TaxAlmanac - Recent changes [en]

User talk:Bushworlda

2009-12-04T08:02:21Z

bushorlda

New page

{{UserTalkPageHeader}}

== bushorlda ==

<a href="http://www.discountMbt.com/">Mbt</a> reduces stress on joints and back and trains your body enven while standing. <a href="http://www.discountMbt.com/Mbt-mwalk-c-2.html">Mbt walking shoes</a> and <a href="http://www.discountMbt.com/Mbt-chapa-c-6.html">Mbt Chapa</a> can give you brand new experience.

User:Bushworlda

2009-12-04T08:01:26Z

Default new user page

New page

[[Image:Nopic.JPG|frame|left|{{PAGENAME}}]] '''Hello, my name is John Doe and I go by the nickname {{PAGENAME}}'''. I must be fairly new here as I haven't yet entered my real information on this page to help others better judge who I am. I'll get to it eventually though, perhaps adding information such as whether I am a CPA, an EA, etc., where I practice, my areas of expertise, and also perhaps a little about me personally.

If you'd like to leave me a message, just select the discussion tab at the top of this page.

Thank you!

{{PAGENAME}}



{{Template:Note to New Users}}

Discussion:Business cards for home based practice

2009-12-04T06:17:06Z

Operating out of

Revision as of 06:17, 4 December 2009		Current revision
Line 44:		Line 44:

	{{ForumReplyPost\|UserID="Shoebox"\|Date=3 December 2009\|Text=He is right! I had a few of those "What About Bob" clients in years past.}}		{{ForumReplyPost\|UserID="Shoebox"\|Date=3 December 2009\|Text=He is right! I had a few of those "What About Bob" clients in years past.}}
		+
		+	{{ForumReplyPost\|UserID=Anarchrist\|Date=4 December 2009\|Text=Operating out of the house for 13 years, have never had a problem. I let clients know the hours appointments are available but also tell them they can drop stuff off anytime. They will leave it in the door or mailbox without ringing the bell if it is outside of appointment hours. They call to set up an appointment and most call first even if they're just dropping something off and don't need to talk to me. During tax season there's more unannounced visits to drop stuff off. If I have an appointment scheduled I put a sign on the front door that says "Accounting & tax clients, please ring bell and come on in". If I lived in a rough area or catered to RAL clientele I wouldn't operate this way.
		+
		+	wwww.OverNightPrints.com is less expensive than VistaPrints. $50 for 1000 glossy finish full color cards on 15lb card stock (thicker than 100lb paper stock, in fact they're the thickest business card I've seen and thought they were too thick when I fist got them). They'll send you some free samples so you can see the actual product if you request.}}

Discussion:Where should I begin in regards to education...

2009-12-04T05:54:48Z

Thanks for all t

Revision as of 05:54, 4 December 2009		Current revision
Line 96:		Line 96:

	}}		}}
		+
		+	{{ForumReplyPost\|UserID=Agood80\|Date=4 December 2009\|Text=Thanks for all the replies.. I have one more question.. You guys keep saying I should learn bookkeeping while in pursuit of an accounting degree.. wouldn't the accounting degree teach me about bookkeeping as well? If not, how would I learn bookkeeping?
		+
		+	Thanks alot!}}

Discussion:Foriegn owned partnership filing reuirement

2009-12-04T05:42:27Z

New Discussion

New page

{{Advanced Tax Questions}}


{{ForumNewPost|UserID=Karenham|Date=4 December 2009|Text=What is the filing requirement for a foreign formed ( New Zealand) corporation with an interest in a US LLC? The foreign corporation has no US ownership, it is a 100% subsidiary of another Foreign corporation. The US LLC has a loss and filed form 8804 and 8805. Is there an additional US filing requirement for the New Zealand company?}}

Rev. Proc. 2009-54

2009-12-04T05:24:16Z

improve table formatting, add some italics

(Difference between revisions)

User talk:BradBi

2009-12-04T05:02:54Z

Your question has been moved

Revision as of 05:02, 4 December 2009		Current revision
Line 1:		Line 1:
	{{UserTalkPageHeader}}		{{UserTalkPageHeader}}
		+
		+	== Your question has been moved ==
		+
		+	Your question has been moved to the [[Discussion Forum - Consumer Questions\|Consumer Questions Discussion Forum]] because it does not appear to comply with the guidelines established for TaxAlmanac and the tax forum, which are intended for use by tax professionals only.
		+
		+	You may wish to ask your consumer tax question at the TurboTax Live Community: http://turbotax.intuit.com/support/.
		+
		+	As you are not a tax professional, you will likely be advised to seek out a local tax professional who will have the opportunity to understand your entire business and/or tax situation and can provide both advice and follow-up. This is not simply a brush-off, it's because (a) simplistic answers to questions that are more complicated than you may even realize can be more dangerous than helpful to you, and (b) the users on this site actually make their living helping people like you answer questions like yours, and are not always inclined to do the same thing for free.
		+
		+	If you do not yet have a tax preparer, you might find [[Discussion:How_to_find_a_local_Tax_Professional\|How to find a local Tax Professional]] to be helpful.
		+
		+	You are, of course, welcome to use the yellow search box (left side of screen) to look for info that might be helpful to you in better understanding the issues you face. And, once in a while, the tax professionals who come to this site to interact with each other will also help out non-professionals, but often the situations that are presented are not the kind that can be answered in a quick post or two.
		+
		+	(If you ''are'' a tax professional, you need to update your user page to provide some information about your level of experience and background/credentials as requested in step 2 of asking a new tax question, and then your question could be moved back to the tax forum by a moderator. While you're waiting for that to happen, please be sure to search the discussion archives, and also review Pub 17 and other standard research resources that provide answers to common questions.) But otherwise, please consider asking this, and future, questions at www.Turbotax.com. Thank you.
		+
		+	[[User:Trillium\|Trillium]] 23:02, 3 December 2009 (CST)

Discussion:Resort rental activity

2009-12-04T05:02:25Z

move from tax forum to consQ

Revision as of 05:02, 4 December 2009		Current revision
Line 1:		Line 1:
-	{{Advanced Tax Questions}}	+	{{Consumer Questions}}
	<!-- Add categories below this line -->		<!-- Add categories below this line -->

	{{ForumNewPost\|UserID=BradBi\|Date=4 December 2009\|Text=I own a resort in Canada about 6 hours north of where I live and rent it out week by week for the most part in summer months. It consists of 3 separate dwellings, each a self contained "house". It is "self run", ie no on site manager. There are close up check lists for each renter to prepare the cottages for the next renters. I perform almost all of the maintenance myself. I schedule trips when the property is not rented and work "my rear end off" when I'm there. Occaisionally in the evening or on a weekend day, I might go fishing for a couple hours a day, but the primary purpose of the trips are to maintain or improve the property. I donate a guided trip to a private school for a fundraising activity for 4 days. I know that the FMV of this is not deductible, but the IRS wants to say these are "personal use days". My interpretation is that this resort does not consist of a dwelling unit, but is more transient rental in usage and therefore not personal use days. Any thoughts or knowledge of documentaion (rev rul/reg) that might be helpful???}}		{{ForumNewPost\|UserID=BradBi\|Date=4 December 2009\|Text=I own a resort in Canada about 6 hours north of where I live and rent it out week by week for the most part in summer months. It consists of 3 separate dwellings, each a self contained "house". It is "self run", ie no on site manager. There are close up check lists for each renter to prepare the cottages for the next renters. I perform almost all of the maintenance myself. I schedule trips when the property is not rented and work "my rear end off" when I'm there. Occaisionally in the evening or on a weekend day, I might go fishing for a couple hours a day, but the primary purpose of the trips are to maintain or improve the property. I donate a guided trip to a private school for a fundraising activity for 4 days. I know that the FMV of this is not deductible, but the IRS wants to say these are "personal use days". My interpretation is that this resort does not consist of a dwelling unit, but is more transient rental in usage and therefore not personal use days. Any thoughts or knowledge of documentaion (rev rul/reg) that might be helpful???}}

Discussion:Resort rental activity

2009-12-04T04:55:56Z

New Discussion

New page

{{Advanced Tax Questions}}


{{ForumNewPost|UserID=BradBi|Date=4 December 2009|Text=I own a resort in Canada about 6 hours north of where I live and rent it out week by week for the most part in summer months. It consists of 3 separate dwellings, each a self contained "house". It is "self run", ie no on site manager. There are close up check lists for each renter to prepare the cottages for the next renters. I perform almost all of the maintenance myself. I schedule trips when the property is not rented and work "my rear end off" when I'm there. Occaisionally in the evening or on a weekend day, I might go fishing for a couple hours a day, but the primary purpose of the trips are to maintain or improve the property. I donate a guided trip to a private school for a fundraising activity for 4 days. I know that the FMV of this is not deductible, but the IRS wants to say these are "personal use days". My interpretation is that this resort does not consist of a dwelling unit, but is more transient rental in usage and therefore not personal use days. Any thoughts or knowledge of documentaion (rev rul/reg) that might be helpful???}}

User talk:BradBi

2009-12-04T04:46:55Z

Default new user talk page

New page

User:BradBi

2009-12-04T04:46:55Z

Default new user page

New page

Discussion:Cash basis taxpayer takes deposits

2009-12-04T04:14:48Z

That's my questi

Revision as of 04:14, 4 December 2009		Current revision
Line 28:		Line 28:
	There is an exception for accrual basis taxpayers who elect to use the deferral method under Rev Proc 2004-34.		There is an exception for accrual basis taxpayers who elect to use the deferral method under Rev Proc 2004-34.
	}}		}}
		+
		+	{{ForumReplyPost\|UserID=Chicagocpa1\|Date=4 December 2009\|Text=That's my question... what if deposits are not for future services? They are to ensure payment of the final invoice. In most situations, the deposit is refunded in full. There are a few times where the final invoice is not paid in full and a partial refund of the deposit is returned but typically it's refunded in full. There has yet to be a situation where all of the deposit is retained. Given that A/R is higher than these deposits, the tax burden would be higher under an accrual method.}}

Discussion:Cobra stimulus extension?

2009-12-04T04:03:51Z

Revision as of 04:03, 4 December 2009		Current revision
Line 32:		Line 32:
	}}		}}

-	{{ForumReplyPost\|UserID=Trillium\|Date=4 December 2009\|Text=Action, I think Cestrobeck is not talking about an amendment '''''to''''' the ARRA, but rather a different part of the ARRA that amended treatment of COBRA payments for specific groups of people (e.g., PBGC recipients, TAA-eligible people). That's from Section 1899F of HR 1, whereas the 65% reduction that you've been taking advantage of is from Sec. 3000 of the same bill. To my knowledge there has been no extension of the 65% reduction. Link to the ARRA bill (HR 1): [http://finance.senate.gov/sitepages/leg/LEG%202009/021209%20Leg%20text%20of%20Divsion%20B%20of%20the%20American%20Recovery%20and%20Reinvestment%20Act.pdf Legislative text], in case you wish to compare the two sections I mentioned. }}	+	{{ForumReplyPost\|UserID=Trillium\|Date=4 December 2009\|Text=Action, I think Cestrobeck is not talking about an amendment '''''to''''' the ARRA, but rather a different part of the ARRA that amended treatment of COBRA payments for specific groups of people (e.g., PBGC recipients, TAA-eligible people). That's from Section 1899F of HR 1, whereas the 65% reduction that you've been utilizing is from Sec. 3000 of the same bill. To my knowledge there has been no extension of the 65% reduction. Link to the ARRA bill (HR 1): [http://finance.senate.gov/sitepages/leg/LEG%202009/021209%20Leg%20text%20of%20Divsion%20B%20of%20the%20American%20Recovery%20and%20Reinvestment%20Act.pdf Legislative text], in case you wish to compare the two sections I mentioned. }}

Discussion:I need a 2006 form W-3

2009-12-04T04:00:53Z

I ordered some p

Revision as of 04:00, 4 December 2009		Current revision
Line 3:		Line 3:

	{{ForumNewPost\|UserID=Actionbsns\|Date=4 December 2009\|Text=My client has a letter from IRS stating that his W-2's and W-3 for 2006 seem to have not been filed. I have copies of the W-2's, but there is a note that I was unable to find a W-3 when I prepared the tax returns for 2006. The form at IRS.gov clearly states not to use it, my 2006 payroll program doesn't appear to be active on this computer so I can't print one. Does anyone have a blank one they can send me or FAX to me? The other option is to just run the risk of the $50 penalty or throw ourselves on their mercy and just the one that is forbidden.}}		{{ForumNewPost\|UserID=Actionbsns\|Date=4 December 2009\|Text=My client has a letter from IRS stating that his W-2's and W-3 for 2006 seem to have not been filed. I have copies of the W-2's, but there is a note that I was unable to find a W-3 when I prepared the tax returns for 2006. The form at IRS.gov clearly states not to use it, my 2006 payroll program doesn't appear to be active on this computer so I can't print one. Does anyone have a blank one they can send me or FAX to me? The other option is to just run the risk of the $50 penalty or throw ourselves on their mercy and just the one that is forbidden.}}
		+
		+	{{ForumReplyPost\|UserID="Shoebox"\|Date=4 December 2009\|Text=I ordered some prior year forms recently and they arrived in about a week. Try calling 1-800-829-3676.}}

Discussion:I need a 2006 form W-3

2009-12-04T03:52:42Z

New Discussion

New page

{{Basic Tax Questions}}


{{ForumNewPost|UserID=Actionbsns|Date=4 December 2009|Text=My client has a letter from IRS stating that his W-2's and W-3 for 2006 seem to have not been filed. I have copies of the W-2's, but there is a note that I was unable to find a W-3 when I prepared the tax returns for 2006. The form at IRS.gov clearly states not to use it, my 2006 payroll program doesn't appear to be active on this computer so I can't print one. Does anyone have a blank one they can send me or FAX to me? The other option is to just run the risk of the $50 penalty or throw ourselves on their mercy and just the one that is forbidden.}}

Discussion:Used Equipment - Qualify for Section 179?

2009-12-04T03:52:12Z

It can be either

Revision as of 03:52, 4 December 2009		Current revision
Line 3:		Line 3:

	{{ForumNewPost\|UserID=Umk395\|Date=4 December 2009\|Text=Does USED equipment purchased for the first time by a taxapayer qualify as a Sect 179 deduction? Assuming the person the property from whom it was purchased was NOT a related party)?}}		{{ForumNewPost\|UserID=Umk395\|Date=4 December 2009\|Text=Does USED equipment purchased for the first time by a taxapayer qualify as a Sect 179 deduction? Assuming the person the property from whom it was purchased was NOT a related party)?}}
		+
		+	{{ForumReplyPost\|UserID=DaveFogel\|Date=4 December 2009\|Text=It can be either new or used property.}}

User talk:Umk395

2009-12-04T03:49:34Z

your question may be moved

Revision as of 03:49, 4 December 2009		Current revision
Line 1:		Line 1:
	{{UserTalkPageHeader}}		{{UserTalkPageHeader}}
		+
		+
		+	__TOC__
		+

	==Welcome==		==Welcome==
Line 14:		Line 18:

	- Tim Doyle, TaxAlmanac Moderator, [[User:Tdoyle\|Tdoyle]] 18:03, 14 December 2005 (CST)		- Tim Doyle, TaxAlmanac Moderator, [[User:Tdoyle\|Tdoyle]] 18:03, 14 December 2005 (CST)
		+

	== Moving your question to a more appropriate forum ==		== Moving your question to a more appropriate forum ==
Line 26:		Line 31:

	[[User:Trillium\|Trillium]] 21:49, 26 November 2009 (CST)		[[User:Trillium\|Trillium]] 21:49, 26 November 2009 (CST)
		+
		+
		+	== Your new tax question may be moved ==
		+
		+	Your question may be moved to the [[Discussion Forum - Consumer Questions\|Consumer Questions Discussion Forum]] because you have not updated your profile to provide any information about your level of experience/background as a professional tax preparer. As a result, your question may be perceived as not complying with the guidelines established for TaxAlmanac and the tax forum, which are intended for use by tax professionals only. (This is consistent with the info in Step 2 of the four steps to "asking a new tax question.)
		+
		+	If you '''are''' a tax professional, please update your [[profile]] (user page), to provide some info about your experience level/background as a tax professional. Select edit at the top of that page, replace the boilerplate with your info, and then click Save page.
		+
		+	Your level of experience may be an important consideration when users are developing an appropriate answer for your questions. Beyond that, though, some users won’t respond at all if your profile hasn’t been updated, and as you’ve seen, having no profile leaves your question subject to being moved out of the professional tax forum. (Once your profile has been updated, one of the moderators can move your question back to the professional tax forum if that’s appropriate.)
		+
		+	Note – updating your profile is just one of the four steps in “asking a new tax question” – if you skipped any of the other steps as well (e.g., searching the archives, familiarizing yourself with TaxAlmanac), please do that now, too.
		+
		+	If you '''are not''' a tax professional, please ask your question on the TurboTax website or consult your tax advisor. If you don't have a tax profesional that you work with regularly, information about finding a local tax advisor can be found here: [[Discussion:How to find a local Tax Professional\|How to find a local Tax Professional]].
		+
		+	[[User:Trillium\|Trillium]] 21:49, 3 December 2009 (CST)

Discussion:Cobra stimulus extension?

2009-12-04T03:48:07Z

Action, I think

Revision as of 03:48, 4 December 2009		Current revision
Line 31:		Line 31:
	[[Notice 2009-27]]		[[Notice 2009-27]]
	}}		}}
		+
		+	{{ForumReplyPost\|UserID=Trillium\|Date=4 December 2009\|Text=Action, I think Cestrobeck is not talking about an amendment '''''to''''' the ARRA, but rather a different part of the ARRA that amended treatment of COBRA payments for specific groups of people (e.g., PBGC recipients, TAA-eligible people). That's from Section 1899F of HR 1, whereas the 65% reduction that you've been taking advantage of is from Sec. 3000 of the same bill. To my knowledge there has been no extension of the 65% reduction. Link to the ARRA bill (HR 1): [http://finance.senate.gov/sitepages/leg/LEG%202009/021209%20Leg%20text%20of%20Divsion%20B%20of%20the%20American%20Recovery%20and%20Reinvestment%20Act.pdf Legislative text], in case you wish to compare the two sections I mentioned. }}

Discussion:Used Equipment - Qualify for Section 179?

2009-12-04T03:40:42Z

New Discussion

New page

{{Advanced Tax Questions}}


{{ForumNewPost|UserID=Umk395|Date=4 December 2009|Text=Does USED equipment purchased for the first time by a taxapayer qualify as a Sect 179 deduction? Assuming the person the property from whom it was purchased was NOT a related party)?}}

Discussion:Cobra stimulus extension?

2009-12-04T03:38:44Z

switch external link to internal; more efficient

Revision as of 03:38, 4 December 2009		Current revision
Line 29:		Line 29:
	{{ForumReplyPost\|UserID=KathiJud\|Date=4 December 2009\|Text=Try this link to Cobra Stimulus info:		{{ForumReplyPost\|UserID=KathiJud\|Date=4 December 2009\|Text=Try this link to Cobra Stimulus info:

-	[http://www.irs.gov/pub/irs-drop/n-09-27.pdf Notice 2009-27]	+	[[Notice 2009-27]]
	}}		}}

User talk:NMexEA

2009-12-04T03:37:44Z

try to clarify, not sure I'm succeeding

Revision as of 03:37, 4 December 2009		Current revision
Line 87:		Line 87:

	[[User:Trillium\|Trillium]] 12:55, 3 December 2009 (CST)		[[User:Trillium\|Trillium]] 12:55, 3 December 2009 (CST)
		+
		+	''Editing because I'm not sure my last paragraph made much sense!''
		+
		+	Hi - I see Kevin has taken you up on your offer to edit out your responses to his posts on that problem discussion, so this is maybe moot, but anyway... what I was trying to say above was that Kevin, by taking away his own posts, had already taken away any steam that the stalker guy could have built up - it was clear that he wasn't going to get Kevin to rise to the bait, and so it should all blow over soon. Not sure that came through quite clearly (then ''or'' now, in fact!). Hope the info on editing was helpful, at least... [[User:Trillium\|Trillium]]

Discussion:Foreign LLC

2009-12-04T03:34:07Z

Chapter 21, star

Revision as of 03:34, 4 December 2009		Current revision
Line 50:		Line 50:

	}}		}}
		+
		+	{{ForumReplyPost\|UserID=Smktax\|Date=4 December 2009\|Text=Chapter 21, starting with section 3101, is titled "Federal Insurance Contributions Act." Subchapter A of Chapter 21 is titled "Tax on Employees." }}

Discussion:Just Passed all three parts of EA

2009-12-04T03:29:54Z

remove note that got posted *above* the disc - user reposted to a better disc anyway

Revision as of 03:29, 4 December 2009		Current revision
Line 1:		Line 1:
	{{Business Growth Community}}		{{Business Growth Community}}
	<!-- Add categories below this line -->		<!-- Add categories below this line -->
-
-	Good Luck. I called the IRS today to find out status of my EA application (Form 23) since it has been over 60 days since I submitted it. I discovered, after your Form 23 application is received in California, it is sent to Detroit, Michigan for processing.Next I was informed that they have not been processing EA applications for the last 60 days. They have been in the process of “migrating” to a new system. They are not quite sure when they will start processing again. The agent I spoke to said there were stacks and stacksof applications sitting around. The agent also said he is aware that there are pay raises as well as employment conditional on getting EA status before end of year. He could not say when the system would be running again. “Call back in a couple of weeks,” is what he said. Perhaps letters to our representatives in Congress would be a good idea.
-
-

	{{ForumNewPost\|UserID=DublinTax\|Date=30 November 2009\|Text=I passed all three parts in first attempts. I used Gleim books and CD's. I found they are tougher than actual exam. I scored 60-70 on Gleim tests.		{{ForumNewPost\|UserID=DublinTax\|Date=30 November 2009\|Text=I passed all three parts in first attempts. I used Gleim books and CD's. I found they are tougher than actual exam. I scored 60-70 on Gleim tests.

User talk:Havepenwilltravel

2009-12-04T03:28:57Z

Changing your user name

Revision as of 03:28, 4 December 2009		Current revision
Line 17:		Line 17:

	[[User:Trillium\|Trillium]] 19:49, 22 December 2008 (CST)		[[User:Trillium\|Trillium]] 19:49, 22 December 2008 (CST)
		+
		+	== Changing your user name ==
		+
		+	Hi, Linda Lou -
		+
		+	Thanks for the kind words.
		+
		+	There are two ways to change your user name:
		+
		+	1. '''Simply start over with a new name.''' This is the easiest all around, since all you have to do is log out with this name, close your browser windows (and preferably quit the browser), and then when you come back, instead of logging in, click on "create a new user."
		+
		+	Pick a new name that is 10 characters or fewer, in lower case if possible, and click the edit tab to update your user page on that new name. (You can even open a new window to go to the user page on your old name, highlight the user info there, click copy, and then paste it into the new name.)
		+
		+	Then just abandon this name, since you haven't used it much yet anyway. Note - even if you go with the "official name change" option below, your original name will still effectively be in existence and abandoned, so that would be the same either way.
		+
		+
		+	2. '''I can do an "official name change" for you.''' Send me a note telling me what you'd like your new name to be, and if it's available, I can then do a name change to move the user history, user page, user preferences, etc. on this name over to the new name. You might want to give me a couple of options for what you'd like the name to be, since if anybody has ever used the name, I won't be able to switch yours to it.
		+
		+	I'll leave a note on your talk page when it's done, and you can see that even if you're not logged in. The next time you log in after the name change is done, sign in with the new name and your original password, and you are good to go! Just remember not to sign in with the old name again, because if you do, it'll reactivate but won't have a user profile or anything associated with it.
		+
		+
		+	Let me know! And thanks for noticing about the long user names - they can create some problems sometimes!
		+
		+	[[User:Trillium\|Trillium]] 21:28, 3 December 2009 (CST)

Discussion:Revenue officer left a card at my door?

2009-12-04T03:21:39Z

Are you sure the

Revision as of 03:21, 4 December 2009		Current revision
Line 11:		Line 11:

	{{ForumReplyPost\|UserID=Boo1234\|Date=4 December 2009\|Text=Well I can't think of what other reason it could be for. Revenue officers are basically collection agents aren't they? If I owed something more than the roughly $43 they said I did, wouldn't I have gotten a bill for that?}}		{{ForumReplyPost\|UserID=Boo1234\|Date=4 December 2009\|Text=Well I can't think of what other reason it could be for. Revenue officers are basically collection agents aren't they? If I owed something more than the roughly $43 they said I did, wouldn't I have gotten a bill for that?}}
		+
		+	{{ForumReplyPost\|UserID=Solomon\|Date=4 December 2009\|Text=Are you sure the sale was reported properly? For example, if assets were sold they should have been reported on Form 8594 by seller and buyer.}}

Discussion:Accounting method change-timing of deduction

2009-12-04T03:20:08Z

I agree with you

Revision as of 03:20, 4 December 2009		Current revision
Line 14:		Line 14:

	{{ForumReplyPost\|UserID=R2\|Date=4 December 2009\|Text=The cancellation of a debt, payment of which would generate a tax deduction, does not create COD income.}}		{{ForumReplyPost\|UserID=R2\|Date=4 December 2009\|Text=The cancellation of a debt, payment of which would generate a tax deduction, does not create COD income.}}
		+
		+	{{ForumReplyPost\|UserID=Mvgcpa\|Date=4 December 2009\|Text=I agree with your statement. Problem is we've been taking the tax deduction on the cash basis, when payment on the note is made, which we have determined to be incorrect. Since the LLC is an accrual basis taxpayer the deduction should have been taken when incurred. Since the $400,000 of deductions should have been taken in a year before 2009, how can I take it in 2009? I could amend the last three years but then I end up not getting a deduction for the add back in the year prior to the third year amended. }}

Discussion:Accounting method change-timing of deduction

2009-12-04T03:08:04Z

The cancellation

Revision as of 03:08, 4 December 2009		Current revision
Line 12:		Line 12:

	}}		}}
		+
		+	{{ForumReplyPost\|UserID=R2\|Date=4 December 2009\|Text=The cancellation of a debt, payment of which would generate a tax deduction, does not create COD income.}}

Discussion:Purchasing a Practice without a guarantee

2009-12-04T03:06:39Z

Revision as of 03:06, 4 December 2009		Current revision
Line 19:		Line 19:


-	I would imagine that like Real Estate, there are direct seller to buyer transactions which save both sides the broker's commissions.	+	I am not familiar with the guarantee typically offered but as a potential buyer I would question how difficult it would be to obtain the guarantee performance. Just because it is offered, doesn't mean that you will not spend a significant amount in lawyer fees trying to compel someone to perform.

Discussion:Cash basis taxpayer takes deposits

2009-12-04T03:05:43Z

Yes, deposits fo

Revision as of 03:05, 4 December 2009		Current revision
Line 23:		Line 23:

	For accrual Financials you would not record it this way and have a book to tax difference.}}		For accrual Financials you would not record it this way and have a book to tax difference.}}
		+
		+	{{ForumReplyPost\|UserID=R2\|Date=4 December 2009\|Text=Yes, deposits for future services are generally taken into gross income at the time of receipt.
		+
		+	There is an exception for accrual basis taxpayers who elect to use the deferral method under Rev Proc 2004-34.
		+	}}

Discussion:New Law Home Buyer Credit Q

2009-12-04T02:53:48Z

Not sure that yo

Revision as of 02:53, 4 December 2009		Current revision
Line 21:		Line 21:

	{{ForumReplyPost\|UserID=Tdh555\|Date=2 December 2009\|Text=Thank you all...great responses.}}		{{ForumReplyPost\|UserID=Tdh555\|Date=2 December 2009\|Text=Thank you all...great responses.}}
		+
		+	{{ForumReplyPost\|UserID=R2\|Date=4 December 2009\|Text=Not sure that you can allocate 100% of the credit to the girlfriend since the boyfriend appears to qualify for the $6,500 credit. See Notice 2009-12.
		+
		+	''A reasonable method is any method that does not allocate any portion of the credit to a taxpayer not eligible to claim that portion. A reasonable method includes allocating the credit between taxpayers who are eligible to claim the credit based on (1) the taxpayers' contributions towards the purchase price of a residence as tenants in common or joint tenants, or (2) the taxpayers' ownership interests in a residence as tenants in common.''}}

Discussion:Purchasing a Practice without a guarantee

2009-12-04T02:52:23Z

I wouldn't buy a

Revision as of 02:52, 4 December 2009		Current revision
Line 12:		Line 12:

	}}		}}
		+
		+	{{ForumReplyPost\|UserID=BrockEA\|Date=4 December 2009\|Text=I wouldn't buy a practice without a guarantee....of course, I probably would not buy a practice with one either. Not via the broker route.
		+
		+
		+	If I were in the market, I would try to find a retiring practitioner who is willing to take a portion of revenue actually earned after taking over his/her practice. It seems to me that there would be some significant risk of losing a large portion of a client base for whatever reason--they liked the old Accountant or hate you. It would suck to pay a large broker fee and significant chunk for a practice and then lose 20% of the client base. It may take some time to find the right seller and setup but would be significantly less risky.
		+
		+
		+	I would imagine that like Real Estate, there are direct seller to buyer transactions which save both sides the broker's commissions.
		+
		+
		+	Again, I am not an expert in this but this is what I would at least try before going the broker route.
		+
		+
		+	BrockEA}}

User talk:Trillium

2009-12-04T02:47:51Z

Help to change username

Revision as of 02:47, 4 December 2009		Current revision
Line 562:		Line 562:
	Sorry to vent didn't mean to do that, but like I said the calls are starting already, it must be because people are so bad off this year.		Sorry to vent didn't mean to do that, but like I said the calls are starting already, it must be because people are so bad off this year.
	Once again, Trillium, thank you for your help last season. I really did appreciate it, just wanted to let you know.		Once again, Trillium, thank you for your help last season. I really did appreciate it, just wanted to let you know.
-	linda lou	+	linda lou[[User:Havepenwilltravel\|Havepenwilltravel]] 20:38, 3 December 2009 (CST)
		+
		+	== Help to change username ==
		+
		+	Trillium,
		+	Didn't mean to be nosy but I read a few of your other messages and seems there are quite a few of us who need to change our user names, to shorten them. In my case my need for answers superceded my need to read the instructions. Could you one more time help me to shorten my username?
		+	Linda Lou [[User:Havepenwilltravel\|Havepenwilltravel]] 20:47, 3 December 2009 (CST)

Discussion:I got my enrollment card!

2009-12-04T02:38:26Z

That's great new

Revision as of 02:38, 4 December 2009		Current revision
Line 152:		Line 152:

	{{ForumReplyPost\|UserID=FloridaTaxes\|Date=4 December 2009\|Text=That's horrible news to hear. I also sent mine in recently. They cashed my check a few days ago so I was hoping that meant my application was getting processed.}}		{{ForumReplyPost\|UserID=FloridaTaxes\|Date=4 December 2009\|Text=That's horrible news to hear. I also sent mine in recently. They cashed my check a few days ago so I was hoping that meant my application was getting processed.}}
		+
		+	{{ForumReplyPost\|UserID=BrockEA\|Date=4 December 2009\|Text=That's great news TaxhelpinNC.....is that the case for just the California to Michigan applications or all applications in all States?
		+
		+
		+	I sent mine in mid-October so I just assumed that with the holidays I would get it after the first of the year. Because this year is my SSN's renewal period, I will not be effective until April 1 of next year anyhow. But I am looking forward to getting that card.
		+
		+
		+	Fast forward 10 years when government controls healthcare and you come up with a very fast and aggressive cancer---and they are migrating to another system with stacks of requests for specialized healthcare procedures stacking up. Mmmm, can't wait.
		+
		+
		+	BrockEA (someday EA anyway! ;D )}}

User talk:Trillium

2009-12-04T02:36:21Z

Have Pen Will Travel aka Linda Lou

Revision as of 02:36, 4 December 2009		Current revision
Line 551:		Line 551:

	[[User:NMexEA\|NMexEA]] 18:06, 3 December 2009 (CST)		[[User:NMexEA\|NMexEA]] 18:06, 3 December 2009 (CST)
		+
		+	== Have Pen Will Travel aka Linda Lou ==
		+
		+	Trillium,
		+	Just wanted to thank you for the advice you gave me last tax season.
		+	I have had a hard summer season with 2 not one but 2 computer crashes and restoring data, emails, etc. I lost my login info for Tax
		+	Almanac until cleaning my office recently and found it so i could log on to my old account. You really did help me out and didn't make me feel inadaquate as some do. Maybe I don't know how to ask the questions or because these wonderful tools ProSeries has come up with
		+	allow me to 'never give up'. The main reason I got into taxes over 30 years ago was because we had a farm partnership, trying to do it myself, calling the IRS five times got five different answers. So I guess it has always carried me thru, 'never give up'. I also was a union president & negotiater for 13 years in a shop of about 400, 80% women!!!!!!!!How fun and contrary that was. I understand you have had loads of experience with John & Jane Q public, so you are a
		+	people person. I had quite a few clients last year that used the first time homeowner credit, now this year with the new bill signed into law, how do you explain to 2008 clients they have to pay their credit back but the 2009 don't? I have gotten some calls already and I feel so bad for them but short of telling them to write to their federal/state reps & senators what can a preparer do? Some have even asked to amend!!!!!I don't even want to go there! My clients are not rich most of them working class and lots of them are now laid off, someone puts a notion into their head and dollar signs start developing. Like the dimbulbs that tell a coworker, parent, son etc. Claim 8 on your w-4 and they won't take out as much tax out of your paycheck!!!!!!!!
		+	Sorry to vent didn't mean to do that, but like I said the calls are starting already, it must be because people are so bad off this year.
		+	Once again, Trillium, thank you for your help last season. I really did appreciate it, just wanted to let you know.
		+	linda lou

Discussion:Client (S-Corp) Selling his Bar - Depreciation

2009-12-04T02:28:59Z

Revision as of 02:28, 4 December 2009		Current revision
Line 58:		Line 58:

	{{ForumReplyPost\|UserID=JR1\|Date=December 4, 2009\|Text=The sale of the assets at loss would be ordinary, too, wouldn't it? 1231.}}		{{ForumReplyPost\|UserID=JR1\|Date=December 4, 2009\|Text=The sale of the assets at loss would be ordinary, too, wouldn't it? 1231.}}
		+
		+	{{ForumReplyPost\|UserID=KathiJud\|Date=4 December 2009\|Text=Probably part of it would be ordinary under 1231 but doubtful that depreciable asset values are the whole purchase price. Not enough info to determine that. I would suspect part of the selling TP's basis is from cash advances to fund operating losses etc.}}

Discussion:I got my enrollment card!

2009-12-04T02:25:43Z

That's horrible

Revision as of 02:25, 4 December 2009		Current revision
Line 150:		Line 150:

	}}		}}
		+
		+	{{ForumReplyPost\|UserID=FloridaTaxes\|Date=4 December 2009\|Text=That's horrible news to hear. I also sent mine in recently. They cashed my check a few days ago so I was hoping that meant my application was getting processed.}}

Discussion:Cash basis taxpayer takes deposits

2009-12-04T02:21:20Z

Cash deposits th

Revision as of 02:21, 4 December 2009		Current revision
Line 19:		Line 19:

	{{ForumReplyPost\|UserID=Chicagocpa1\|Date=4 December 2009\|Text=He is required to return them - which is what happens in most cases. It's not really a prepayment, so much as an assurance that the last payment will made. If someone runs without paying their final invoice, he keeps the deposit. Since he has control of the money, I couldn't find a way to not declare them as income per tax return - Even though, they are liabilities on his financials. Thanks.}}		{{ForumReplyPost\|UserID=Chicagocpa1\|Date=4 December 2009\|Text=He is required to return them - which is what happens in most cases. It's not really a prepayment, so much as an assurance that the last payment will made. If someone runs without paying their final invoice, he keeps the deposit. Since he has control of the money, I couldn't find a way to not declare them as income per tax return - Even though, they are liabilities on his financials. Thanks.}}
		+
		+	{{ForumReplyPost\|UserID=KathiJud\|Date=4 December 2009\|Text=Cash deposits that can be applied to future invoices for either services or goods are taxable income when received. That is regardless of whether you are cash or accrual. If however, in your first year of business as an accrual basis taxpayer you elected under a specific rule to treat advance deposits as a liability you may do so. Part of the election is that you must attach a schedule to your return each year giving specified information. I don't have access to the specific info on that but can put it on here later if that is wanted. This was discussed in detail in a CPE class I just attended.
		+
		+	For accrual Financials you would not record it this way and have a book to tax difference.}}

Discussion:Cobra stimulus extension?

2009-12-04T02:13:44Z

Try this link to

Revision as of 02:13, 4 December 2009		Current revision
Line 26:		Line 26:

	{{ForumReplyPost\|UserID=Actionbsns\|Date=3 December 2009\|Text=Cestrobeck, I couldn't get that link to work. Do you have more information on that? And does this increase the length of time for the subsidy from 9 months to something longer?}}		{{ForumReplyPost\|UserID=Actionbsns\|Date=3 December 2009\|Text=Cestrobeck, I couldn't get that link to work. Do you have more information on that? And does this increase the length of time for the subsidy from 9 months to something longer?}}
		+
		+	{{ForumReplyPost\|UserID=KathiJud\|Date=4 December 2009\|Text=Try this link to Cobra Stimulus info:
		+
		+	[http://www.irs.gov/pub/irs-drop/n-09-27.pdf Notice 2009-27]
		+	}}

Discussion:Purchasing a Practice without a guarantee

2009-12-04T02:09:52Z

New Discussion

New page

{{Business Growth Community}}


{{ForumNewPost|UserID=Kokomo|Date=4 December 2009|Text=Has anyone bought an accounting practice without a revenue guarantee (usually 1st year of gross receipts)? One of the brokers in my area (CA) seems to be telling the sellers that they do not need to provide a guarantee. He is getting at least 75% of the listings in CA this year. Traditionally, tax practice sales have come with a guarantee. Is this a new trend or are there too many desperate buyers?

I have been told by a consultant that if a seller does not offer a guarantee the buyer should walk away.

Any thoughts would be much appreciated. I would especially be interested in hearing from someone who has purchased without a guarantee.

}}

Discussion:Client (S-Corp) Selling his Bar - Depreciation

2009-12-04T02:09:33Z

The sale of the

Revision as of 02:09, 4 December 2009		Current revision
Line 56:		Line 56:

	{{ForumReplyPost\|UserID=KathiJud\|Date=4 December 2009\|Text=Wait a second guys. If the selling TP was the original owner of this S Corp and would have a loss on this sale, he should stick to his guns for a stock sale! That is a 1244 ordinary loss and not a capital loss deductible at a paltry $3,000 per year until used up.}}		{{ForumReplyPost\|UserID=KathiJud\|Date=4 December 2009\|Text=Wait a second guys. If the selling TP was the original owner of this S Corp and would have a loss on this sale, he should stick to his guns for a stock sale! That is a 1244 ordinary loss and not a capital loss deductible at a paltry $3,000 per year until used up.}}
		+
		+	{{ForumReplyPost\|UserID=JR1\|Date=December 4, 2009\|Text=The sale of the assets at loss would be ordinary, too, wouldn't it? 1231.}}

Discussion:Client (S-Corp) Selling his Bar - Depreciation

2009-12-04T02:07:37Z

Wait a second gu

Revision as of 02:07, 4 December 2009		Current revision
Line 54:		Line 54:

	}}		}}
		+
		+	{{ForumReplyPost\|UserID=KathiJud\|Date=4 December 2009\|Text=Wait a second guys. If the selling TP was the original owner of this S Corp and would have a loss on this sale, he should stick to his guns for a stock sale! That is a 1244 ordinary loss and not a capital loss deductible at a paltry $3,000 per year until used up.}}

Discussion:Mortgage interest on lot adjacent to home

2009-12-04T01:52:33Z

This is not acqu

Revision as of 01:52, 4 December 2009		Current revision
Line 21:		Line 21:

	{{ForumReplyPost\|UserID=DaveFogel\|Date=3 December 2009\|Text=Since the new loan will not be secured by the lot and house being acquired, but rather, by the client's original parcel, it can't qualify as acquisition indebtedness under IRC §163(h)(3)(B). However, you might explore whether the lot and house being acquired could qualify as investment property, because then, the interest on the loan would be deductible as investment interest, limited to net investment income.}}		{{ForumReplyPost\|UserID=DaveFogel\|Date=3 December 2009\|Text=Since the new loan will not be secured by the lot and house being acquired, but rather, by the client's original parcel, it can't qualify as acquisition indebtedness under IRC §163(h)(3)(B). However, you might explore whether the lot and house being acquired could qualify as investment property, because then, the interest on the loan would be deductible as investment interest, limited to net investment income.}}
		+
		+	{{ForumReplyPost\|UserID=KathiJud\|Date=4 December 2009\|Text=This is not acquisition debt for either a first or second residence mortgage interest deduction. In order for it to be a second residence, TP would have to use the house for some period of time for personal reasons during each year you wish to have the deduction for interest as a second residence. Since that won't happen and it will be demolished, your cost basis for the land will be whatever you paid for it plus the demo costs.
		+
		+	For investment interest, you'd have to be able to show holding the land for potential gain in value and avoid using it for any personal purposes. No blending it in with the existing home lot by landscaping or fencing etc. Investment interest that is not currently deductible due to the limitation of investment income can be capitalized to cost basis along with property taxes on the separate lot. Non capitalized property tax on investment property is deductible on Schedule A but must also be shown on the form 4952 as an investment expense to calculate the interest allowed.
		+
		+	To freely use it for personal reasons and blend use with the existing lot, you are left with up to $100K of home equity debt treatment. Debt exceeding the $100K will give you non deductible interest.}}

Discussion:I got my enrollment card!

2009-12-04T01:35:58Z

You guys are luc

Revision as of 01:35, 4 December 2009		Current revision
Line 146:		Line 146:

	{{ForumReplyPost\|UserID=Taxman15\|Date=17 November 2009\|Text=Thanks NMexEA!}}		{{ForumReplyPost\|UserID=Taxman15\|Date=17 November 2009\|Text=Thanks NMexEA!}}
		+
		+	{{ForumReplyPost\|UserID=TaxhelpinNC\|Date=4 December 2009\|Text=You guys are lucky! I called the IRS today to find out status of my EA application (Form 23) since it has been over 60 days since I submitted it. I discovered, after your Form 23 application is received in California, it is sent to Detroit, Michigan for processing. Next I was informed that they have not been processing EA applications for the last 60 days. They have been in the process of “migrating” to a new system. They are not quite sure when they will start processing again. The agent I spoke to said there were stacks and stacks of applications sitting around. The agent also said he is aware that there are pay raises as well as employment conditional on getting EA status before end of year. He could not say when the system would be running again. “Call back in a couple of weeks,” is what he said. Perhaps letters to our representatives in Congress would be a good idea.
		+
		+	}}

Discussion:Just Passed all three parts of EA

2009-12-04T01:30:49Z

Revision as of 01:30, 4 December 2009		Current revision
Line 1:		Line 1:
	{{Business Growth Community}}		{{Business Growth Community}}
	<!-- Add categories below this line -->		<!-- Add categories below this line -->
		+
		+	Good Luck. I called the IRS today to find out status of my EA application (Form 23) since it has been over 60 days since I submitted it. I discovered, after your Form 23 application is received in California, it is sent to Detroit, Michigan for processing.Next I was informed that they have not been processing EA applications for the last 60 days. They have been in the process of “migrating” to a new system. They are not quite sure when they will start processing again. The agent I spoke to said there were stacks and stacksof applications sitting around. The agent also said he is aware that there are pay raises as well as employment conditional on getting EA status before end of year. He could not say when the system would be running again. “Call back in a couple of weeks,” is what he said. Perhaps letters to our representatives in Congress would be a good idea.
		+
		+

	{{ForumNewPost\|UserID=DublinTax\|Date=30 November 2009\|Text=I passed all three parts in first attempts. I used Gleim books and CD's. I found they are tougher than actual exam. I scored 60-70 on Gleim tests.		{{ForumNewPost\|UserID=DublinTax\|Date=30 November 2009\|Text=I passed all three parts in first attempts. I used Gleim books and CD's. I found they are tougher than actual exam. I scored 60-70 on Gleim tests.

User talk:TaxhelpinNC

2009-12-04T01:11:54Z

Default new user talk page

New page

User:TaxhelpinNC

2009-12-04T01:11:54Z

Default new user page

New page

Discussion:COBRA subsidy & S Corp shareholder

2009-12-04T01:02:29Z

Revision as of 01:02, 4 December 2009		Current revision
Line 44:		Line 44:
	{{ForumReplyPost\|UserID=KathiJud\|Date=4 December 2009\|Text=No problem JR. One more thing to make our heads spin round and round LOL!		{{ForumReplyPost\|UserID=KathiJud\|Date=4 December 2009\|Text=No problem JR. One more thing to make our heads spin round and round LOL!

-	I think if you lose your job, dependents can elect their own COBRA coverage and get their own subsidy because of what happened to you. If a spouse divorces you but was on the employee policy when you lost your job, the also get COBRA coverage and their own subsidy. It still has to all tie back to the employee who was laid off.}}	+	I think if you lose your job, dependents can elect their own COBRA coverage and get their own subsidy because of what happened to you. If a spouse divorces you but was on the employee policy when you lost your job, they also get COBRA coverage and their own subsidy. It still has to all tie back to the employee who was laid off.}}