User talk:Death&Taxes
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| D&T: As most all of us do, I advise people informally and for free all the time (with fingers crossed). I like to think I'm a human being first, then an attorney. But I usually try to phrase it: "Hypothetically.... I do draw the line at Emails. These make me extremely nervous. Added edit: I mean, no freebies by Email. [[User:CrowJD|CrowJD]] 10:15, 17 September 2007 (CDT) | D&T: As most all of us do, I advise people informally and for free all the time (with fingers crossed). I like to think I'm a human being first, then an attorney. But I usually try to phrase it: "Hypothetically.... I do draw the line at Emails. These make me extremely nervous. Added edit: I mean, no freebies by Email. [[User:CrowJD|CrowJD]] 10:15, 17 September 2007 (CDT) | ||
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| + | == Response to by Question == | ||
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| + | Death & Taxes: I don't know whether to be offended by your answer or not. I have no idea who Kevin is. We can't all gain 25 years experience in taxation in one year. I was asking for some help to make sure I was interpreting what I read correctly. By the way, I am a Rutgers graduate. | ||
Revision as of 19:02, 27 September 2007
This page is where you can leave a message for Death&Taxes. Death&Taxes will be notified of messages the next time they access TaxAlmanac.
Please make sure to sign your message by adding four tildes: ~~~~ at the end of your message.
If you are actually Death&Taxes, this is your page. Feel free to edit your discussion page to add or remove anything you'd like.
Moved into previously rented home
Thank you so much for the detailed explanation. I appreciate your time. abdulkhan
Logging in
How the logout issue today?
- Tim Doyle, TaxAlmanac Moderator - Talk to me 13:57, 25 September 2006 (CDT)
New Search & Logging Off
David:
Two things:
- Let me know if you are logged off at all today. The engineers made a change and I'd like to report back to them if they haven't solved the problem yet.
- Let me know what you think of the new search features at the top of the discussion forum.
Thanks!
- Tim Doyle, TaxAlmanac Moderator - Talk to me 08:56, 27 September 2006 (CDT)
Death&taxes, the individual completed a 2 year college program the Spring term of year, paying all of the tution expenses. For the Fall term, the person transfered to a 4 year college to complete their remaining years. The financial assistances(not loan) was received at the 4 year college in late fall. After reading the pub, I see where the expenses must be reduced by the finacial assistances. Thanks everyone for your input.
American Express
Thank you for the info. about American Express! I'll have to pay attention the next time I get a business card offer from them!Natalie 13:38, 10 October 2006 (CDT)Natalie
thanks for
D&T: I really appreciate the discussion I had with JR and you today regarding LLC & salaries. It really helped put the pieces together for me. Take care. CrowJD.
forgot the tildes
See above! --CrowJD 21:25, 1 November 2006 (CST)
Death and Taxes
How can I reach you to learn more about your services? Is there a phone number I can call? Please e-mail it to me at sditzio@yahoo.com Thanks
Interested in how u got started
Can U advise how i can get started in the same type of practice you are involved in.
Losty49@optonline.net
Froms & Pubs from IRS site
D&T go the the Forms & Pubs. page at IRS site, and keep scrolling down and you will see a heading "Order", and under that "Forms & Pubs. by US Mail", I checked last night and it still seems that Pub. 17 is directly available from IRS without GPO involvement [even though we both know that GPO prints all the stuff anyway]. Now, sometimes, when you order direct from IRS you will get the prior years copy of 17. Just keep ordering after Jan 1, and you will finally get the most current one.
Browser over Tax Return
If this happens again, let me know what steps you followed and I'll look into it further.
Thank you!
- Tim Doyle, TaxAlmanac Moderator - Talk to me 14:35, 15 December 2006 (CST)
THANKS FOR TRYING
Proseries Your Opinion
D&T: I'm going to change by tax program this year. I do a fair amount of 1065's, and I'd really like to chat with you about Proseries at your convenience as it's definitely on my list. billcrowe@comcast.net Thank you! --CrowJD 09:59, 20 December 2006 (CST)
My major concern
D&T: Thanks! Here is my dilemma. It's between TaxWise and Proseries. I know TaxWise has a rep. for being on the simple side, but I have a reason to be interested in TaxWise. I'm a scatter-brained lawyer (head in the sky), and I think you probably know exactly what that means. I could have probably guessed that you came from the legal side (and that's a compliment) as you many times think "big picture", knowing that the details change and can be looked up anyway. The only thing I keep organized is my actual files. I like to follow the KISS principle because I need to with my personality.
I am not a QuickBooks expert and I don't want to be. If my clients need a good bookkeeper, I give them the name of a certified bookkeeper (CB), I get the trial balance and go from there. I probably will never do more than 50-100, mostly business, returns (but who knows?). TaxWise offers some interesting things for a guy like me, if you ever take a look at their site. However, I am very worried about the fact that it is going to "force me" at times, and I like a little freedom, and you need freedom with these 1065's. I remembered one time that you mentioned having figured out how to override on the SE situation with Proseries, I'm pretty sure it was you. I've only got one client with an SE issue, thank God, cuz it's gonna cause me a lot of extra work amending their LLC OA. Now, TaxWise has an override feature, but.... you never know until you use the program what it's going to do. Even though a lot of articles I'v read on TaxWise say it is not form based, I got a demo. disk, and it is form based, and a rep. there confirmed that for me. Sorry for the long Email. Any advice at all would be appreciated...I'm just looking for input and I'll muddle through no matter which one I end up with. billcrowe@comast.net
Thanks, David
Yes, with the small number of returns I do, my understanding is that both TaxWise and Proseries do offer pay by return, and both with a pretty good deal. Mine would not be for a return on capital, but GPs for services with an SE tax, and the remainder without. [A strategy I am not wholly comfortable with, but, I've padded my file with as much research as I can]. I think there is no question that I would be able to get more practical advice from people on the board about Proseries, so I am leaning that way. I very much appreciate your input and time! I'll probably be around here again before Christmas, my exciting life! --CrowJD 17:27, 21 December 2006 (CST)
TELL ME ABOUT IT!!!!!!!!!!!!!
This is absolutely ridiculous...some of the questions are ludacris and then some posters seem to want to argue with ANYTHING I say...oh well so much for the "kindred spirit"...hehe
www.you know who
I couldn't resist today. I've been thinking the same thing every time I see another simple question. Your style of humor has been bringing out the real me lately, I think. And I appreciate that! :)
Professor
What did I do now? (referring to your earlier msg) I've been trying to stay away from this today, but it looks like many others are staying away, too, so my name is displaying too much (probably because I haven't stayed away enough)! Have a good one!
New Jersey exit tax
D&T, we are both Jersey accountants and thought you could help me. A client called me today and was concerned about an "exit tax" when you sell your home in Jersey. Unfortunately, I didn't know enough about this tax to give them a definitive answer. I went to the State of New Jersey website and had a tough time making heads or tails about it. What is the story about this exit tax? And how long has it been on the books? Thanks in advance for your help. Chris
Headset
Hi D&T,
You mentioned in recent posts that you use a telephone headset during the season. Could you tell me what make and model and your thoughts on it? I bought a couple of them in the 90's and was never really satisfied with what I found. (Of course I am pretty tight with the dollar which was probably the problem.) Thanks for your time.
William Price, EA | Portland, OR - Talk to me
Thanks D&T
Thank you for the mail....I re read your post and I understand where you are coming from :)
Sandy
Topical Index
You asked for an index discussions more like the tree type index I find in my cookbooks.
Deb and I created a Topical Index. Is this what you were looking for?
- Tim Doyle, TaxAlmanac Moderator - Talk to me 18:58, 21 January 2007 (CST)
hello!
Wonder Boy
Just got your msg. Yea, I saw that earlier and had another good laugh. Then I remembered my daughter-in-law being one-month pregnant, and as I was thinking to myself that she's a little pregnant, I got busy and forgot about it, until I got unbusy again. :) I love your sense of humor!
severance pay
In the contract under termination it is called severance pay. However in the contract there is a restrictive covenant(6 months of severance pay) that states after termination and for a period of 6 months thereafter the termination the LLC(single person) cannot perfor any investment or management services for any similar company. This changes the perception from severance pay to more as a payment for a noncompete.
The rule is any cash or cnocash remuneration received for emplyment unless specifically exempt is considered wages subjet to the Fica tax. However the 6th and 8th circuit have come to different conclusions on pretty similar fact patterns re tenured teachers. Cases were North Dakota State Univesity v US(84 FSupp2d 1043, 8th circuit) and 6th Circuit Donald F Apploni Sr vs US 450f3d 185.
The question I have is this enough justification to take the position that is resembles a covenant not to compete rather than severance pay???????? My gut tells me it does.
severance pay left above Rickster
I am having alot of trouble using this site so please excuse the confusion on my message left for you.
Lily's Back!
I want so bad to post "Welcome back", but I won't.
LOL
The guy said, "I need help." I'm thinking, what an understatement! (Think I'll go watch a movie now.)
Needs Help
That's too funny! What a great idea (to refer him to C1Biz and to fill out his info sheet)! About movies, I've been recording Bette Davis movies lately but have only watched a couple so far. I'll probably add the movies you mentioned to my list of movies to record (on Tivo). Tivo has a wishlist where you can add keywords, actors, directors, etc. (my wishlist is way too long), plus I have a 13-page typed list of "movies to record", and I'll periodically go through Tivo's list of movies coming on in the following two weeks and check them off the typed list when they are available to record. During tax season, I spend much more time copying movies to dvds than I do watching them. I've found that watching movies is much cheaper than playing Keno machines. :)
Funny Story for you
Client came in today and said: "I had to laugh at myself on the drive to your office. I just left the funeral home where I made my funeral arrangements and now I'm here taking care of my taxes. Death and Taxes, I'm taking care of the only two things in life that are a guarantee, and all in one day's time."
I immediately thought of you!!!--AHH 19:38, 30 January 2007 (CST)
TaskBar Ghost
Thank you for letting me know about this. It seems as though this is an operating system problem or perhaps something else that I can't comprehend, but it doesn't appear related to TaxAlmanac. You might leave a message on the PS board to see if any other users have experienced that.
- Tim Doyle, TaxAlmanac Moderator - Talk to me 09:29, 31 January 2007 (CST)
Re:Passive Losses
Thanks for the response D&T appreciate you taking the time and you helped answer my ?
NJ inheritance taxes
D&T, Can you advise on applicable NJ inheritance/estate taxes father dies. leaves to son, sole heir approx 1.2 million in real estate and property. good reference to rates? Thanks,
can i get a copy of that case yilmaz?
Chair Rental
I just opened the folder to start on my beautician client who rents a chair in her in-home beauty shop. Chair rental income was $2,491. Did we ever resolve this issue? :)
Deback 15:00, 11 February 2007 (CST)
Log Out Issue - Still a problem?
A while back, you indicated that you were affected by the "log out" issue - where TaxAlmanac would "forget" you and you had to log in again, fairly frequently. We think we found the solution, and I wanted to find out if this has been solved for you or if it is still an issue. I know you're busy with tax season, but if you could leave me a quick message, I'd appreciate it.
Thank you!
- Tim Doyle, TaxAlmanac Moderator - Talk to me 14:25, 17 February 2007 (CST)
Woo hooo
Excellent news - Thanks for confirming what I had hoped to be true.
- Tim Doyle, TaxAlmanac Moderator - Talk to me 14:31, 17 February 2007 (CST)
Printer
Thanks, David, for talking to me about printers. I checked out the one you recommended and then decided to buy an almost new HP 4250TN printer at eBay for a good price (if it works okay, that is). I can't wait to get it--two 500-sheet paper trays, duplex printing, and about 43 ppm. (I don't know yet if I'll be able to use the duplex printing when printing tax returns.) I'll have time to get it hooked up, but I don't have time to go buy one, so eBay is great for situations like this.
Thanks again!
Deback 23:50, 17 February 2007 (CST)
Suspended Passive Losses - RE
The gain will be much less than the losses. Are you suggesting that the amount of gain would be the limit? Or that freed up losses could offset non-passive income?taxpert 21:53, 19 February 2007 (CST)
California Shark
HA. I teach the 2 hour Ethics class (have for the past 3 years), so I have a better than basic understanding of Circular 230. EAs generally know it (they had to study it for the SEE exam), but I have found that many CPAs have either never heard of it (really) or never have read it because they feel that the AICPA rules of conduct supercede the IRS' rules. At least through this board we can help police eachother so we are less likely to get in trouble by giving the wrong advice to a client. Kevinh5
HP 4250tn Printer
Sorry to bother you. Got the printer at 5 pm (thought the UPS guy would never get here today--expected him at about 1:30 to 2:00), hooked it up, changed the printer in ProSeries Options, and printed Form 1040 for my own return. The two pages printed before I could turn around and reach for the pages! I'm soooo excited. :)
Dang Printer
Well, my excitement didn't last long. About the time you wrote back, I was taking out the toner cartridge and then put it back in. Now the test and configuration pages are printing blank, except for the HP symbol. And it won't print from the computer. I haven't figured out what the problem is and have been messing with this for the last two hours. I'm about ready to switch printers and forget it for tonight. Don't know what I'm doing wrong, but I'll figure it out eventually, I hope. :) Hope your sister enjoys her new computer!
Deback 18:47, 23 February 2007 (CST)
Great Printer!
I finally figured out the problem, after going to Staples and buying another toner cartridge. When I removed the original cartridge earlier tonight, I must have knocked out of place the little bent wire that's on the left just behind the white plastic thing with the two metal contacts (next to the track where the cartridge fits in). When I brought the new toner cartridge home, I started getting the message "54.1 Remove the sealing tape from the toner cartridge" (which I had already done). So I fiddled around for about 1 1/2 hours and finally found the wire that was out of place and then figured out where the wire needed to go. It needed to be brought up and hooked into the little black slot on the side, and then it slid down into place. The printer is working fine again using both the used and new cartridges. It usually takes me awhile to figure out stuff like this, but I don't give up too quickly and will usually figure it out. So, I'm excited again but upset that I missed the Pistons game. Hope you have a good weekend!
Deback 21:37, 23 February 2007 (CST)
From reading your entries, it sounds like you work in Philadelphia. I wouldn't normally ask a direct question like this, but my guess is that it's a no-brainer for a PA tax person. All of the old discussions I found were on much more complex questions. I am in the midwest, and have a client whose daughter lived in Philly last year and worked for YellowBook (but not in Philly). She has 3 W2s, and all withheld Philly tax, but all at a slightly different percentage. She's now back in MN. I'm not at all familiar with PA taxes, and I can't get much info from their web sites, but it sounds like she doesn't have to file a Philly tax return if all of her employers withheld Philly tax. Is this accurate? My software has a generic locality form, but it's not very helpful either. Normally I would tell her to go to someone out there, but she's not there anymore. Thanks, Joyce (wwtaxes)
Never Would Have Thought of That
The thing about it was that it was working perfectly, and then quit working after I took out the cartridge, so I knew I must have done something wrong inside the printer. The cartridge was hard to get out from the beginning. I think that little spring wire or whatever it's called was already loose, and then it became looser. heh It took me at least three or four hours to figure out where the wire was supposed to go (and $158 for a new A cartridge (10000 copies), when I've already bought two new X cartridges (20,000 copies each) from eBay for $100, with shipping). Oh, well, I learned something about the printer that might come in handy in the future. Can't wait to go downstairs today...I don't think I've ever felt that way before. :)
Deback 09:48, 24 February 2007 (CST)
estate tax valuation
Hi, Death and Taxes, I'm new to this discussion page. not sure how to post a question, but looked up your user name (very catchy) and thought you'd be a good person to ask. I'm a CPA (20 years + practicing)but haven't dealt with the following:
I have a client who owns a small interest in an LLC that owns a building. his estate is below the federal filing limit but above NYS limit. do we need an official appraisal of his interest for filing the estate return for NY? probably expensive and disruptive to the LLC which he owns a small interest in. I know you live in NJ and not NY but thought you might know. also, can you tell me how to post a question on the discussion page?
thanks, LMS19
active rental
D & T Thank you so much for responding. Do you have a website I could link to for the report you are suggesting? I am having a difficult time locating it. Thank you so very much. Nancy
active rental
Thanks D & T: my fax number is 952-997-6649.. by the way that boardwalk looks familiar. is that the one in ocean city nj?
received your fax
D & T
Sale of decedent's residence and 1041
Hi, D&T -- what a great photo of you and your dog!
Are you available to answer questions as I slog through the 1041 for my dad's estate? Please contact me offline and let me know your hourly rate, etc. You can reach me at nye@mindspring.com
Thanks, Hoofbeats 12:48, 24 March 2007 (CST)
Fraudulent 1099
I read one of your posts and was fairly interested in it. It involved a girl whose ex had filed a 1099-MISC for so called gifts he gave her. A similar situation is happening to me. I broke off an engagement in 2005 and was thereafter sued by my ex-fiance essentially for the amount of a car that he claims to have bought me. He did in fact buy the car and put it in both our names. When I broke off the engagement I physically gave back the car and shortly after signed over full title to him. Anyways, the lawsuit is over but I just receved a notice from the IRS that he submitted a 1099 for about 18K in 2005. Is he accountable for this legally? I never received any money from him. Thanks.
Partial Rollover of IRA Distribution
I am not sure where exactly on the IRA worksheet one can enter the rollover so page one of form 1040 will show only the $2,000 taxable. Can you be a little more specific?
section 988
I am certainly not a million dollar goldman sachs man but I saw your response to filing extensions. I invested in a fund and received a K-1 with a footnote under 11F (part III) that simply had a notation of Section 988 gain (loss)for an amount. Is it ok to put that amount on form 1040 line 21 under "other income"? I read the partner instructions and directed me to Form 8582. Thank you in advance.
RCT-101
Can you answer a question about the PA Corp Tax Report RCT-101?
My accountant completed the report last year. His computations were:
In 2005 XYZ Consulting, LLC (my LLC) paid $50,000 to me Keith (individual). The 2005 distrubtions reported was ($30,000) on the Schedule of Equity prepared by accountant. How did he arrive at this amount?
In 2006 XYZ Consulting, LLC (my LLC) paid $75,000 to me Keith (individual). How do I arrive at 2006 Distrutions when starting with theactual dollars paid?
I don't understand what is being deducted.
Thank you.
Keith
credit cards
d&t. have appreciated your help throughout the year. call 800-755-4ecs ext 222. my dad's business of setting up people to take credit cards. his name is gary
Are you available?
David:
Are you available for a discussion over the phone today? I still have your number here.
Thanks!
- Tim Doyle, TaxAlmanac Moderator - Talk to me 11:56, 10 May 2007 (CDT)
Discussion
David:
Would any time today be good? I am available all day.
Thanks!
- Tim Doyle, TaxAlmanac Moderator - Talk to me 10:18, 11 May 2007 (CDT)
Sec 179 Limit - one more question?
Hi D&T - I am further confused about Sec 179 limits and hope you can help with a quick answer. Page 3 of the instructions for form 4562 seems to say that the Sec 179 from the SCorp allowed to pass thru is limited to the officer comp + the SCorp profit. In my guy's case, his officer's comp is $15k and SCorp profits are $5k. The available Sec 179 from the SCorp is $30k. The instructions seem to indicate he is limited to $20k. I was hoping to take the whole $30k on his 1040 to offset some of his wife's Sch C income. Can I do that, or is the Sec 179 limited to his officer's salary and the SCorp income? Sorry if my original question wasn't clear enough, and thanks so much for your help. BethAZ
Thanks for Sec 179 info
Thanks for getting back to me so quickly. My client will be happy. Miss Molly is a great assistant. She sends her regards :) BethAZ
ESOP question reply
The ESPP is different from the ESOP. ESPP (stock purchase plan) is a purchase plan where the employee can purchase stock at a given price, lower than the market price. An ESOP (stock option plan) is where stock is given to the employee free of charge such as a bonus incentive, but the employee doesn't actually own the stock until he "exercises" or takes control of it. He can then sell it or hold on to it for a future value. These are handled differently tax wise. My question was on the lenth of time to hold on to the ESOP, does it make a difference in the long term calculation?
Where at the Jersey Shore?
Hello D&T, I was wondering where you are located if you don't mind me asking. I'm in Toms River. Paul BrushPBinNJ 09:31, 31 July 2007 (CDT)
New Concept
David:
I have been working on a new format for the user pages. Your page looks great, but most people don't bother to add anything - perhaps they just don't know how or don't know what to add. Take a look at User:Tester and let me know what you think. All of the fields are optional, of course, and the specific suggested fields can be changed. Have I missed anything that you'd want to see others filling out on their user pages? Do you like the format?
- Tim Doyle, TaxAlmanac Moderator - Talk to me 07:53, 22 August 2007 (CDT)
Activity on T.A.
I see you and Solomon are up and about. I guess I should take that as a sign it's time to go to bed. By the way, I love all of your comments lately! Natalie 07:45, 8 September 2007 (CDT)Natalie
IRA distributions
Thanks Death&Taxes, this is great advice....I will find a qualified CPA to help me with this. I also am going down to my local IRS office to talk about it before I pay.
Rule 55
I wanted to research that cite you posted regarding Rule 55 or the Tax Court, however, I am getting different information. See Title 5. Can you please give me some help on this? Am I looking at the wrong "Rules"?
This N That
Thanks D&T: A certain person on a certain recent post asked if it was time to fire his client (under some set of circumstances he described); I was wondering if it was time for the client to fire him! It's amazing to me how some of these professionals forget that their first insinct should be to ethically protect, and when appropriate, to zealously advocate for the cleint. I am thinking of the ER doctor, who has the professionalism to start treating me before he decides if he likes me or not! Your immortal line was "Whose side are you on?", good question. CrowJD 04:19, 15 September 2007 (CDT)
On malpractice
D&T: As most all of us do, I advise people informally and for free all the time (with fingers crossed). I like to think I'm a human being first, then an attorney. But I usually try to phrase it: "Hypothetically.... I do draw the line at Emails. These make me extremely nervous. Added edit: I mean, no freebies by Email. CrowJD 10:15, 17 September 2007 (CDT)
Response to by Question
Death & Taxes: I don't know whether to be offended by your answer or not. I have no idea who Kevin is. We can't all gain 25 years experience in taxation in one year. I was asking for some help to make sure I was interpreting what I read correctly. By the way, I am a Rutgers graduate.
