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User talk:Will

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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. I see that you've already added information to your user page - thank you!

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.

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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 14:41, 19 December 2006 (CST)


To do the signature like Larry is doing, go to your preferences, add this to the Nickname field:

[[User:Will|Will from Portland]] - [[User talk:Will|Talk to me]]

Feel free to edit it as you'd like, but leave all of the formatting just like that so it'll work.

Click the Raw Signatures box just below that, and save.

Then when you are signing a personal message to a user (like you sent to Larry), or when you are posting in the forums, simply type three or four tilde characters (~~~~) and when you save, it'll change that to your signature. Three tildes will just do the signature, four will do the signature and a date/timestamp.

Let me know if you have any more questions!

- Tim Doyle, TaxAlmanac Moderator - Talk to me 14:45, 19 December 2006 (CST)

Name & My Talk auto signature

Read Discussion:Link to my talk -- Larry Hess, CPA | Albuquerque, NM - Talk to me


Hope I did not offend anyone today with my comments on the gentleman claiming 20 exemptions (playing the withholding game), lol, but I'm glad you appreciated my attempt at humor. For some reason, the guy's name reminded me of a name that Charles Dickens would have used in one of his Victorian sagas, and I could not resist. I got into the tax area from the estate, trust and gift side, and I am learning also on the business and individual tax law. For some reason known only to the creator, it seems that every small 1065 LLC in Atlanta keeps turning up at my door, which is exactly NOT the type of return you want to cut your teeth on. Oh well, such is life. I noticed in one of your posts that you have gotten some experience with a restuarant or restaurants, and I might very well pick your brain about that... I've gotten some calls from them, but have not taken any as I am just totally unfamiliar with the practical business side of this type establishment. Look forward to speaking with you in the future! --CrowJD 05:23, 22 December 2006 (CST)


Yes, and the sad thing is, the preparer was not even required to fill out the Sched L, or M's because of the low revenue that year!!! I think the more experienced pros run into this a lot (because the truth is clients and some preparers don't know a darn thing about accounting and revenue recognition issues); and there IS a practical way to approach it I get the feeling, but the pros are somewhat limited as to the freedom they can speak on the board. I've often thought the IRS needs a new form called IMSCRUWED, or form 666, and you just put on there all nutty things your client did and plead for mercy lol. P.S. in my case, this same preparer was the one who recommended the LLC for these poor people.


As you say, the client makes a lot of difference. In my case, I know my client is above board, just clueless. Frankly, I would turn down such a messy situation, but I've found that if you look for perfect everything with a new client, you will never HAVE a new client. They try to start a business, and lo and behold, it actually becomes successful. He starts out with a building contractor who bought a tax program as his tax preparer! My client says to me "But he only charged me $162.00". (I'm serious) I told my client he got cheated. lol. The guy elected cash in the second year, '05, and I agree that as long as the client is in reality in good faith, you go with the spirit of the law and not the letter. I think that is definitely what the more experienced practitioners do in these situations. Glad to be able to speak with you about this, and I look forward to us helping each other out in the future! Have a great Christmas yourself!--CrowJD 14:26, 22 December 2006 (CST)

Will, ck my discussion

Will, your reponse and a message from DZCPA came to me at almost the same time, and for some reason got glued together I think?, because I got an Email informing me that DZ had sent me one at almost the same time. Anyway, check DZ's response right under yours at my discussion page to see what I mean about how the older pros look at this. This is the kind of thing you only learn from experience! Sorry for all the mail today, and thanks again for your help, look forward to more discussions --CrowJD 15:36, 22 December 2006 (CST)

My response to Personal Auto Usage

Happy New Year! I polan to issue a 1099 from the partnership to the individuals who used the car personally. I have not figured out the mechanics yet but I think this is the most appropriate solution. This way, the partnership does not get a deduction (had I treated it as a guaranteed payment) and it should not because it already gets the full benefit of the depreciation deduction of the auto. Also, the partners who used the auto personally get the income and it does not skew the partnership income received by the members who had no personal auto use. I don't think the 1099 income is subject to SE tax -- do you?

Outside contractors (1099) become employess (W-2) all the time. It is very common. IRS does not look at this as a problem.

Thank you


Thank you for the link to the NAEA website. I used it to find a local EA and am receiving both assistance and a lot of education.

Much appreciated!

--Lostbyirs 21:04, 29 December 2006 (CST)

1099 on Personal Auto Use in a Partnership

Hi Will: I am struggling with the same thing. Still need to look into further. I'm thinking that I'll link the 1099 to a Schedule C where SE tax would be calculated, if that's the right treatment.

Content Team


Thank you so much for offering to help - that would be fantastic!!

Take a look at the Tax Research Resources page, then select Internal Revenue Bulletins. As you can see, I have been importing the skeletons for the IRBs. If you select one of them, such as 2006-46, you'll see that not much of the actual content items such as Rulings, Announcements, etc. have been imported. Note that the red links mean I haven't done them yet.

The easiest way to get started is to look at those Internal Revenue Bulletins, open one, and click on the red link to one of the items. That will bring up an edit window, then paste in the contents from the IRB.

Keep in mind that we must copy from the IRS website as it has no copyright... do not copy from CCH or some other copyrighted source.

If you don't want to deal with formatting, that's ok. I can follow behind you to do that, or we can get another volunteer. But if you want to do some basic formatting, here's how:

  • For each of the primary sections (such as ISSUES, FACTS, LAW, etc. on the rulings), surround that title with two equal signs to create a heading, like this ==ISSUES==.
  • For subsections, just use three equal signs on each side.
  • If you want to add bold or italics, do them like this: '''bold''' or ''italics''

The biggest thing to remember is to not be too concerned with what it looks like. Learning how to format will come in time, and it's more important for us to get content on the site now. This will be a great help as users can then find these items while doing searches, and we can link to them from the discussions.

Thanks again, and please feel free to ask questions if you feel lost or need help. That's what I am here for!

- Tim Doyle, TaxAlmanac Moderator - Talk to me 14:12, 10 January 2007 (CST)

Company Car Use by a Partner

Will: Publication 15B states that there should be WHT on the personal use portion of the vehicle, including FICA. So, I think SE tax is applicable on the personal use portion of the vehicle and I plan to link the 1099 to the Schedule C so that it will get reported as such.

What do you think?


Not sure I have ever found one where the wire does not get tangled, or bunched up or rolled. Right now I am using a 'generic' one earphone set I bought on line from Hello Direct but I bet I go through one every 18 months or so. I usually get them at Walmart or Radioshack but I was getting new phones, 2-line cordless Motorola with is it 5.8GHZ. Since 1999 I'd used a V-tech 2 line that I loved but I think it was wearing out. I wish I could say that one headset was better than another but I can't.

No es importa

Thanks, Will. I Thought it was said in fun, but couldn't see your face ;). -- Larry Hess, CPA, Albuquerque, NM - Talk to met

M-3 Question

Hi Will

You sent an answer to my M-3 Question. If you have time will you look at my response? What did your last sentence mean in your response - no partner that owns 50% or more does not have to file the M3. I am reading the Form 1065 draft instructions for M-3. I do not see that.



Thanks for responding Will, this is Debra and the M3 issue. No the co-worker has not given me anything concrete. And I agree with you, deemed ownership or not I still think the Corporation would have to have some ownership of the partnership to trigger this event.

Thanks for your input.

Debra H. 11:44, 24 January 2007 (CST)

Working for yourself and another firm

Hi Will,

My name is Doug. I am a CPA in Florida with mostly corporate financial acctg experience. I am working on gaining tax experince and last year an old friend handed over his approx 50 clients to me. Nothing too complicated (yet).

I saw in the chat area where you mentioned you were working 3 days a week for another firm to get repitition and practical experience. I've had that same thought but never imagined a firm would allow me to work for them while having my own practice, as small as it may be.

I'm just wondering how you were able to work it out. I'm guessing you signed a non-compete, but was it that simple?

Any thoughts are appreciated. And good luck with business as well as that 2 yr old. My daughter is 4 now - best experience of my life.

Thank-you! DOug


Thank-you for your time - I appreciate that detailed answer! That's exactly what I'm looking for, although probably too late for this season.

Good luck this season as well!




Your December 2006 Response - Great

Hi Will!

You noted you were a new practitioner. I hope you are surviving your first tax season very nicely and that having a bakery helps to keep you going... What a temptation though...I can't stay away from chocolate right now, it is keeping me alive.

In any event, I was hoping you could help me with something. I read your response regarding transferring RE out of an S-Corp and into an LLC and I agree with you 100% - having appreciated property in an S-Corp is never a good idea.

I have a client (an S-Corp with 2 50/50 shareholders) owning property they paid ~$600k. This land has appreciated to ~$1.2k. They have about $250k of debt. They want to develop the property in an LLC and they have located someone who will help them develop the property and who wants to buy-in at 50%. They discussed allowing the new shareholder to buy the S-Corp stock at 50% for $600,000, paying off the debt and then transferring the property to the S-Corp. This would clearly be a deemed sale by the shareholders and gain would be recognized. Can you think of any way around this?

Will I really appreciate your thoughts. You are new and very bright to our profession and my creativity is waning with these extremely long hours we have been working.

Again I would appreciate your thoughts and would be happy to repay the favor in kind on any issues you may want to run by me in the future. JAXCPA 06:41, 21 March 2007 (CST)

Thank you!

EA exam

Hi Will-

Noticed in your profile that you have just recently become an EA. I plan on studying for that once April 17 passes. Any advice?


Marcellah 11:13, 6 April 2007 (CDT)Marcy

S corp help

Hi Will,

Looks like you have a lot of experience with S Corp, is there anyway I can get your help with an interesting situation I have ?



I admit, it's not easy to find. After you click on categorization, go to "topical index." There you will see various topics. If you scroll down, you'll see S-corps. When you click on that, you'll see articles and discussions. Does that help?Natalie 17:25, 12 September 2007 (CDT)Natalie

I follow THE TAX Book's forum, Quickfinder's Forum and ATX's Forum.

I usually only post to the tax book and tax almanac.

What other forums?

I follow the tax book forum, Quickfinder forum, and atx community forum. They all offer differnt points of view and have different types of responders.

What do you think of Ultratax?

Hey Will;

I ordered a demo from them for the program and will use it PPR if it is good. Wondered what your thoughts on it are. How did the data conversion go?



S corp redemption

Still trying to figure out this Tax Almanac thing works, could not figure out how to reply to your offer to fax flow chart to me. If the offer still stands that would be great. My fax number is . No cover page necessary, comes to me directly.



Coffee Shop Valuation

Hi Will,

        My names is Justin and I have just gone past the point of no return with a purchase of a coffee shop.  I was wondering if you could tell me if what I am going to pay is a fair price ($500K is the price)?

I found your reply informative.

Total sales have been consistent at $550K for the last two fiscal years and the net profit has been $145K and $164K respectively (the profits exclude depreciation, owners drawings and unrelated business expenses)

Like I said, I am beyond the point of no return but would like to know what I am up against.

Warm regards,



Please call 949-553-1040 x26 David Zweig, CPA

your post

William, thanks for your post. You made my day. JAD 14:08, 3 April 2010 (CDT)

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