User talk:CrowJD
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| Actually, wife just found LLC documents and she is the sole member. What a mess! She did no work, strictly husband consulting. So, what do you think about this. Since 1099's are reported in husband's social security number, then I will just do a schedule C for him relating to those 1099's. We will consider LLC never did any business. | Actually, wife just found LLC documents and she is the sole member. What a mess! She did no work, strictly husband consulting. So, what do you think about this. Since 1099's are reported in husband's social security number, then I will just do a schedule C for him relating to those 1099's. We will consider LLC never did any business. | ||
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| + | Thanks for you input. | ||
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Juris Doctor
Absolutely! Try adding the text {{JD}} to your user page. Please check the spelling and wording as I'm not sure what the common usage is. Thank you for the idea!
- Tim Doyle, TaxAlmanac Moderator - Talk to me 18:48, 17 December 2006 (CST)
Print Discussions
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- Tim Doyle, TaxAlmanac Moderator - Talk to me 09:54, 20 December 2006 (CST)
Just found your message: to be honest I only have 12 partnerships in my database from last year, and none that complex where there are questions of basis etc. Only two of the twelve are comprised of individuals who are not either husband and wife, or life-partner [two LPs are same sex partners where the managing partner is a LLC taxed as a C Corp but which only owns 1% of the venture]. I am satisfied with the mechanics of the software, but sometimes I can see that trying to keep capital accounts and basis in order can lead to baroque processes. What I like about Proseries is the form based data entry and ease of navigation, but then I have never tried anything else except for short trials. What I dislike mostly concerns either K-1 entry for PTPs and other partnerships, especially the lack of choices for other income, or weaknesses in state returns, especially those that do not follow Federal AGI. Then too, I get the feeling certain states get the bum's rush in completing the software, as witness the major error two years ago on Delaware resident returns. I only wish too that certain Lacerte features could be imported (mortgage interest that is not deductible for AMT: in Lacerte, you can indicate this without opening 6251 but in Proseries, you must do the calculation on the AMT form).
All in all I like it, but recognize that I went directly from doing returns by hand to using a computer in 1993 so I can still appreciate and remember how to actually prepare a return.
let me know anything you want to know.
david
Prosereries/Tax Wise
Tax Wise is one I have never tried: gone thru looks at Lacerte, Tax Works, ATX, an Arthur Andersen program once, and way back Pencil Pushers, which Lacerte bought out. I do not own Quickbooks, dislike it, but did use it for my own books for several years, growling all the way. Now I simply use Quicken since I am cash basis, but do keep receivables on an ancient MS Works database. This year fiancee and I are changing that over to Sage Simply Accounting but just for receivables.
You mentioned me saying I overrode.....I think you mean when there is a LLC with guaranteed payments that are from capital, in which case Proseries gives you the option not to include them on the SE line of the K-1 by checking a block....but that is not overriding. I do have to override when I have a PTP which has a loss on Line 1 and a profit on Line 2.....damn software makes you use two K-1 worksheets for this for some reason and worse, picks up the profit but not the loss since it does not realize it is the same PTP, so I ignore the error message I get but I do not override....lately I have even simply netted the two numbers. Overrides and error messages prevent electronic filing but I never file partnerships that way anyway.
My partnerships sometimes are very rudimentary. If I can get away without doing the balance sheet, three cheers!!!! I check that question and goodbye Schedule L. My S Corps are two types: the classic incorporated checkbook, and I have this one guy who sets up LLCs for real estate investments with others, and then elects S....don't ask me why, he is a South Philly insurance man and knows it all, or so he says.
When I lived in the upper Hudson Valley, I had a lawyer friend who used to get the pay per return Proseries.....whether they will do that for partnerships I do not know but I seem to recall he did a number of 1041s on it.
Anyway, wish I had more knowledge of TaxWise to help you. Great to chat with you.
d
Oliver Twist's Sire
That was so funny! I really got a kick out of that discussion. Not often that one can laugh out loud at a post on a tax research site. :)
I hear you on the partnerships, tough going. For now, if the revenue or assets exceed the 250k mark I am passing them on to a mentor of mine. S-corps seem to be the most prevalent type of business entity in my market and I am doing good to be able to get them out the door profitably and in a timely manner, in this, my second year. That partnership you are discussing in the 'Accounting method change' thread is going to be a piece of work it sounds. Doing the L and M's from an excel sheet! :)
I have a cafe and an upscale nightclub that operates a kitchen in my client list. I think that it is good policy to set the bar high for restaurant clients. The two I have really strive to achieve best practices and will invest in some accounting. As I am learning in this business, the clients are going to only be as good as the people involved, no matter what business they are involved in. If you get a referral on one from a client you respect I would go for it. Especially if they are an S-corp!! :)
Good to talk with you. Hope you have a great holiday.
Will
William Price, EA | Portland, OR - Talk to me
LLC
As soon as I read your comment on the Excel accounting records I figured they had not been required to submit the L and M's in at least 2004, maybe 2005. (SIDEBAR - A colleague of mine will prepare L's for all of his clients, especially the smaller ones, because it is probably going to be the only BS they ever have. I can see that point and seems like a nice service, I just do not have the efficiency to put it in place yet.) In your case it is that first year check box as accrual that is the rub. I bet the Service didn't even look at those un-required schedules. But when the LLC exceeds 250k and you have the cash box marked with no AP/AR on the L?? Let me know what happens!
Will
If you want cash basis mark it accordingly. Assume prior year was a mistake. I have seen a change in method without IRS approval many times without ever a comment by IRS. The IRS does not flag that box. If audited years from now the IRS agent will never see the old year checked box. The IRS does not get too excited by timing differences.
Will's and DZCPA's
Wills and DZ's comments came in at exactly the same time there I think, and got glued together. Thanks both of you.
AMT planning or not!
CrowJD - your absolutely right, once one enters the AMT room in any given year, there is no real planning to do unless, it looks like they might not be in the AMT in the following year - then that bunching of deductions into the non AMT year works. Once one is in the AMT for Federal year after year, bunching up the r/e taxes in one year when the income is higher than the projected next year can provide tax savings at the state level. Your expertise in the 1041, 709, 706 is an area that I am far weaker in so the nice thing about this site is that we can learn from each other and help each other out. Your posts here have been helpful for me as well as it gets me thinking about concepts I might not consider on my own. The one on the mortgage letters is a good example of one just within the last couple of days. The AMT can certainly be a bugger but I would rather be on the fringe of AMT any day because that implies in my mind that I am maximizing my tax dollars by paying a lower rate of tax. But then again, I have yet to be into the AMT for $10-25k either.
Atlantic JD
Hey; thanks for your mail. I had to drive to and from Miami today and just now got to my office....man what a nightmare the roads are in today!!
Vero is just north of West Palm; about an hour north. OH YEAH...money is dripping off the people down here. Sometimes it amazes me at what vast amounts of money they have AND waste. Hell, their dogs eat better than me...hehe
I have lived in Florida my entire life, but I was up in the Orlando area until 2 years ago when I moved to the coast in Vero. It is still a small town here, not like Lauderdale, Miami or Palm Beach, but this town is FULL of the arts. The "benefits" in this town during season are very tuned to the rich and famous.
I drive by this house on the ocean most days coming back into my office. It is a 10K sq ft masterpiece for sale....now get this.....45 Million dollars!!!!!!!! Not quite my cup of tea, the house is too venetian style for me, but 45 Million?????
My office is located on the west side of the ocean...DUHHHH. I love the location (very bohemia style) but that is the difference between 700.00 a month rent and 7K a month rent for a small office...
If you get back down to South Florida, let me know. Would love to meet you and share some of the sides of town we all live in...hehe
Merry Christmas and don't forget the eggnog!!!
AMT
Thanks for the kind words about my posts on TaxAlmanac. I learn lots here, too. I am not a policy wonk nor do I mix politics in with my business. I find it challenging enough to try to learn about & understand tax practice. I will say this about the AMT, though. The AMT is s not as simple as the term "flat tax" might suggest. Even if Congress gets rid of the regular tax system, it'll take many, many years before all the effects of that system are gone. I'll be glad if I'm still practicing when that happens. -- Larry Hess, CPA | Albuquerque, NM - Talk to me
Merry Christmas my friend!!
A very Merry Christmas to you Crow....I appreciate getting to know you and this will be a great year coming I hope. Thank you for your posts and for your unique way to make me laugh :) :)
Sandy
Tax Opinion Letters
Thanks for the advise, I have the Circular 230 boilerplate nonsense, I had hoped to get someome to provide more heft, do to speak, I think I'll call one of my lawyer friends and see what they haveRichardleighton 13:45, 19 January 2007 (CST)
LLC Partner Salary
Hi CrowJD I am Ginger Grinnan - CPA in Oceanside CA I entered a question on the LLC_Member's_salary discussion - can you help me figure out what is meant by Sub S loosing "flexibility to allocate" My LLC partners are all paying themselves W-2 income, I know partners can not be employees so I was going to tell them to be a Sub S - but don't want to give them bad advice
LLC Dissolution
Hi, From your posts about LLCs I'm assuming you have some knowledge of these entities. I have been preparing 2 LLC returns (in California) for a few years. Now one of the LLCs went out of business 12/31/06. I didn't know they went out of business until just last week. There are 2 members in the LLC. I'm not sure how to fill out the final return. I assume the assets (only a few) are disposed of on Form 4797? Do I distribute the capital investment (cash) in proportion to what each member initially invested? On the balance sheet, there are still 3 outstanding liabilities - a 3rd party loan, sales tax payable and payroll tax payable. How do I report these on the K-1, if at all? I am not reporting the balance sheet on the tax return. I posted an inquiry on this site a couple of days ago - title: LLC Dissolution. The post has had over 20 views but no replies. Can you help me? Thanks, Robi Robi 18:34, 14 April 2007 (CDT)
tequila
Hey thanks! Jessica
I thank you for writing to me
I thank you for writing to me. It’s very nice.
I don’t agree with your statement that Russian don’t understand American Law. I think it really depends on a person, number of years that this person lives in the US, and also an occupation he/she holds and education. I’ve been a CFO in Russia; therefore I understand the basics that are the same everywhere. Probably only in Israel they do it a little different: Dr on the right and Cr on the left. I was surprised many times, when I learned that an American understand his/her own law significantly less than I do.
On my first year in US one American lady complained, “I paid to insurance company premiums for 15 years, and never took a dime from them. The next day I stopped paying, an accident happened, and they, bastards, don’t want to compensate me.” And just for your information, at my time, nobody bought insurance in Russia, but I simply knew basics. Therefore I do not expect any people to know too much of any kind of law. Also, I do not trust any lawyers as well. If life makes me to go to a lawyer for a consultation, I never trust his words, I always ask him/her to give me a copy from the code, and read it myself, making sure that whatever he/she said is correct. I was also surprised many times, how one law contradict with another, and it gave me understanding of why we need all these attorneys. Yes, I do like to write, and do it a lot. I’m not Dostoevskiy… and Tolstoy … is kind of borings for me. He is too descriptive, and I have to read and read until he gets to the point… But I like to write just for the sake of it. I never publish my writing, because I don’t like negative respond. If I do it for living, then fine, but I do it for pleasure, so I just want to have pleasure only.
I don’t know about a medal. I don’t think that I earned one. I didn’t do anything for people to give me a medal. But what I really think about myself is, that I was born to be an incredible singer. I know that if I’m born here, I would definitely become one. In Russia, when I sing to public, people were simply stunned, and I loved it. I could control a huge crowd of people, and they singed and danced with me. That was great. I didn’t become a singer, because the soviet regime didn’t let me. When I left the country, I was already 35. And it takes decades just to adjust, and make yourself comfortable. I thank you again for your attention. I always look forward to chat.
CrowJD,
I appreciate your comments regarding Preparer Liability. Thank you for emailing to elaborate on your explanation. As always, I look forward to more posts from you.
Sunny
Thank you for your email
My previous email to you got incorporated into someone else's. I think it is because I did not have anything in the Name/Topic field.
Advocacy
"A certain person on a certain recent post asked if it was time to fire his client" What kills me here is that it was not the client who was at fault, but an IRS computer. Having had an auditor send me an IDR that asked the difference between client's Sch C gross and a 1099MISC 'on record' where in fact that 1099 did not exist, another pull a paper from a drawer and tell me it was a directive from the District Director instructing them to audit all of my clients.....this when I told him to work harder.....and several other instances.....I find it should be time to fire the auditor, not the client.
By the way, that one who pulled the 'letter' out later realized he had me confused with another rep. He only told me that when I asked to speak to his manager...he said I could but asked we finish the audit, then started bending over backwards to be nice. After he finished he said I did an excellent job, and that he had me confused with David Someone....stupid fool could have stopped without revealing a name, but no, he continued his idiocy. Next thing I know, he became a field auditor, and not in Butte Montana.
Death&Taxes 07:36, 15 September 2007 (CDT)
Reply to your message to Dr. Jay
Thank you for your message. Yes, they are Doctors and too busy to take care of their finances. I am helping them out as they and their other doctor friends represent a fair chunk of my commission income.
Regards,
Dr. Jay
Thanks from Dr. Jay
Thank you for your message. I almost bought several new homes in Canton and near Marrietta but backed out. I will wait for six months then buy.
I have checked out your website and left you a message there as well. I will pass your web address to a few in Atlata whom I know well.
Regards,
Jay
"Quick Note"
Crow - I am not aware of any CPE courses that go into any great detail about profits interests, etc. - most of my learning has been of the "on the job" variety. If you have access to any of the "journals" (e.g., Journal of Taxation, Journal of Business Entities, etc.) through RIA or otherwise, you can find some pretty good articles on the topic. Wish I could be of more help.
Frank (FTF65)
You are Kind
JD
Thank you for those gracious words. However, I consider your posts and command of the language head and shoulders above mine and most of the others. Keep posting as I enjoy and learn from you.
--Solomon 11:27, 18 September 2007 (CDT)
Thanks. Appreciate that. Ian
Can we schedule a phone conference?
I'd like to get your help on the case I referenced earlier this week in one of my threads RE: Sch E to LLC transfer. The case I'm working on is a lady who inherited a piece of land with her sister, from their father in 1999. In 2006 they sold the land for $6 million, and the tax preparer set the basis for the land at $21K. I have a VERY hard time believing there was a $6 mil appreciation in 7 years, and I think they did not have a stepped up basis. I am trying to get the final or estate return of the father. I don't know the estate rules for that year very well, as estate tax is definitely not my expertise. Regardless, shouldn't there be a stepped up basis, at least to the point of the exemption amounts, of the property?
Please call me to discuss 678-945-0975 Thank you! Cathy Strobeck, CPA
your help
Thanks, JD, for several good and helpful responses. I am in complete agreement regarding the 1065 (which I did not prepare) and have discussed with my client and well documented my concerns in how the 1065 was prepared. I think I mentioned that I had spoken to the preparer and we equally maintain that there will remain questions, concerns until if and when the IRS comes forward and really addresses these hanging LLC issues. I would not use an LLC except for RE, but you guys (attorneys - no offense) seem to love them. Anyway, thanks again and if you happen to know any good attorneys in the Western NC area, please pass along their names. I've been here for over 10 years and have not found/met one that I am comfortable referring clients to. Lynne
Father funded son's business
Son was a sole proprietorship. What is the 'partnership created by state law'? this is a Texas question. Son took $100,000 loan from bank and used the money for the build out and for the purchase of assets. I do not have a break out or detail of how these monies were spent. Son took sales proceeds and I assume paid some of the bills and some for personal expenses. The only idea of sales is the sales tax reports which I do have. Is it possible to prepare a Schedule C for my client showing the sales (from the sales tax reports) and deducting the expenses my client actually paid for and assuming any funds advanced to the son were for business expenses. And then, would I be correct in allocating the original $100,000 between Leasehold Costs and Depreciable Assets and writing them off instead of depreciation and amortization. In other words, would I be remiss in constructing a Schedule C with some estimated amounts? this would be a rather large loss which it is but is it a Schedule C loss or an investment loss where you take only $3,000 a year? Your thoughts, please.
Need you
Good, you're here. Hit the Divorcing clients thread...it's really a legal question. Tanks, JR1
Film writer
The film was "Michael"....his prizewinning book was "Paris Trout." this is hush hush, please.
Sole Prop v sm LLC v LLC as S-Corp for start up
Thanks for asking my opinion. I just hope I added something useful to the thread. It looks like you and the other bright minds on the board have it covered.
It's a good discssion and I like the insight it provided. Thanks for posting it.
TheTinCook 19:22, 7 November 2007 (CST)
Cooks in the Kitchen
I agree. ;-)
Actually, I am glad to get your feedback. If you have any suggestions on how this might be solved, please send them my way!
- Tim Doyle, TaxAlmanac Moderator - Talk to me 18:15, 8 November 2007 (CST)
Mahalo Nui Loa
Thanks Crow for your help and suggestions. I've just returned to my office and saw your post to my User Talk. The bank accounts my dad has, will flow to me outside the will or trust in the event nothing changes over the next several months. I tried to explain to my dad what the trust could do and what it could not do, left some information for him to read and re-read and told him if he had questions let me know and I'd explain better or, if I don't know the answer, I'll find out what the answer is. He was under the impression that the trust would save a bunch of money and keep the state from laying claim to it but had no idea how any of it would work. I basically want him to make an informed decision and not feel he has to have a trust just because he can get one prepared for a discounted price - that old depression mentality kicks into full gear at the words "you can get this for free!" I appreciate your time and help.
Thanks/EA
Thanks, Crow...at this point I've kind of canned the EA idea. Just sitting down to study, memorizing facts...is so useless. It's not about concepts or application which you can't look up, but about facts, which you can. Which is more important? So for now, I really do have better things to do...and with the way things are pointing, I'm beginning to wonder if I might be one of those who just goes and gets a real job one day. Oh, no perish that thought! Jeff JR1
Cir 230 CPE
Thanks for the info. Crow. I was offered an updated CPE course on Cir 230, and I passed on it. I have way over my required CPE for the last two years, and I'm still swamped with work (since March). It sounds like this whole issue is not resolved yet. Natalie 16:19, 19 November 2007 (CST)Natalie
Thank you so much for the information. I was going to start studying for to become an EA in January, so maybe I will bump that up to December. I have been pretty busy with my clients thus far (and raising a little one who is 8 mos now) so going back to school is not in the cards at this point. I want to do everything "right" for my company and my clients, and was a bit worried that I might overstep what I am "allowed" to do, as a I am a non-certified accountant.
Thanks again, you have helped tremendously.
Sasha
Circ 230 Question
Hi Crow, sorry for taking so long to respond. That's an interesting dilemma you pointed out -- I've actually never thought about it before.
Let me start by saying the rules regarding attorney-client privilege and the duty of confidentiality are very complex, and I can't profess to be very knowledgeable in this area. You've got state law statutes and ethical rules interacting with federal administrative rules, and it all gets mind-numbingly difficult to understand.
Anyway, you mentioned that your client told you something about his individual tax return that seems to be in noncompliance w/ the tax laws. If this is the case, I agree that you're likely required under Circ. 230 to advise your client of the noncompliance and its consequences. The Circ. doesn't specify whether this is to be done orally or in writing, but it's definitely a good idea to document for your own files exactly when and how you gave the client the notice required by 10.21.
I'm really not sure about the atty-client privilege issue. It depends in part on whether your client had an expectation that the communication to you would be held in confidence in the rendition of legal services. Not sure that's what happened... hopefully it never comes to point where this communication was requested or demanded. If it comes to that, I'd hire a lawyer to provide advice and contact your state discliplinary board for advice also.
As far as disclosure of confidential information to protect yourself from IRS sanctions, that is a tricky issue. Because you're a lawyer, even though you may be performing "non-legal services" (i.e., preparing tax returns), chances are you're still bound by the ethical duties applied to all members of the bar. Thus, even if the client didn't engage your services as a lawyer (but instead engaged you as a tax preparer), I think as a general rule you'd still have the strictest duty of confidentiality to not divulge things the client told you. So in order to avoid breaching your ethical duties, you'd need an exception to the confidentiality duty.
You might want to see if your state recognizes a "Self-defense" exception to the confidentiality duty. Generally, this permits an attorney to disclose confidential information necessary to defend himself against a charge of wrongdoing in connection w/ representation of a client. See Model Rules of Professional Conduct 1.6. So let's say the Service comes and accuses you of wrongdoing (not complying w/ 10.21). If the situation ever comes down to that, you might be permitted to disclose enough information to defend yourself. But you'd have to be really careful not to divulge too early or too much in a way that hurts your client more than necessary.
Can the client afterward sue you for disclosing? I suppose they could. That's why it's really tough for attorneys who are also tax preparers. We wear "two hats" which clients sometimes confuse, thinking we're acting as their lawyer. From a confidentiality standpoint, the client might be better off w/ a "pure lawyer" who does only legal work. From now on, it'd probably be in your best interest to discuss with your tax preparation clients at the outset or in an engagement letter that you're not acting in the capacity of an attorney, and that communications w/ you are not within the usual atty-client privilege rules. And you might want to expressly state that any noncompliance w/ tax laws you become aware of may be disclosed to tax authorities to the extent required by law. Try contacting your state discliplinary board also if you have more questions. Maybe they can help. Good luck!
insurance
Crow, people may start to wonder when you're joking and when not! We also have "no fault" in Hawaii, so even if car insurance were not mandatory, I think I would still have coverage.Natalie 19:32, 29 December 2007 (CST)Natalie
I'm glad to see you added to your post.Natalie 23:09, 30 December 2007 (CST)Natalie
No worries Crow
No worries; you did not interrupt. I as well am sick and tired of the bleeding heart liberals who give these deadbeats money just by having children that are being supported by others....Sorry I am venting too
Minutes
We do some minutes for our corporate clients. Yes, I was uncomfortable at first because of the concern that this may cross the line of practicing law. But, I believe it is really just a clerical function. The money is not the great, but it's not bad either. We charge about $250 for the minutes, we bill it separately than the attendance at the meeting. You take a bath the first year, but once you got the document created it usually takes less than an hour to update the document each year.
My big concern is that my clients really need to get these done in case the IRS asks. Somebody's gotta do it. They don't know how, and they aren't going to pay an attorney to it. A lot of my small corporate clients don't even have a corporate attorney.
--PVVCPA 19:13, 10 January 2008 (CST)
"There is always a slight possibility that some state law will slip through, and perhaps an accountant would not catch it, and it perhaps could be argued that some corporate action should have been taken, or something amended, and reflected in the minutes etc."
Crow, I guess that maybe there is this "slight" risk. In your experience have you ever seen a closely held corp miss something that important in their minutes? And this "something" brought the whole house of cards down, as Dingodile frets about in his post.
I would think that the plaintiff's attorney would more easily pierce the corporate veil because the shareholders, board of directors & officers are all the same people. The absense of minutes would certainly help that attorney. But I do not believe that they would base their attack on the fact that the accountant-prepared minutes lacked the golden paragraph.
Minutes
Sorry Crow. I thought Paul was simply asking about regular meetings, not annual, corporate meetings.Natalie 00:35, 11 January 2008 (CST)Natalie
Da Outfield
HA! It's kind of my pet issue. One of my first clients was a high school kid working construction that was improperly 1099'd, and it struck a nerve.
I'm just glad I'm able to keep with good company. I've learned quite a bit from your posts.
TheTinCook 12:52, 16 January 2008 (CST)
"Of course, you are right RGTA, and have been right since the beginning! But, it's fun anyway"
I'm alittle slow on the uptake today. What are you referring to? I've been posting alot instead of working.
Rgtaxservice 14:33, 18 January 2008 (CST)
Petty Cash
It is fun. That thread will be beat to death. I've been at this desk all day just on TA instead of doing the bookwork I told myself I was going to do.
CrowJD
CrowJD,
Sorry, I forgot to check my email messages on this forum--I wasn't ignoring your email/IM.
I really appreciate your offer for the 1023 on my client. Currently, they have backed off because his ministry primarily involves being a member of a band (lead singer). I didn't feel that they could satisfy the requirements-currently-to justify the expenses of filing the 1023 and the risk of rejection. They also learned more about the costs and decided to back off for now. Their primary source of revenue is 1099 income from churhes so it isn't like they would achieve much by getting the 1023. Few of their income dollars come from actual donations that would be tax deductible.
I will-however-keep you in mind as my client has several industry associates he will be referring my way that might need 1023's. If so, I will refer them your was.
Michael
CrowJD,
Good deal. After I get their initial setup done, I am going to try to sell them some personal financial planning (to includes wills, living wills, etc). If they need anything, I will send them to you. As I mentioned in another post, I ask a lot of questions and can't provide much in the way of expertise to other people's questions....so if I can send some business to a forum member, cool beans.
Michael
Double entry q
Are you just making up Vilexka? Or am I missing something?Natalie 21:18, 8 February 2008 (CST)Natalie
I get it now. I had looked at the profile, and I had no clue where the Russian was coming from.Natalie 21:56, 8 February 2008 (CST)Natalie
You looking for me?
Tom here....you looking for me?Taocpa 15:16, 9 February 2008 (CST)
Help
Sure Crow, since you bailed me out when I looked like an idiot about the life insurance thing.... TomTaocpa 15:42, 9 February 2008 (CST)
You're welcome
Crow- You're welcome. I hope he does get a local accountant. I figured the easiest thing was instead of me writing that out was to post it and let him read it for himself. Tom Taocpa 06:23, 10 February 2008 (CST)
Thank you
Hi CrowJD,
Thank you again for the encouragement. I really needed tonight after getting that email. I guess I have to get used to it, it is hard though. You want to make everyone happy....
I enjoy this site it's great especially during tax season. I hope you have a good one. :-)
Just wanted to thank you for responding to my posting
That's what I figured....just stick to the simple taxes and be super cautious on anything beyond that point. Here, I might have a good niche b/c my clients are all Spanish-speaking and they have no idea how to do even the basics.
My other questions (for when you have time) is whether it's o.k. to sign as the tax preparer even though I'm not signed on w/ the IRS as EA?
Also, I just picked up Taxes for dummies so that I have something tangible to refer to when I have some basic questions about credit and deductions questions. But should I pick up the J.K. Lasser one b/c that was right there but I wasn't sure if that was a better one. thanks so much. Sorry for the no signature.Rocnyc99 12:33, 14 February 2008 (CST)
From crowjd: Please leave your NAME with your post!
Note to people who leave me messages here: I cannot contact you if you don't leave your name-link. Read the directions please and please leave your name-link if you want me to get back in touch with you by using the 4 tilde as instructed on the site. Thanks. CrowJD 10:41, 14 February 2008 (CST)
history tab
Crow, you can click on the history tab above to see who left you a message if they don't put the ~ in.Natalie 12:22, 14 February 2008 (CST)Natalie
Just another big THANKS!!
Thank you for taking the time and responding. I really do appreciate it. I will take your advice and get the book and the software. We'll see what happens. I'm sure you'll hear from me again. May you be blessed w/ many more tax filings (that are simple and pay well) Have a great St.Valentine day.Rocnyc99 13:56, 14 February 2008 (CST)
email address
Do you give out your email address? If so, may I have it?Natalie 14:20, 14 February 2008 (CST)Natalie
tax form 1120
Hello from SPb again!
I have one question, but I reckon, this question isn't easy. Previous year our company had paid-in capital and only one income from sales. We payd only for hosting, comunications, license and for rent servers by company's bank debet card. And that's all the transactions.
Can you tell me what schedules of tax form 1120 I should fill and file to IRS in my case and what other tax forms should I fill?
I'am looking forward to receiving your weighty opinion. Thank you.
Konstantin
thanks
Hi, This is dsglouise (Louise). I didn't respond on your message, because I was loaded with work at my job and business to the roof, and didn’t visit Tax Almanac foe some time. I just want to say thank you for your words, and compliment. I appreciate it very much. As an appreciation, I can offer you to visit my website, where I posted my stories. They are quite entertaining, or so people say. www.usfinances.net Enjoy :) Louise
Cap a DR's cost??????????
That is so funny!!!!
I know what I was thinking. I have seen CPA's take a young DR, dentist etc... out of schoool and take a position that when they leave school, they take with them assets (Tools, etc..).
they then do a 351 and depreciate the assets. very "slimy" in my view but that is what you reminded me of.
Next thing is we will capitalize student loan costs.
Thansk for your quick response.
matt Jelnicky
Good one, Crow!
Very funny, Crow! I love it! TomTaocpa 15:22, 29 February 2008 (CST)
YoungPierce
Am from the Treasure State. Thanks for clarifying the snake issue. Pierce 06:52, 1 March 2008 (CST)
from Luba
Hi Bill, Thank you for the reference. Konstantin contacted me, and I guess is going to be under control. I’m glad you enjoyed my trying in writing, well I do it for fun only, so they are not edited by professional, just like regular blog. Good luck to you in this t-season too. Louise/Luba
Hi Bill.
Hi Bill, Konstantine just sent me the link to his question that he posted to the Tax Almanac. I checked it out and laughed my head of reading your response.
"This take whole bureau in St. Petersburg to figure this out! Big question. For now, best to put this in "suspense file". Others may have more to add. In general, best to remember famous words of Oscar Wilde: "No good deed goes unpunished."
And that’s exactly what it is “Делать из мухи слона”.
I didn’t know you read Russian. You spoke to me about Dostoevsky before, but I assumed that you read translation. This is great! How do you know Russian? Did you take classes or have Russian origin? Louise
Oh, please… You don’t want to be reincarnated Russian in an American body! There is nothing so exciting about it. Well, at least it’s my personal opinion. Russians are slaves by their nature. They need a tsar that would tell them what to do. They have no understanding of freedom. You don’t want to be slave. Russian don’t understand charity. It’s very alien to them. They may pity you, and give you a penny, to treat you as dirt the very next moment. You don’t want to be nasty and mean. I’m not saying that all Russians are bad, but they are just very different in a luck of freedom and merciless way. It takes generations to become an American, and many people are not capable to become one. It took me 20 years, and I’m happy that I made it. But when I look back at young myself, I’m getting upset, because I see how much more I would accomplish in my life if only I was free of being Russian. Also I see that some part of me is still Luba, and she looks at things the old Russian way, and even though Louise knows that existing way is much beter, Luba doesn’t like it, and can’t accept it.
Therefore there is no way I want any piece of being Russian back in my body. I have enough.
It maybe looks exotic to you, but it’s really not.
I’m too talkative, and it’s a tax season.
Bill, I’m a wrong person to talk about literature. As you said “Russians don’t read Dostoevsky”. It’s about me :(, but it’s not entirely accurate statement. I personally know a lot of Russia people who love reading, but I’m not one of them. I’m always invited to a Russian Book Club here in NJ with tons of members. People gather together once a month to discuss a book they read. They want me there, because I’m creative, funny, energetic, and always give them inspiration for the day by “every-morning-fresh-little-poem-over-the-internet”. I visited this club once... Noh... It’s not for me. I don’t mind to play my accordion and sing my head off with bunch of people. This is fun! Talking? Discussing? Debating? It’s for 50 –year-very-old, I’m 25 always. :)
My father was a big reader. He had a huge library that traveled with us when he moved from place to place, crossing continent from East to West and from North to South all his life. At that time it was a treasure. He was always upset with me that I was not interested in reading. I read, only not what a custom to read was. I read tons of programming books; I learned probably more than 30 different computer languages. And if I read a regular book, it has to be ether very funny, or absolutely incredibly interesting from page 1. I usually skip a lot of details. I’m a fact girl, and all this blah-blah-blah doesn't not interest me. Also if the book is sad or stressful, I force myself to put it away. The life is already stressful enough to add negative emotions to it . “The House of the Dead" and "The Devils” – I’m sure are fabulous and very talented peaces. But look at the names! I don’t need it. I went through -40 degree in C of North starving life, Chernobyl, 4 years of interrogation with gun pointed into my face by soviet anti-Semitic authorities, penniless refugee and immigration with two babies on my laps, and then first WTC bombing and then Sep 11 I worked right next to it… And this is just some highlights... Oh, give me a break. I’d rather flirt with men over the internet and write my morning poem instead.
OK, I’ll let you go. I’m too talkative, and it’s a tax season.
Gambling
A long time ago I learned that for me the emotional cost of losing outweighed the gain of winning. I do not gamble.♫
Thanks
Not sure what to wager on; James Howard Kuenstler is betting Citibank goes belly up later this spring.
Death&Taxes 08:07, 8 March 2008 (CST)
Belly up
Scroll down the Chronicle to the piece of 2/25 called 'Still Pretending' http://www.kunstler.com/
Death&Taxes 12:58, 8 March 2008 (CST)
Help
Crow (aka Dollar Bill)- A little help: Konstantin posted again and I want to help, but my brain is having trouble translating his broken English. Discussion:Money from abroad agent. Can you give it a whirl? Thanks, TomTaocpa 07:06, 15 March 2008 (CDT)
Thanks...
CrowJD-Thanks. I was having so much trouble understanding his question. I couldn't decipher it. I read it a bunch of times and wound up with a headache. I noticed Natalie didn't touch it either. I forgot about Dsglouise, so maybe next time we should refer him to her. I almost went to jokester mode to but thought better of it. TomTaocpa 17:29, 17 March 2008 (CDT)
Question
Crow - Was I "over-the-top" yesterday in my response to that guy yesterday? I ask because someone called me a "curmudgeon" and told me I was picking a fight with the guy. They said I seemed to like to do that (it's not important who said it). I didn't personally insult the guy. I don't like fighting with anyone. I deliver it straight and honest, that's all. I feel bad right now about it. Maybe I should just go away quietly. TomTaocpa 07:05, 19 March 2008 (CDT)
Response
Crow, good point. I actually block the ads, by the way. I am frosted by the fact that these guys want something for nothing. I've been on Kevin's side for some time. I get my soapbox out only if they earn it. But it bugged me that someone actually thinks I look for fights. I don't. I am very blunt. Maybe not a smart idea, but it's the best way to be with people sometimes. TomTaocpa 08:38, 19 March 2008 (CDT)
Making me laugh
Thanks for that! I listen well...actually, if you've got a minute, my plan had been to go into law. Our family attorney recommended I go to Notre Dame for it, tho' we weren't Catholic and knew absolutely no one there. I got the ND info, found stuff on the law school, and was delighted to discover that it was only three years! Naive, yes. When I learned it was AFTER the first four...I picked accounting instead. Which is good, for every attorney I know works 80 hours a week...but I do love the theoretical, high end thinking and planning kind of stuff a lot. I hitch to a really good tax attorney here and we make a good team when the opportunity comes.
But I still like only working 1500 hours a year so that more important things can happen in my life! JeffJR1
Luke
"You ever wonder why most folks feel uncomfortable with the Gospel of Luke?"
I'd say it's that passage where Jesus says He never knew them, even tho' they claimed to know Him. That gives us all pause. Or at least it used to. JR1
Isaiah 61
It inspires me, too. My visible life here is the least interesting one. It pays bills and provides some intellectual stimulation, but frankly is pretty dry and boring. My real life is spent doing just what Jesus is after...going to jail and the rescue mission and teaching and leading guys who have lost their way, or never had one, actually. Lost in addiction and lust and bondage, and broken by the world and the enemy. And church scarcely cares. Or doesn't know how to care. Or is busy with the next building campaign. . .If you're in for a good read, pick up Waking the Dead by John Eldridge. But be careful. This one changes your life. JR1
Where's Waldo?
Give me your email address so I can respond. Thanks Belle 20:43, 1 April 2008 (CDT)
negative amort
You may not be a math wiz, but I'll bet that if someone told you they would lend you $100K to buy a home, and then told you that you have an option to pay $500, $600, or $700/mo. However, if you choose to only pay $700, you will not be paying the full interest every month, and the extra interest will get tacked onto your principle balance. You would probably realize this is not a good idea. However, I don't think these lenders have ever TOLD the borrowers this. They just bury it in the fine print.
We rent office space from a mortgage company (an honest one), and the first week of tax season, one of the lenders came out of his office shaking his head. His client that had just left was $18K further in debt on her house than when she bought it 2 years earlier. Who would DO that if they understood what would happen???? She'd have been better off renting. Calling them predatory lenders isn't nearly nasty enough. Wwtaxes 20:53, 1 April 2008 (CDT)
Check your email
Belle 20:57, 1 April 2008 (CDT)
Thanks for the info...
Crow my friend - thanks for the link. I appreciate it. I know I am starting to see a lot of these and being a one man band, I am going to need a lot of these resources. I am going to take some CPE to really brush up on this stuff as I am seeing more of it and it's been a few years since I've had any in this area. I will say this, if it wasn't for this place, I probably would have not had the guts to take it on. Also, that lawyer was simply a rude son-of-a-gun. I thought as CPA's and lawyer's we extended professional courtesy's to each other. Not this guy. To him, I was a dumb CPA in the DC area. He almost said, "Do you know who I am?" Oh for crying out loud. He treated me like I was so inferior to him. I hope I never have to call him again. TomTaocpa 04:55, 9 April 2008 (CDT)
Thanks for the ideas
Crow - these are great ideas. Thanks for sharing. Yea, this guy's running a business. First thing on the voice mail was, "If you are interested in attending one of our asset protection seminars, press 1." I knew I was in trouble. I called the client and told them I will not do a half-baked job and we are extending this as they don't have answers to some of my questions. Better safe than sorry. And you are right. We are seeing more of these with an aging population. I just got done advising a client to call a buddy of mine who specializes in this stuff who is an attorney about protecting her assets. She has close to $1 million and is no spring chicken. Thanks for the advice. It is always appreciated. TomTaocpa 12:29, 9 April 2008 (CDT)
tax lien discussion
What does "going to cotton to" mean?Natalie 22:13, 12 April 2008 (CDT)Natalie
Hi, i have a quick question. My husband is in a two person partnership since 1998 i do the partnership return through H&R block. For the last two years the guys haven't reimbursed themselves for the mileage on their personal pickups that they use to go and do estimate(they own a paving company) Where can we put that i have been reading that it would be an UPE but not sure or should it go on 2106 for the sch a. Also, the other partner's tax person has been placing theses unreimbusred expenses on a schedule C is that wrong? Thanks for all your help!!!
Partnership unreimbursed expenses
Sorry about double post Hi, i have a quick question. My husband is in a two person partnership since 1998 i do the partnership return through H&R block. For the last two years the guys haven't reimbursed themselves for the mileage on their personal pickups that they use to go and do estimate(they own a paving company) Where can we put that i have been reading that it would be an UPE but not sure or should it go on 2106 for the sch a. Also, the other partner's tax person has been placing theses unreimbusred expenses on a schedule C is that wrong? Thanks for all your help!!! Mpg710 21:35, 13 April 2008 (CDT)
hi crowjd
i took a class and became certified - although i now refer all my credit counseling clients to another business associate - which is a good thing because that's all she does - the bulk of my work is tax oriented now
Husband wife LLC
Actually, wife just found LLC documents and she is the sole member. What a mess! She did no work, strictly husband consulting. So, what do you think about this. Since 1099's are reported in husband's social security number, then I will just do a schedule C for him relating to those 1099's. We will consider LLC never did any business.
HW LLC
Thanks for you input.
