User talk:Death&Taxes
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| That might not be a bad bet! I get the feeling they are already broke. lol. I thought that place was interesting, but I did not go through all the possible wagers. But, I'm going to start checking it from time to time. [[User:CrowJD|CrowJD]] 10:44, 8 March 2008 (CST) | That might not be a bad bet! I get the feeling they are already broke. lol. I thought that place was interesting, but I did not go through all the possible wagers. But, I'm going to start checking it from time to time. [[User:CrowJD|CrowJD]] 10:44, 8 March 2008 (CST) | ||
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| + | == PA SUI == | ||
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| + | Do you deduct PA SUI as an itemized deduction? | ||
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| + | [[User:Dusty|Dusty]] 11:38, 12 March 2008 (CDT) | ||
Revision as of 16:38, 12 March 2008
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.
Miss Molly
I love your brainstorm!!! Molly is a feisty girl and might rough up the auditor if she thinks I'm uneasy. There must be some Code section disallowing that. :) BethAZ 20:26, 24 October 2007 (CDT)
PDCPA
Sigh. Some days I feel like a potentially dangerous CPA every time I pick up a pen. BethAZ 12:49, 25 October 2007 (CDT)
It's not the time...
Hi David - My tax practice is small enough to manage the awkward timing of the audit, so that isn't really an issue. Spoke with old boss. He agrees there may be something more here due to the auditor's credentials, so close to the SOL, Nat'l Heritage Foundation, the size of the transaction, etc. He thinks the IRS might be trying to disallow the entire transaction back to 2000, not just the tiny amount used in 2004. That's why I think an attorney would be a better bet, and from the start. You are wonderful for helping me with this perplexing issue and are a great source of knowledge and comfort. Thanks BethAZ 11:35, 26 October 2007 (CDT)
My Email
D&T,
Thanks! My email is troupe55@mac.com
re: Home Sale Exclusion for newly married taxpayers
Thank you for the information. It was quite helpful. It sounds like I don't have enough good facts at this point to claim the exclusion. I'll probably advise they stay in there for the full 2 years to exclude the gain. Your link was very helpful.
Thanks, SoelbergCPA 15:36, 8 November 2007 (CST) Soelberg
Mystery message
Hi David - also a mystery to me. I don't recognize the user Eduardo(?) and don't know why he left this for you. That audit is in the hands of an Ex-IRS guy who is an old hand at this and will be meeting with the auditor in early Dec. He said he'd keep me informed and I'd be happy to share the outcome with you if you're interested. Thanks again for being so wonderful! BethAZ 12:33, 9 November 2007 (CST)
curiouser and curiouser
I'll keep you informed. Maybe we've stumbled onto a conspiracy. Hush hush.
"the message"
David, I hope you don't mind me commenting on this, but I happened to see the posts regarding your mysterious message. Personally, I don't think that information belongs on a public website.
I went to a seminar once in which the Heritage Foundation made a presentation. As best I can recall, the Foundation helps people set up charitable trusts in which they indicate how funds are to be distributed but they do not have to administer. Perhaps this person thought you were somehow related to the people in the message. It also seems like this person is at the bottom of the barrel as far as trying to resolve the situation. Note the date references at the end for November 2006. It seems like previous communications have gone out with no responses.
BTW, the sender's profile is just the standard default, and it was set up the day he left the message for you.Natalie 04:48, 10 November 2007 (CST)Natalie
Mystery Message
I've been watching - no need to alert me. ;-) The person who submitted that message created an account, left you the message, and hasn't edited anything else. I have no idea who it was.
- Tim Doyle, TaxAlmanac Moderator - Talk to me 10:16, 10 November 2007 (CST)
Eduardo Alarcon
I don't know why Mr. Alarcon keeps posting information regarding NHF, but googled "Alarcon NHF" and found that he has done the same thing on various forums. No explanation as to why he continues to copy and paste legal proceedings, and the other forums seem as puzzled as we are regarding his intention. Perhaps he has a beef with NHF. I imagine it would easiest to just delete the message. Sorry you are receiving these. You helped me, and no good deed goes unpunished :) I will leave him a message on his message page and ask that he stop posting legal briefs on your message page. BethAZ 08:58, 16 November 2007 (CST)
turbo tax
hi death&taxes,
i've recently looked up a couple of topics and you seem to coincidentally be on the posts and have the answer i'm looking for. since you seem to have clients in the same situation as me, i was wondering if you could answer a question about turbo tax (or any other software program, tax cut, etc.). can turbo tax handle my return - i've been doing it by hand forever - i have an average of 20 pages of schedule d-1 pages (manually written), and have an investment in a couple private equity funds (goldman sachs) which issues these very lenghty k-1's where i connect the dots and put the information on other forms such as schedule d, e, 4797, etc.
thanks a lot --Daqdaq2000 12:01, 26 November 2007 (CST)
Acronyms
When I saw EBE, I was thinking employee expenses, but I got stuck on Unreimbursed Employee Expenses. And MLTN really threw me. I had no idea about that one. Thanks for all of your translations! Natalie 21:26, 5 December 2007 (CST)Natalie
Update on Audit
Hi David - appears the IRS is targeting participants in the NHF program. There is abuse going on with these foundations, but my client isn't abusing so looks like he's off the hook. Whew! Beth 11:28, 20 December 2007 (CST)
My Newsletter
Hit my page www.jrobertsaccounting.com and the Newsletters page for the newest version...scroll down for it. Jeff JR1
Volume of returns
DT
How many tax returns do you do from a home office?
Just curious, if too personal a question, I fully understand.
Please respond to southparkcpa@----------.com
It is Yahoo. I hate spam. This seems to help.
Matt J in Charlotte NC
Hawaii visit
David, you know if you ever visit Hawaii, I'd really like to meet you! I just read your post about the astrological signs. You bring so many interesting things to TA! Natalie 02:23, 7 January 2008 (CST)Natalie
You're welcome!
No Properly Filed 1099 = Disallowed Deduction?
I saw your reference to a court case involving a disallowed deduction for expenses that should have had 1099's filed for them and wanted to try to get more info from you.
I have a client who is currently under audit for 2005 and did not file 1099's at the time. We have prepared 1099's (have advised client regarding late filing penalties, etc.) but do not have complete information, specifically missing some federal ID numbers. The agent is saying that the deduction amounts will be disallowed for recipients we do not have numbers on, but we have backup to support deductions (invoices, etc.). He says that's not good enough. Any court citations or precedents would be appreciated.
Write up
Hi D&T, I really enjoy reading your posts. I was looking at your profile and saw that you focus on taxes, having done the writeups way in the past. I thought I'd touch base with you and say if you get any writeup/bookkeeping requests that you don't want, maybe you could throw them my way. I'd be glad to pay a referral fee. You are more experienced at this than I am and I'm sure we could work out an arrangement agreeable to both of us. For the past four years, I've not done any marketing and my practice (from home although I use 19 Main St., TR for mail, meeting clients, etc.) has taken a back seat to Town Hall in Toms River. Now that I've been emancipated, I'd like to rebuild the practice. If I'm way off base, just let me know. Thanks, Paul Brush
This is so simple, I figured I would have seen some replies to my post SOLD DEED OF TRUST for LESS THAN FACE VALUE Perhaps it was too convoluted?
Maybe you can help?
Thanks
Whoops I forgot the blessed tildes
This is so simple, I figured I would have seen some replies to my post SOLD DEED OF TRUST for LESS THAN FACE VALUE Perhaps it was too convoluted?
Maybe you can help?
Thanks
Cmts707 09:32, 12 January 2008 (CST)
Acronyms
The acronyms are flying all over the place. Help! What is PTD? Natalie 15:50, 14 January 2008 (CST)Natalie
I enjoy your writing
D&T - One occassion you've linked to some of writings. Your way with words is always a pleasure to read. Can you provide me with links to more of your writings?
Rick - rgtaxservice
BTW, is there a way to link my Username instead of me typing it?
Penalties and Amended returns
Hi David - For 2006, client gave me the wrong backup file of Quickbooks that only included detail for half the year. There is a substantial understatement of tax. You once said "You practically have to shoot the commissioner" before IRS will impose penalties on a voluntarily submitted amended return. Do you think that will also apply to an accuracy related penalty? I'm not taking responsibility for the penalties. Thanks so much. Beth 10:30, 18 January 2008 (CST)
Parrying Explanation
The explanation I gave is as follows: TAXPAYER REPORTED INFORMATION TO PREPARER THAT WAS CONTAINED IN AN OLD "ACCOUNTANT'S COPY" OF HIS ACCOUNTING SOFTWARE (QUICKBOOKS). SINCE HIS ACCOUNTING SOFTWARE SHOWED "ACCOUNTANT'S COPY EXISTS" IN ITS HEADING, TAXPAYER MISTAKEN ASSUMED THE PREEXISTING "ACCOUNTANT'S COPY" WAS AUTOMATICALLY UPDATED. THEREFORE, TAXPAYER ONLY REPORTED A PARTIAL YEAR'S ACTIVITY TO PREPARER. AMENDED RETURN WAS PREPARED IMMEDIATELY UPON DISCOVERY OF THIS ERROR. What do you think? Thanks as always for your kind advice. Beth 11:34, 18 January 2008 (CST)
Appeal
You sure do have a way with words. If I had to answer that question about pain, giving birth is an easy 10.
Anyway, thanks for the reply. I guess I'll just wait until we hear from them again. Natalie 12:37, 21 January 2008 (CST)Natalie
Get thyself to...
The thread about officers of a non for profit. It's actually about musicians....he needs you there.
airline crew
D & T what is your personal email? Nancy Shoe
Partnership 179 carryforward and guaranteed pmt
can you look at my most recent post. Not sure about NJ letting me get full benefit of my 179.
thanks
Thought you might have run into this. In my software i was able to put in the extra depreciation and it looks like it nets it out on the NJ K1s. So i think it is ok.
S Corp employee fringe benefit
Thanks your your input on my question about the fringe benefit for the son. NC Gil 11:25, 8 February 2008 (CST)
I'm Just Dense
David: I think I finally got the point trying to be made. I did put a few states that I think may have this "Decree of Separate Maintenance" or the like, but I did it by a undependable websearch. I was never able to pen it down to a specific statute in my state, but I know we have it, whether we have it by common law, or whether it's a sub-part of something, I don't know. CrowJD 19:03, 9 February 2008 (CST)
Ran Across this
David: As you pointed out, this is a rare and strange bird. FYI, I ran across this and pass it along to you, from all places, the local Ft. Mac Newsletter, note how it does not even start out as a Divorce, this is what I understand my client has (no doubt this is of Catholic origin, when the annulment would not do lol):
What is a Separate Maintenance Procedure or a “Bed and Board Divorce?” Perhaps the most frequently spoken of, but least understood form of marital separation is the “formal judicial separation” which is sometimes called a legal separation. The “formal judicial separation” or legal separation is initiated as a lawsuit by one spouse against the other. The name of the lawsuit that results in a formal judicial separation varies in different states. It is often called a “bed and board divorce” and in Georgia is called a separate maintenance proceeding. The legal assistance office will not be able to assist you with a separate maintenance action other than to advise you of the benefits and procedure involved in this action. From a Ft. Mcpherson Newsletter. CrowJD 11:31, 10 February 2008 (CST)
NJ gross receipts for minimum tax purposes
D&T, I'm copying this from an exchange I had on m.t.m. today ... just curious to know if you have any more information or insight into this issue. NJ certainly doesn't make it easy to find the information! But it seems like a common question.
On Feb 10, 11:45 am, (deleted for privacy) wrote:
> A New Jersey S-Corp sold its only asset, rental real estate located in NJ > in 2007. For purposes of calculating the minimum tax for the CBT-100S should > the sales price of property be classified as all other business receipts > earned in New Jersey?
> Is there any source were the definition for NJ Gross Receipts is given?
The definition of NJ gross receipts is in N.J. Admin. Code 18:7-18.1, and it isn't a lot more detailed than the list on the form. The form instructions are no help either. The only place where a sale of real (as opposed to tangible personal) property would fit, as you suggest, is under "other business receipts earned in New Jersey."
The best reference I found for this is in a Q&A issued by the NJ Department of Revenue on January 1, 2004. The response to Question 42 is that for purposes of the alternative minimum assessment, the Corporation Business Tax sales factor numerator rules will be used to determine NJ gross receipts. New Jersey Corporation Business Surtax and Minimum Tax Changes, 07/11/2006, says the new minimum tax definition of NJ gross receipts is the same as for the AMA. Sooooo....it appears we should look to the CBT apportionment rules. N.J. Admin. Code 18:7-8.12 lists sales of capital assets and sales of real property under "other business receipts," so we must be on the right track.
For sales of capital assets, that reg refers to N.J. Admin. Code
18:7-8.9, which says:
"(a) The gross receipts from sales of capital assets (property not
held by the taxpayer for sale to customers in the regular course of
business) either within or without New Jersey should not be included
in either the numerator or denominator of the receipts fraction. The
net gains from such sales which are included in entire net income are
the amounts which are properly to be included in the computation of
the receipts fraction."
"(b) Where the taxpayer's business is the buying and selling of real
estate or the buying or selling of securities for trading purposes,
these assets are not deemed to be capital assets and the gross
receipts from the sales thereof are included in the same manner as
other includable receipts."
If the property sold was a capital asset in the hands of the S
corporation, the net gain, not the gross receipt, is "NJ gross
receipts." If the corporation's business was buying and selling real
estate, the gross receipt would be "NJ gross receipts." Either way,
it goes under Item 5, "Other business receipts earned in New Jersey."
Whew!
KatieJ 15:11, 11 February 2008 (CST)
translation assistance requeste
What is DIF?Natalie 14:14, 13 February 2008 (CST)Natalie
From Mike - IRSFIXER
We need to have lunch sometime. I really enjoy your posts and have a lot of respectr for you.
Involuntary conversion and Like kind exchange
David, I must impose upon your kindness. Client bought >6000 lb truck in 2003 for $23k, took Sec 179 on entire amount in 2003. Totaled truck in 2007. Received $21k ins reimbursement. Bought another >6000 lb truck in 2007 for $24k. I don't see any taxable gain as long as I treat the new truck just like the old truck. Don't know which forms, if any, to fill out and am tempted to just change the description in the asset detail screen. Will you tell me which forms, if any, need to be filled out and I'll take it from there? Sorry to be such a dunce, and I know how busy you must be. BTW: Audited NHF client closed with no change :). Thanks always. Beth 11:38, 25 February 2008 (CST)
Question about artist's expenses
Hello -- I'm a new professional artist and am getting so many conflicting answers (even direct from the IRS) on whether I have to keep an inventory and deduct only costs of goods sold, or whether everything can be deducted in the year purchased.
Based on what you said in this thread, it seems to me you're confirming that all costs incurred in any given year can be written off in that year for a visual artist?
http://www.taxalmanac.com/index.php/Discussion:Artists_can_deduct_all_expense_in_current_year%3F
Am I still confused or is that indeed the case?
I sure would appreciate any help you could give!
Thanks,
KJ
It won't let me edit my previous post...
I didn't realize I wasn't leaving any identifying info or contact information. Sorry about that.
Theconfusedgiraffe 08:57, 27 February 2008 (CST)
Thanks for your help. I really appreciate it.
So we make the case?
D&T: I dont' have many Tax prep. clients, but Uncle must have only 2. How in the world are we to make a case for malfeasance along with everything else we are supposed to be doing? And as you say, you could not be anonymous then! What, are we then to lose several days time appearing somewhere to be a witness to prove the case we made for the government? Hehe. But, I definitely support licensing now too.CrowJD 11:21, 28 February 2008 (CST)
Thanks Death & Taxes, I did look in discussion, but they raised more questions than answers. If the corp deducts and then issues the taxpayers a 1099-INT then it's just a wash. Income to the individual and deduction to the corp. Thats why I am considering ignoring it altogether (no 1099) and treating it as personal.
Landon5784
10990misc to emnployee
When you use 2106, how do you input the mileage allowance, since 2106 doesn't seem to be used for that purpose from my research (it's for Box 12 of the W-2)? In other words, can you use a 1099-misc Box 3 to go to the 2106. This is what you've done before?
16:59, 2 March 2008 (CST)
Sec. 179 disposition
Would you please be willing to talk about this issue offline? Thanks
David, thought you would appreciate this
You know how our brothers in the UK can't resist a wager. Now you can enjoy the fun. Check this out http://www.intrade.com/jsp/intrade/contractSearch/ Click Social Civil at left. You can "wager" on U.S. tax rates, and a lot of other things. I found this site through reading Richard Hoffer's "Jackpot Nation" c. 2007. An interesting read. He claims these sites are amazingly precient to boot. I have not put any money down on anything, but I'm liable to do anything. lol. CrowCrowJD 06:47, 8 March 2008 (CST)
That might no be a bad
That might not be a bad bet! I get the feeling they are already broke. lol. I thought that place was interesting, but I did not go through all the possible wagers. But, I'm going to start checking it from time to time. CrowJD 10:44, 8 March 2008 (CST)
PA SUI
Do you deduct PA SUI as an itemized deduction?
Dusty 11:38, 12 March 2008 (CDT)
