add a short description about yourself. This will allow others to better understand your background and qualifications as they review any replies or information that you submit.

If you have tax-related questions, we encourage you to add them in our Tax Questions Discussion Forum. We also suggest that you introduce yourself to the other members of the TaxAlmanac community on the User Introduction Discussion Forum.

If you can think of anything we can do to make TaxAlmanac a more useful resource to you, please feel free to give us your feedback on the TaxAlmanac Feedback Discussion Forum.

I hope you enjoy 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 - Talk to me 16:30, 8 January 2007 (CST)

Email address

Don't put your email address in an open post... unless you want everyone, including spammers to have it. There's a better way. Go to Preferences (link is on the very top line) and enter your email address there and save it. Click on the email tab and there should be a link there to authenticate it. Follow those instructions. Once you have a valid and authenticated email address on TaxAlmanac, users can go to your user page and then select the "E-mail this user" link in the toolbox on the left. They can then send you an email via TaxAlmanac without you having to make it public. When they send you the email, you'll be able to see their email address and write back via standard email. They must also have a validated email address for themselves in order to send you the first email though.

Let me know if you need additional help with this.

- Tim Doyle, TaxAlmanac Moderator - Talk to me 21:25, 14 February 2007 (CST)

R.H. Post v Commr, CA-2 40-1 USTC 109 F2d 135

Also do a search of lease costs on sale of property, should find reference in CCH

Purchase home, rent back

Hey Paul I see you are online...will you help me w/ this one? How do you handle rental income received through purchase escrow? Isn't there some rule where you don't have to report if it's for a short period of time? Thanks....Jessica

Thanks Paul I had a feeling you would know. Was hoping the threshold was a month...I vaguely remember the issue from long long ago. I do not use "Tax Book" but will look into it post 4/15.

"I don't think Glmp thought it was funny. "

Oh well, his loss. Maybe he's just grumpy b/c of this deadline.


"We used to use the Quickfinder, but we switched over to the Tax Book last year. Do you use either or something similar? I was never good at reading the Master Tax Guide. So these quick reference handbooks (which now require 2 hands to hold them) are a must have. "

I have the RIA Federal Tax Handbook, but it's funny, if you don't remember that it's a 280A issue (and I didn't), where to start? In the RIA data base doing a search on 4/10 or seeing if someone online knows right away?

I like the PPC books b/c they explain things well, but what's scary is that their very definitive explanations are sometimes dead wrong or omit important facts that support a different conclusion. I shouldn't complain - I couldn't do any better.

This season I had a client restructure a bunch of his LLCs, his partner sold some, redeemed some, and there's a bunch of related issues and I knew I had certain disclosure requirements. I sat down w/ my PPC P/S book and just paged through it and whereever I saw a disclosure that seemed appropriate, I added it. It would have taken me forever to put it together by reading the Regs. PPC saved my butt with a 2nd transaction - I was paging through looking for something, and I scanned one of their preparer checklists (which I never use) and it made reference to 453A...which I had forgotten about. Stuff like that scares me to death. It's the bullet passing too close, you know. I would have blown my largest client's extension calculation by $80,000.

Enough rambling, I am going back to work now. (Can't get enough of that, right?)

Trademark

Great idea - thank you. Done.

- Tim Doyle, TaxAlmanac Moderator - Talk to me 17:40, 12 April 2007 (CDT)

ok gastric and potato, nice to talk with you over the last few weeks. I am now done. I will be online a bit today and tomorrow while I do some of my own housekeeping stuff and then I am not turning on this computer for at least a week, maybe two. I hope you are both coasting to a nice and profitable end to this season. from the dungeon.

Paul, I really have no problem with your comment. It's one of those things that we say all the time and it's a right of passage. At 47 you can say "I hate you" and it's not a big deal when taken in context. At 7, however, boy does it get a rise out of a lot of people. Just one of those grown up things we get to do. Actionbsns



Topic in Tax Forum

PVVCPA,

I read a thread in the tax forum posted earlier today: Discussion:S-corp_stock_sale . Could you post a reply as I've been researching this topic lately and am a bit confused on calculating the basis in S-Corp stock v. C-Corp stock when selling. Also, can you recommend any good professional research resources, etc re: this question? Some folks have recommended CCH.

Thank you for all of the great information.

Taxstudent07

Nicholas Cage

NOW I remember . . . Nicholas Cage. You look like Nicholas Cage.Natalie 02:56, 15 August 2007 (CDT)Natalie

On the discussion about some homework questions, you had entered something about debits being good and credits being bad. I had replied to that and added that you looked like an actor, but I couldn't remember who it was. If you haven't looked at that discussion since I replied, then you missed the connection. That's actually all it was about. :) Natalie 14:03, 15 August 2007 (CDT)Natalie

Slapping compilation report on a QB financial

From "PPC's Guide to Compilation and Review Engagements": "Compilation - Special-purpose Financial Presentation That is Not in Conformity with GAAP or OCBOA"

I believe you can use this compilation report with the QB generated reports (as is) for special purposes at interim periods:

"I have compiled the special-purpose statement of assets, liabilities, and equity of ABC Company as of June 30, 2007, and the related special-purpose statement of revenue and expenses for the six months then ended in accordance with the Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants.

A compilation is limited to presenting in the form of financial statements information that is the representation of management. I have not audited or reviewed the accompanying special-purpose financial statements and, accordingly, do not express an opinion or any other form of assurance on them.

The accompanying special-purpose financial statements were prepared for the purpose of (complying with the request of XYZ Insurance Company), and are not intended to be a presentation in conformity with generally accepted accounting principles.

Management has elected to omit substantially all of the disclosures and the statement of cash flows required by generally accepted accounting principles. If the omitted disclosures and the statement of cash flows were included in the financial statements, they might influence the user's conclusions about the Company's financial position, results of operations, and cash flows. Accordingly, these financial statements are not designed for those who are not informed about such matters.

This report is intended soley for complying with the request of (XYZ Insurance Company) and should not be used for any other purpose."

Hope this helps. BethAZ 20:22, 27 August 2007 (CDT)

Special purpose FS

Hi Paul, I'm so glad you liked my little pep talk - it's the one I give myself almost every day. I found the information in Vol. 2 6-171 under 'unusual variations' 'comp - special purpose not in conformity with GAAP or OCBOA'. I don't update my library every year, so this is 27th edition. I'm sure it's in your copy under the "reporting" tab. BethAZ 10:19, 28 August 2007 (CDT)

S corp/home office ded thread

I'm just curious why you deleted your post that you were joking about the rent.Natalie 18:42, 11 September 2007 (CDT)Natalie

Oh, in that case you may want to change my response. And some people say CPAs have no sense of humor!Natalie 18:48, 11 September 2007 (CDT)Natalie

Administrative Law vs. Ethics

I'm sure you already know this, but what is owed the IRS and what is owed the AICPA/State Board of Accoutancy can be different. So the friend might take a gander at any AICPA rules that might apply: I am just not familiar with them.

SE Health Ins Answer

Dear Paul: I appreciate the message. Thank you.

Changing discussion forums

In order to change a discussion from tax to accounting or vice versa, you need to go to "edit this page" at the top of the window. You'll notice the heading starts out with some symbols and then something about forum and then it states accounting or tax a couple of times. If you want to change from accounting to tax, all you have to do is change the words accounting to tax. You need to make sure you keep all of the other stuff there, otherwise you'll have to call Tim in for help. It's really very easy to do.Natalie 19:37, 22 September 2007 (CDT)Natalie

1033

hi, I had major hurricane damage to a building in2004 and sold in 2006 omn an installment sale,, I just found out about 1033 at this late date and would like to claim 1033 on 2006 return due 10/15/07 question ? is can I rebuild the damaged build on property i already own thank you so much need help scott

Refi debt as recourse in CA

Hi Paul. I like your new picture. a tougher look.

I'm been in the business 11 years and have never had COD on a tax return, and now could have 10 or so over the next 2 years. Strangely, some are leaving their homes by choice because of the drop. Anyway, Thanks for your posts. When you say refi debt, are you talking about just additional debt after the purchase debt (LOC, etc)? Or does a refi of the original debt change the original debt from NR to recourse? I wouldn't think so. THanks.

Refi debt as recourse in CA

Forgot to sign Pete123 09:17, 7 November 2007 (CST)Birdman

Your user page

What happened to all of the information you had posted on your user page before? I recently participated in a webinar about digital fraud. They mentioned the "ins" that fraudsters use. One of them was social networks like this one. Did that have something to do with the revisions?Natalie 01:09, 20 November 2007 (CST)Natalie

"Ins" (like ins and outs) -- the ways that fraudsters start their "work." For example, they can see who family members are, sometimes names and email addresses of associates, etc. So they send an email to a person and start off with, "we met at . . ." and there's instant rapport. They usually target people who are not happy with their situation, e.g., disgruntled employees, and pull them into schemes to get company passwords or to do money laundering.

No Subject

The social security wage base.

S-Corp Health insurance

Paul - this link was in a post today - you will find it helpful as did I.

http://www.irs.gov/pub/irs-drop/n-08-01.pdf

Michael

profile photo

Is that you or Nicholas Cage??? just curious :) Murrsg07 11:51, 19 December 2007 (CST)

SEHI

Thanks for the info Paul. Scary when I would SWEAR that something is handled one way and then I find out that it is not. Hope you are enjoying the holiday season. These last three weeks are so intense with year-end planning that I barely have time to breath. Jessica

Ok Ok, but it was 3 weeks the last time that I looked up from this computer! BTW, my # of working days left are 8 or 9!


HSAs

First of all there's no need to be embarrassed. HSAs are good in the right situation. My understanding is that in order to be eligible for an HSA, the individual needs to have a HDHP (which I do not) and NOT have health insurance coverage. Since I am covered by health insurance, I am not eligible for an HSA. Does that make sense now?

When I first started my practice, I did look into HDHPs. To be honest, it was difficult trying to determine which riders to get and to evaluate the total cost vs risks. The reason I incorporated was so that I could have a good plan with vision, dental, drug coverage and life insurance. The same plans are not available to sole-props. Natalie 18:37, 29 December 2007 (CST)Natalie

I'm glad to hear we're on the same page. How much were your daughter's braces? I just found out our plan does not cover them at all.


Did you hear that gasp? Yikes. I just reminded my son to keep pushing that tooth out with his tongue. The dental visit is coming up in a few weeks. Natalie 19:07, 29 December 2007 (CST)

RENT ON 1099-MISC

The IRS instruction states that rent paid to a real estate agent is not reportable on 1099-MISC. I have a W-9 form for the vendor we pay rent to and they are an LLC. They verbally told me that that are real estate agents but I don't have anything in writing. Should I issue the 1099-MISC for them anyway or will I be covered without issueing them one? Please advise. Thank you for your help.

You hit the nail

PVV: The Corporate Secretary takes it down anyway, right? It would never even cross my mind to question an accountant helping with this. In fact, before today, I never even stopped to consider that it "might" be the practice of law. I always considered it sort of a bother to help with minutes, and there was no money in it. But, I'm a small outfit, I'm sure some of the big firms could manage to run a bill thru the roof on anything. CrowJD 19:01, 10 January 2008 (CST)

Forgot to sign

CrowJD 19:02, 10 January 2008 (CST)

Edits uncompiled statements

I am curious about your edits to the uncompiled statements discussion. Did something happen?Natalie 14:26, 12 January 2008 (CST)Natalie

Not only does the discussion go back to the top of the list, but anyone who has it bookmarked will know that it has been changed.Natalie 18:27, 12 January 2008 (CST)Natalie

Paul, on a website such as this, anyone can change anything at any time. For that reason, I think it is important that when changes are made, people have a way of determining who made them and when. I would probably discontinue use of this site if I were not able to track changes made.Natalie 18:37, 12 January 2008 (CST)Natalie

It is okay to edit your own posts. I have seen others delete partial and whole discussions, however, and I do not think that is okay.Natalie 20:19, 12 January 2008 (CST)Natalie

Well, as far as editing others' posts goes, sometimes I think it is actually okay. For example, I could not link an outside website to a discussion properly. Someone fixed it for me. I think that is okay. Natalie 20:21, 12 January 2008 (CST)Natalie

Never seen

PVV: no, I have never personally seen it. It probably would not be a bad idea for you to attend some Continuing Legal Education on Corps., business etc. in your state every once in a while just to make sure some weird law has not been passed and the like that may effect the client. I am not a CPA, but the CPE people are more than happy to take my money, I just don't get any credit, so I don't see why you couldn't catch some CLE. NBI offers courses nationwide I think. www.nbi-sems.com/ Look for CA specific. Unfortunately, the cost of these classes has really taken off in the last 5 years, but I'm sure you've already experienced that! CrowJD 14:40, 12 January 2008 (CST)

I thought I saw you in the news

Hey Paul, I thought I saw your picture in the newspaper the other day, and then I read that it was that Nicolas guy. (He just sold his house for $35M -- purchased for $25M!) Image:smile.jpgNatalie 11:57, 15 January 2008 (CST)Natalie

discussion RE practicing law

Where is that discussion about practicing law? The Hawaii Supreme Court is about ready to issue a ruling regarding what practicing law is, and it seems some of the things I do might fall into their definition. Here's the link if you're interested. http://www.hscpa.org/members/pdf/2008_hawsupct_newuplruling.pdf Natalie 15:24, 21 January 2008 (CST)Natalie

south carolina alows several firefighter deductions

deleted

Renee

Sethalexander

Hello, good sir. Am I correct that you state that I can reimburse my employees (with a non-taxable sum) for their medical premiums (since I don't offer a medical plan)? Is there a maximum amount?

Thanks so much!

Issuing un-compiled QuickBooks financial statements

I followed a conversation recently about issuing a client financial statements from QuickBooks and I have to thank you for the insight you and the fellow contributors offered on this matter. I recently was asked for the exact same thing from a client who I do bookkeeping and taxes for. One thing that kept coming up in my mind was the opening statement you gave about sending the client the QuickBooks file and having them print it out themselves. I'd like to know how that would change anything and if that would be ethical under the circumstances. If the client provides me the data and I put it in QB, what's to stop the client from turning around and saying that I gave it to him? This is where my confusion lies. Any help you could provide me would be appreciated. I'm leaning toward just giving his bank the compliation letter you found..but I like just sending him the file even better. Thanks in advance.

Question on recent posting re: Travel Time

Thank you for pointing out my error, which I will now correct. I meant Rev. Rul. 99-7, not Rev. Proc. 99-7. DaveFogel 11:23, 12 September 2010 (CDT)

Creator of a discussion

No, unfortunately the "creator" in the tax forum index will always be the name of the person who physically created that discussion. By including the user's name in the discussion title you've kind of planned ahead for that - if "Mexico" scans the forum index, that should stand out enough to grab his/her attention.

You might consider putting a note on Mexico's talk page explaining why the post was moved (beyond that it was "unrelated" - e.g., not to put words in your mouth, but your discussion had gotten very detailed about one particular aspect and his/hers seemed to be about a different aspect, so to avoid confusion, etc...), and providing a direct link to the new discussion.

Trillium 17:11, 13 September 2010 (CDT) - edited to fix typo, Trillium 17:13, 13 September 2010 (CDT)

Travel Time

Get thee to Taxalmanac for the link I posted today.....Tax Court seemed to accept the man's traveling to rental properties.

Death&Taxes 10:29, 21 September 2010 (CDT)

Forfeited deposit on real estate property.

The taxpayer has two rental realestate properties and he made a deposit of $ 150,000 on the third property,stated to be rental property, subquently he "forfeited the deposit"

The Q is to treat this as Sec. 1231 Ordinary loss on from 4797.

What is your thoughts?

regards

subhash

No help, only suspicions

Hi, sorry for the late response, I was offline all day. I do not know what would cause the problems Wiles is having. This had not been reported by any other users, so I hope Tim can give you more specific input.

However, there have been many other users experiencing strange issues with regard to not having "permission" to edit things as the system seems to think they are not logged in, even while clearly showing that they are and allowing other actions. Tim has been trying to track down the cause of that, and last I heard (last week) had narrowed it down to a few things that they were starting to "repair" (not the right word, but close enough for a quick note I hope).

I would suggest just trying again, many times, as the other issues, including some I've experienced myself, do seem to be intermittent. Sorry that this is the best advice I can offer....

Trillium 05:58, 30 December 2010 (UTC)

Election to treat PFIC as QEF

Hi Paul,

I have acquired a new client who entered the Offshore Voluntary Disclosure Program. I have finally managed to receive UBS statements that will enable me to amend this taxpayer's returns form 2003-2008. She did not report anything from this account: interst, capital gain or losses. She has never withdrawn any money from 2003-2009. She did withdraw $10,000 in 2010 and another $10,000 in 2011.

Questions:

Have you worked with anyone under this program regarding UBS?

UBS refuses to provide a listing identitfying whihc securities are PFICs. Do you have a reocmmendation as to where I might seek this information? Most of the investments are bonds and many are UBS propietary funds so you think they could at least tell me whihc of their funds are PFICs!

Which am I better off electing: Mark-to-Market Election for PFIC or PFIC QEF? It is possible that I have no choice but to use the Mark-to-Market Election because it maybe the only election the IRS will permit retroactive election.

If I can elect the PFIC QEF: Please confirm this treatment: the taxpayer earned interest and dividend income. I report those on Form, 86821 which flows to the Sch B. Same for capital gain whihc I would report on the 8621 and again on the Sch D. the taxpayer does not receive any other distribution.

As you can tell dfrom my question I have not prepared a Form 8621 and I want to file it correctly. Thanks for you help and you can email me at susan@saweisscpa.com

Completed Contract - Automatic Change

I know this is a long shot but I have the same question you did a few years ago regarding changing to the completed contract method. Did you ever find out if it falls under the PCM automatic change reference? Thanks.

Miche77esru

Kenthetaxman

Discussion:1031_exchange_split_years_reporting

Thank you so much for the answer. I really appreciate the time. I agree about forgetting the land, the problem is the previous accountant all those years ago didn't throw any percentage of land on the overall purchase of the property. We work with what we have been given after all these years.

Thanks again!

Kenthetaxman

Bypass Trust Note

I read a thread you started back in 2007 that didn't ever seem to be answered. I think I'm wrestling with the same question. Did you ever come to a conclusion? My question is as follows: If a surviving spouse funds a bypass trust with a note can they offset the income passed back to them on the k-1 by using the investment interest expense deduction? Thanks for any help you can give.

Chris Schneider

"Factor presence" nexus

See the thread, Paul. No doubt you're right about Facebook! --KatieJ 04:58, 14 September 2013 (UTC)

Depreciation from Sch C to 2106

Hello Paul,

I am doing research and I found one of your posts from a few years back, and I wanted to ask you for help, since appeals agreed with you. Do you have any code section, or can you please provide with some evidence that we can take this approach?

The discussion was this one: http://www.taxalmanac.org/index.php/Discussion:Depreciation/Change_of_business_use

Any help is greatly appreciated!

Lalva 19:53, 1 May 2014 (UTC)

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