User talk:Smog
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Hi!
How will I know what area you are in? The "networking" out/insourcing idea sounds good. Definately address "stealing my client" issues up front. Kevinh5
email address
my private email address is kevinhuston@msn.com Kevinh5
Being Logged Out
Go to your preferences (link is on the very top right of the screen).
Make sure that the checkbox "Remember across sessions" is checked, then select the "Save" button at the bottom.
That should help.
If it is already checked, or if that doesn't help you, please let me know.
Thanks!
- Tim Doyle, TaxAlmanac Moderator - Talk to me 10:20, 7 September 2007 (CDT)
Ministers
David, I'm sorry I don't know the answers to your questions. I do work with nonprofits, but I have not come across the issue you are referring to.Natalie 16:44, 7 September 2007 (CDT)Natalie
NC PART YEAR
You file only 1 return for NC, show the dates of residency, but the amount that should be taxed in NC would be the sum of (earnings while resident + work performed in NC while non-resident) the W-2 should be easy to divide out - it probably already is.
Since the taxpayer is NOT a full-year resident of NC, there will be no tax credit on the NC return for taxes pd to VA, you have it backwards. The client should receive a tax credit on his VA return for taxes owed on the PORTION of the W-2 earned in NC while a VA resident.
That is the theory.
The reality is that VA will only know about what you put on the tax return and what the W-2 says, so if there is no obvious overlap on the W-2 (Fed wages = 100,000, NC = 70,000, VA = 50,000 <this example has 20,000 'overlap') then I wouldn't really bother with trying to figure out the credit, just tax in VA the amount that the W-2 shows for VA.
hope this helps Kevinh5
Smog: Regarding whether the 25% owner of one part of an employer is a 5% owner for purposes of his 401k plan. I'm guessing the client probably is a 5% owner. But the question can get more subtle beyond the facts in your post, such as in considering whether the owner has voting rights. I'll assume that won't apply here & also assume the two companies are part of an affiliated service group.
The Regs I cited should be ok, even though portions of 1.414(q)-1T have been obsoleted. I think the changes have to do with family aggregation type considerations. Before 1997 or so, a husband and wife were considered as one person for some of the qualified retirement plan calculations.
