User talk:Kevinh5
From TaxAlmanac
| Revision as of 22:50, 29 October 2009 Trillium (Talk | contribs) ← Previous diff |
Revision as of 22:52, 29 October 2009 Trillium (Talk | contribs) Next diff → |
||
| Line 2,088: | Line 2,088: | ||
| ...yes, that too, which was a big surprise. Plus, you've been helping people who don't seem to have done much research before posting and/or don't seem to know as much as their profiles might make you think they should already know. I might've been tempted to point them to the yellow box. I imagine they're a lot happier that they got actual help. [[User:Trillium|Trillium]] | ...yes, that too, which was a big surprise. Plus, you've been helping people who don't seem to have done much research before posting and/or don't seem to know as much as their profiles might make you think they should already know. I might've been tempted to point them to the yellow box. I imagine they're a lot happier that they got actual help. [[User:Trillium|Trillium]] | ||
| + | |||
| + | ...not that the yellow box isn't "actual help," as finding out all of the nuances may actually be better in the long run. And sometimes the answers in the archives are ''so much better'' than the new responses, depending on who comes along first. | ||
Revision as of 22:52, 29 October 2009
This page is where you can leave a message for Kevinh5. Kevinh5 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 Kevinh5, this is your page. Feel free to edit your discussion page to add or remove anything you'd like.
IRD
Kevin:
I love your article about IRDs! I've just created a shortcut to it. If you enter IRD in the search box, it'll go right to your page. This is exactly what we had in mind when we launched TaxAlmanac!
- Tim Doyle, TaxAlmanac Moderator - Talk to me 22:58, 6 March 2007 (CST)
EA exam
Hi Kevin, thank you for your help regarding Fixed Assets. As you may see in my profile I am already retired, have a small practice in Houston but even though I have an MBA from NYU I was not interested in pursuing a CPA certification since I was in the corporate sector. Now I regret it. I am trying to take a second best choice which is Enrolled Agent. In 2005 I took in the old format all four parts, but unfortunately I only passed 1, 2, and 4, and I missed part 3 Corporations Fiduciaries... etc. I took the test for the part I missed under the new Thompson format and I failed it by three points. However I don’t give up and I am planning in taking it again around May or June after all this Tax season commotion. Now I need your wisdom in telling me please what will be the best way to study for this exam. Is there any courses? Or classes I can take or is there a method I can follow to study to pass this test? I would appreciate any light you can give me.
Thank you again
Jerry A. Mercer
Thanks Kevin, I am comfussed. Why would I study parts 1 and 3 and then 2? I only missed the Corporations Part. and they are giving credit for the other parts I passed. I am inclined to buy the GLEIM EA review book only for the new part 2 Business. Any comments on that?
THank youBiggulping 12:40, 7 March 2007 (CST)
Your Web Site
NIce site. My father is a retired CLU. He worked for Prudential. He said it stands for Chartered LIfe Underwriter. Your web site has you as a Certified Life Underwriter. If that the same?
Are you teaching the final 1040 in Colorado this summer? What is your email address? john@frankcpa.net
Thank you and question on EA
Hi Kevin,
I just wanted to thank you for all of the times you have answered my questions on this forum. You are very knowledgable and I wanted to know your opinion on becoming an EA. I also have an MBA and I am a Registered Tax Preparer in California. Some of my CPA friends say I should take the CPA exam and others say I should take the EA route. I was interested in why you choose that path and what do you believe are the benefits and downsides to becoming an EA and also the benefits and downsides to becoming a CPA. Also, for one who is not good at memorization but who is good at test taking overall, which path is the best?
Thanks,
Glenda
-- To change your bookmark settings, visit http://www.TaxAlmanac.org/index.php/Special:Watchlist/edit
Feedback and further assistance: http://www.TaxAlmanac.org/index.php/Help:Content
legal fees
hope you are doing well, I have some stuff on legal fees i thought you might like, didn't think it pertained to any particular discussion, i always enjoying your comments !
http://woodporter.com/pdf/TN052206.pdf
don't know Robert Wood, just some of his stuff about legal fees i found interesting, I hope this is helpful
TexCPA !
Thanks Kevin for your presence and a question for you
Hey Kevin;
I have learned sooo much from you and I for one value your opinion above many others...
I am thinking of taking the EA exam this year...I am a CPA but it is beginning to cost more and more to keep this designation and besides that, I don't need it much anymore being in a small town and no intent to audit ever again!!
I talked with another CPA friend the other day and they think I should not go for EA, that being a CPA is more distinguished...however....I truly think it is overrated....
Even some on here that are "preparers" know a vast amount more than I....
What would be your response to someone who says that a CPA is more valuable? Since you teach and also are involved in the EA community, I thought I would go to the horses mouth on this one.
Thanks so much!!
Sandysea
Thank you Kevin!!
Oh for sure I know I need alot of studying for the EA exam. But in the town I am in, I do more taxes than anything else. Yes, I do a ton of F/S, but I don't really (for my clients) need to provide reviewed or audited statements...they are statements for internal use only and for tax return prep most often.
I don't care much about titles....they are simply letters after a name and mean absolutely nothing except you need them sometimes to show others....
Thank you for the input. I am going to try this thing....haven't taken a test in years, but as I said, the need for my CPA in this town is not cost effective. I can certainly reinstate it if I choose when the business needs it, but for the work I do...I want to know more about taxes and less about what I already know about...hehehehe
Thank you!
Thank you for removing those spam posts!
- Tim Doyle, TaxAlmanac Moderator - Talk to me 08:49, 11 May 2007 (CDT)
Stepped Up Basis
Just wanted to say thanks...my research leaned on yes but it wasn't black and white...just wanted to hear it from another source.
Can you give me a hint to where I can see this in a reg, code sec ect>>>Have to let an attorney know. Many thanks, Tax Lady
Special Thanks
Special Thanks for Mr. Kevin Huston for replying the links you sent me for EA exam really helped i already registered for three day workshop. but i would really appreciate if you can guide me where i can get the detailed knowledge about part 2 as i dont know practice in corporations, trust or any non profit organizatoins and i need to know about these things in detail. by the way would it be benefit for me in any different way if i will practice as EA instead of practcing as self employed individual.
thanks again for your time
Jaideep Singh
EA
Thanks for encouragement. Faxed over stuff earlier, and your name is down as my referral...if you win a trip to Hawaii, take me.
Thank you
Dear Kevin H, Thank you so much for your assistance in turning my collections situtaion around. I also appreciate your comments about adding financial services which I probably will do eventually.
Jane Davis
YOUR RESPONSE
Thank you for your help! I really appreciate the knowledgable advice!
KimT in AZ
Hello Kevinh5,
I wanted to thank you for giving me some great resources to prepare for the EA exam. I think it was NATP but I found some great on-line classes and CPE opportunities...just wanted to thank you. Have a nice evening. I took a class with TaxMama last summer to prepare for the EA Exam and although it was a great class; I just did not feel ready. I had some medical issues that distracted me from getting the most of the class. Thanks Again and I can tell that you really do know your stuff.
F-1041 Deducting Closing Expenses on Sale of Residence
Thanks for your note. I have read that expenses related to a personal residence (of the deceased) for sales expenses are deductible. Does that include the brokers commission, legal and the various closing costs?
Thanks for your input.
Scott
Re: Mr. Huston
Dear Mr. Huston,
What about HD Vest. I am hoping the financial aid services will bring in more tax clients and then I can associate with someone like HD Vest. Can't make money doing accounting and bookkeeping.
Jane Davis
Confidentiality Agreement
Thank-you for your time!
Education does payoff!
CPA I do subwork had a client die and asked me if an estate tax return needed to be filed. (He owned three businesses.) I said yes and that I had just gone to a seminar about them. I'm taking my book and going to the CPA's office on Friday. I suspect he'll just ask me to do the return.
Thought you'd be interested. Thanks for the great class!
Various Matters
Dear Kevin,
You have responded to some of my questions in the past and I greatly appreciate that. I am going to an HD Vest local meeting with a buddy of mine to check it out. I have 130 clients at this time ( live in a rural area) and may wait till I have more do do investments.
I an EA as well as have an out of state CPA license ( which I can't get reciprocity for easily and will probably have to do some audits for someone to get it). I do writeup work, tax returns and planning as well as QuickBooks consulting for individuals and small businesses. I am not a great fan of audits but wish I had that CPA( a self esteen issue) I wonder if it is worth all the hoops to try to get it ( fees, peer review,etc) when I probably would only do a few compilations. Can CPA's charge alot more for the same work as EAs? Would focusing on financial planning ( if I get more clients) make up for the economic difference. How is it working for you?
thanks. that's alot of questions. Sorry I could not make the NATP convention this year. Is there a way I can purchase your seminar?
Jane Davis, MBA/EA/CPA
Hi Kevin
You had left me (TaxNerd) a message. My name is Larry Moon and I used to work with Griffin & Associates. One of the other guys at that firm works in Marietta now. His name is Stafford Huff. You can e-mail me at LarryMoonEA@Bellsouth.net, or my phone number is 770-438-2080. I would love to have somebody to refer clients to if you are accepting new ones, especially the more complicated ones that I am trying to avoid, although I believe you are in NC now. Feel free to contact me. Going tomorrow to the NCPE corporate seminars. I like their seminars, but I'm sure they don't compare to yours (this is where I would put the smiley face thing if I knew how).
PVV's Ethics Post
Your post to Natalie was excellent. It hit me last night that it would be malpractice to disclose this without full client consent. It shows how quickly we can fall into a trap. It was an superb discussion. Very Socratic as it proceeded along. CrowJD 16:21, 14 September 2007 (CDT)
How to do Tax Research
Kevin:
I love your idea about a course or tutorial on how to do tax research. I didn't want to reply to you on that discussion as I want more people to answer the original question and not get sidetracked on this topic. Would you be willing to help out in putting together such a tutorial, or at least a framework? One thing that wikis are really good at is allowing people to collaborate on a topic, constantly improving it. I am more than willing to help, but I have a programming background, not a tax background, and I doubt I'd be able to hit the mark on the correct organization. TA has quite a bit of reference material, and I'd love to put together a tutorial to show people how to get their own answers. Let me know what you think of this idea.
- Tim Doyle, TaxAlmanac Moderator - Talk to me 11:47, 19 September 2007 (CDT)
Article
Kevin:
I'm thinking through a few issues here...
- I personally have no issues with you submitting the article elsewhere, but we'd need to think about the following:
- Would there be any issues with copyrights, etc. if it was submitted to both locations? I think this could be worked out.
- If the article was written collaboratively by many members of TA, who would the "author" be when it was submitted elsewhere? Would we need to get approval from all authors before submitting elsewhere?
- If the TA article has links directly to the source material here on TA, and perhaps makes reference to how to do the research on this site, how would that work in a published article?
What about the possibility of writing 2/3rds of an article and then diverging from there - adding TA specific references to the online version, and fleshing out the published version. The published version could reference the TA version and the TA version could reference the published version, both similar but with unique differences customized to their audiences.
This is an important topic, and I appreciate you taking the time to discuss it. I think these issues have prevented others from submitting work here.
- Tim Doyle, TaxAlmanac Moderator - Talk to me 12:20, 19 September 2007 (CDT)
Thank you.
Kevin,
Thank you for taking the time to answer so many of the questions i have posted the past 2 years.
You have been and still are a tremendous help!
I am very grateful for everything.
I hope i can give something back in the future as well.
Have a great tax season.
Will
Did search on Casemaker
Kevin: I just did a search on Casemaker (free service to Ga. Bar Members) which includes GA statutory and case law. I entered "Divorce Twelve Months", "Divorce one year", and "Final Decree time", and got nothing of interest. I did hear of the law, or proposed law, you mention. To be sure, you can call the office of Legislative Counsel.CrowJD 11:04, 10 February 2008 (CST)
Separate Maintenance Proceeding
The item my client has starts as a Separate Maintenance proceeding. It's a strange bird, and is not the same thing as your normal separation agreement. This is an explanation I ran across that attempts to explain. You may have already run into this yourself when you were in GA. Notice that it does not start off as a divorce, but as a distinct Proceeding for Separate Maintenance:
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 11:22, 10 February 2008 (CST)
Thanks
Hi Kevin,
My name is Michelle and I am a CPA. I started my own practice this year and realized there were a lot to learn. I already tasted the sweetness of digging more into tax field!
I would really appreciate if I can get your advise from time to time.
Thanks!
QPAD
Hi Kevin,
After reviewing the boards, it appears as though you are the resident expert on this topic! :) Any words of wisdom? At the seminar that you attended last year, were you told about the necessity to use 263 if you want this deduction?
All of our clients are exempt from 263. Do you have a methodology for implementing 263?
Thanks!
Mary Anne
solicitation letters to specific professions
Hi Kevin,
It's Will.
How are you doing this tax season?
I was wondering if you could give me your feedback on something.
I just purchased a list of home addresses of nurses who earn over 80K in my region, and i have been sending them letters trying to personalize my letter to attract their interest (for example, i bought stickers of a nurse with the phrase "this nurse needs help with taxes" and placed the sticker on the front of the envelope, to peak their interest, and in the letter gave a very brief explanation of some of the deductions that apply to their field, just to give you on example
My question is: do you see any possibility of success with these types of lists?
I did a new homeowners list last year, sent out about 700 over 2 years, got about 5 calls, and this year did actually get 2 new clients that are good returns to have.
part of my problem is i get all good ideas in the middle of tax season and my timing is off sending the letters. Next year I plan to send the nurses and homeowners a letter in early January, followed up by a postcard in early February.
As always, thank you for your expertise.
Will
Thank you for your reply Kevin!!
I really appreciate it.
On Bipolar
Kevin: my father was a manic depressive too. The only thing that kept us from rack and ruin was the fact that he had started a business in the 50's that had done well, and the employees managed to conspire to keep him out of there when he was in the manic phase. Two years after he was finally started on Lithium, he died. I was 17, but it was much harder on my sister at 11.
I can now see the humor in certain aspects of it. Coming home from school on the bus one day to find sheep grazing in my front yard in your typical subdivision. lol. True story. The toughest thing for any human being to face is when there is no one to blame.CrowJD 09:35, 3 March 2008 (CST)
nurse letter follow up
Hi Kevin,
I got my first call today from the nurse letters I previously mentioned. Actually, it was a male nurse who gave my letter to his female nurse friend who called me.
She is scheduled to meet me at my home office for a tax meeting on Monday, so it looks like I have a decent chance at 2 new nurse clients and then I can put your great advice you gave me into effect. (part yr CA part yr NJ resident, lives in NJ now works in nyc)
Since i finaly got a nibble, i will try to muster up enough energy to send some more letters out tonight :)
Thanks a lot for your time and suggestions!!!!!
Will
hey
hi kevin
i was reading a post somewhere that you posted up saying you were located in asheville nc and that triggered something in my memory. I told my partner and she looked up in our records, im pretty sure we attended an estate seminar you put on in atlanta a couple years ago. It was good stuff. Anyway, small world i suppose to run into you here. If you ever put on any more seminars please let me know. We are trying to gain knowledge in the 1041 prep area, we get asked to do more every year.
thanks scott
You were on fire this morning
Kevin- Good for you. I took a few minutes to do this. Maybe Tim can highlight the DIY and this so people will get the message. TomTaocpa 09:53, 8 March 2008 (CST)
Discussion:TO TAX PROFESSIONALS - PLEASE READ
Green dinosaurs
Kevin, Thanks so much for the laughter today. Although I had a hard time getting work done, what with checking your posts. My son in particular appreciated the green dinosaur. Had to show it to him about ten times. Pierce Pierce 18:03, 8 March 2008 (CST)
your were rare form
Was there a full moon behind all the clouds? I tried to post this yesterday, but just then my power started to flicker & went out for a while from a storm. Some sort of cosmic intervention? You were pretty snappy & and pretty funny yesterday! FWIW - I am not offended in any way.
name calling
Kevin, Just to clarify, my post on name calling not being professional was definitely not directed at you. I thought you handled the personal attack quite well.
Candyass psuedo intellectual? Hardly.
I appreciate all your comments on tax issues and have learned a lot from them.
Cheers.
Kevin
First, thanks for all the input you give. I have 2 questions. 1) What are some good topics to give talks on? I am going to look to give a series of talks but do not know the best topics. 2) Do you know anything about HDVest?
Thanks,
Dusty
Thanks for the info
Kevin:
Thanks for the info. I think I will plan on getting hold of a local group and attending a meeting. If there is any benefit to you giving me the information then I would be more than happy to do that.
Thanks
Dusty 09:17, 12 March 2008 (CDT)
Thanks Kewvinh5.
Mikel 13:48, 12 March 2008 (CDT)
Leon Faris
Hi Kevin,
I'm the CPA in Kennesaw who posted the other day. You mentioned Leon Faris, but Derek Leroux is who I've been in touch with at PAS already.
I'm assuming you're still in the area and, seeing the HD Vest in your profile, doing financial planning? If you are still in the area I'd love to take you out to lunch one day if I could "pick your brain" for an hour or so while we eat.
You can e-mail me at Drawdy@msn.com or give me a ring at (678) 314-3604. Thanks Kevin!
John
Kevin Trust Resource
I have a title from Surgent: "The Complete Trust Workshop", Code TCTW, http://www.surgent.com I think it's pretty good, sometimes spotty in it's cites, and slim on examples; so it's above average but not great. I am not an expert in the area. One class on Estate taxes and one class on Income taxes in law school (1985), but I'm trying to refresh my education.
GS Cookies
You are more than welcome. I am glad the kittens enjoyed them as well. It was my pleasure. TomTaocpa 21:04, 20 March 2008 (CDT)
CRUT discussed earlier today
Hi Kevin,
One more question, if I may.
These same clients who created the CRUT in CA moved to CO 1/1/07. The trust document does state that the administration of the trust is governed by the laws of the State of CA.
However, a legal professional is telling me that the state trust returned to be filed is CO.
Which state should be filed?
Thank you in advance,
Gail GWCPA
State CRUT
Morning Kevin,
Thanks for your input again.
I understand the nexus issues about filing a state return. But in this case, now that the California property has sold, the $$ are invested in cyberspace for my now Colorado clients in a Vanguard account. Are the assets really "IN" any state? Or in this case, are they considered located where the clients live?
If that's the case, then I need two 2007 state returns as the property sold in January 2007 and in 2008 it will be entirely CO.
GailGwcpa 09:58, 28 March 2008 (CDT)
Thank you!
Kevin,
Just thanks for being there to help out. I really appreciate your input!
GailGwcpa 13:12, 28 March 2008 (CDT)
Mbaqb
Kevin, thanks for your reply. I understand what you mean with the math and theory differences. I'm going to post a statement on the thread that I'm referring to. If you have any insight, it would be greatly appreciated. Thanks again.Mbaqb 16:40, 28 March 2008 (CDT)
Pierce
Hate to tell you, but I felt honored that you replied to my Proseries depreciation question. My response was intended to be good-natured and I hope you took it that way. This is my one and only "chat" forum, so am still learning that things sometimes are taken differently when typed vs. spoken. (come to think of it, this is my one and only social outlet at the moment as well). Hope things are good with you. Pierce 19:36, 29 March 2008 (CDT)
energy credit
thanks....very very loose...but don't want to take a $2k credit and have it bite me in a year!
Life estate question
Researching this topic and came across your explanation. Thanks for the links; it gives me most of my answer. Have a similar situation here in NY with the sale of a residence with a retained life estate.
The only difference I see with the Tax Pro example in the March article is that the parent actually deeded (for $1) the residence 10 years ago. Therefore I don't see that she meets the "ownership" test. Doesn't matter though, the nursing home expenses wipe out the tax liability.
I'll be apportioning the gain based on the tables between the parent (life tenant) and the daughter (remainder interest).
Do you think I'm missing anything?
RitaCPA
I need your help!
GLM, its because when you first start using the terms, you have to say "an increase to the bank account is a Debit, Right?" and "An owner's contribution of capital is a Credit, Right?" DR, CR
That is one of the funniest posts I've ever read.
teaching
kevin, did you announce who you are now teaching for and your 08 schedule. Thanks, ekcpa
Aloha Kevin
I don't see you around TA so much these days. Just thought I'd check in and say hi. Hope all is well with you and your family after the tax season. Mine was the absolute worst season and one that cannot be repeated, thankfully. But we are now moving on to the extensions and actually, it's a lot easier, even the harder ones are easier without the deadline stresses. Take care, Paula Wilson
RMD - Thanks for helping out
So let me see if I understand. The penalty will show up in 2008 for the 2007 RMD, IF the RMD is assessed (or the IRS picks it up). If I file form 5329 and it is determined not to be assessed, then nothing should/will show up in 2008 and no further action must be taken.
Thanks! Jordan
401(k) question
Thanks for your response...much appreciated.
TAX QUESTION
Kevin,
Did you ever teach the NATP 1040 Update and Extras seminars in Virginia Beach, Virginia or the NATP corporate/partnership classes in the DC area? If so, I did take your class.
I have submitted two questions tonight (one dealing with the distribution of real estate to a partner and the other dealing with the reporting/accounting for the proceeds of the refinance of a loan secured by rental property owned by the partnership) which I desperately need help with. I have 5 partnership returns for the same client, a client who basically has no bookkeeping skills. I have just about driven myself crazy trying to straighten everything out, and am at the point of second guessing everything I'm doing now.
I'd appreciate any help you can give me. I've put so much time into these returns that I hate to give up now.
Debbie Carlucci DCTAX1
ASED
Hello Kevin, Omega1911 here, it caught my eye that you mentioned "ASED" in your response, as an ex-IRS person I'm impressed! Not many tax pro's mention things of that nature, and I truly believe that knowledge of IRS operating/processing procedures is a very important knowledge-base to have. Keep up the good work!!
P.S. I agree 100% about the value of tax software - will never replace a human tax pro!!!
OMEGA1911
Kevin - I don't know what you're referring to. I haven't had anyone on this board bugging me in a while. Although I have noticed that WPBCPA gets a bit nasty to those who don't have his "espertise".
Sorry Kevin - I forgot to leave my identity in the prior post. Uncle Sam
I can use all the help i can get lol
thanks kevin
scottinva@hotmail.com
im looking at sandys audit thread right now too, thanks again
Wished I had metr you
I was at the Atlanta conference. Good classes. KG was dynamic as usual. Hope to meet you at net year conference.
Distr from insurance contract
Upon further review, it was an insurance contract, and it was NOT part of a Qualified Plan, just a whole life insurance contract. This client is a CFP and he says his district director told him the distribution is NOT subject to the 10% penalty. I am not able to confirm that with my reading of the tax code. Can you lead me in the right direction? Thanks for your help, PJ
Distr from insurance contract
Kevin, Thanks for your patience. But my main question is about the 10% penalty. Does it apply to life insurance distributions? Thanks, PJ PJ 17:06, 28 August 2008 (CDT)
Kevin, I know what you are referring to...
I think I know the poster you are referring to but I won't mention names.
For my sake, how often are they incorrect? Is it frequently? Say more than 50%? If so, that's not a good record at all.
BTW, if you see what seems like a stupid question from me over the next few months, go easy on me. I am trying to recover some of my brain's gray matter. Some easy things for me are a little more complicated right now. TomTaocpa 16:15, 18 September 2008 (CDT)
Thanks
It's the best I could come up with considering I really don't know her.
I will let you know if anything comes of it.
TomTaocpa 13:30, 19 September 2008 (CDT)
Hi Kevin, I read about your Teaching, Wow, that is Great
And that must be a great topic to have your masters in INTERNATIONAL BUSINESS. This really applies to me because I have a Japanese wife and my two kids are in Japan living with her parents. Her mother is ill and she is going to stay over there for a while. I wanted to go over there. Is it possible for an american CPA to find an accounting job in Tokyo if you don't speak Japanese? Maybe you could refer me tosomeone who would know the answer to that. I would appreciate it so much. Also while I have you on the line, I have been trying to find some tax info on selling investment residential real estate, that is not rental income property, that is just held for investment purposes. This person is a mortgage broker, so it is not his profession. I figured to treat it like a stock transaction, on Sch D, but I really don't know. I can't find anything on this. You may know...anyway, sounds like you have a great career going on for you. Congratulations on that...Ed Lutchansky
NATP
Kevin,
I wanted to get your take on NATP and their materials. I am expanding my studying and I can't right now sit through all day classes, so I can do only self-study or on-line for CPE. Anyway, I was thinking of joining NATP to expand my horizons and study material options.
Any input is greatly appreciated.
Thanks. TomTaocpa 22:02, 16 October 2008 (CDT)
Thanks for the information
Kevin,
Thanks for the information. I am probably looking for training materials more code specific. I might order that and the 1041 as refreshers right now for re-training purposes. I am surprised at how much I retained, but also surprised at how much I lost. It's not fun, but I need to ramp up now.
Thanks again. TomTaocpa 21:24, 19 October 2008 (CDT)
Glad to Have Met You This Weekend
Kevin - You now can identify a face with a name. Thanks for coming to New York this weekend. I know I appreciated your lecture as it gave me a clearer picture of 1041 preparation. As with all the convention's education topics, I now will be spending a couple of days actually READING the stuff to really comprehend it. Glad you were able to come. By the way - I happen to be one of NYSSEA's co-founders - although I never was President - was on the Board for a couple of terms - but never President.
Uncle SamUncle Sam 21:27, 26 October 2008 (CDT)
NYSSEA Lecture Outline
Kevin-I'm going over the convention CPE subjects now (as I ususally do from any CPE session). I really did find your lecture informative - especially since I have TWO clients that have passed away this year.(One on April 1st - no fooling-a man age 101).
Anyway I wish to point out something (non-technical) that you should be aware of, in case you will be using this material for another lecture. On P. 8 - just under Medical Expenses - there should be a bold caption of Miscellaneous Itemized Deductions, because it looks like the 2% stuff is mixed in with the Medical Expenses. ````
Sorry - forgot to sign my name. Uncle SamUncle Sam 10:02, 29 October 2008 (CDT)
Rental income in corp
Kevin, would you take a look at the question I have on the building rental in a corp? I am pretty sure the corp is subject to the passive activity rules. I'm just not sure how to handle the expenses. Natalie 11:28, 4 November 2008 (CST)Natalie
divorcing couples RichCPA 11:30, 9 November 2008 (CST)
Kevin I left a message on the forum anout this topic. Appreciate your taking a look -- just want to make sure I am understanding the thread correctly. thank you -- Richard Streitfeld in RI RichCPA 11:30, 9 November 2008 (CST)
self directed IRA
Gee Kevin, I was under the impression I was on the discussion board. When I logged in to discussion topics area I saw my post there. I must have done something wrong.*I will try to correct my error. Thank you. Littleguy3
Thank you
Kevin,
I downloaded the spreadsheet, thank you very much.
If I can ever be of assistance....don't hesitate to ask. Obviously, I graduated with my Accounting degree a while ago, left the profession, and came back when my wife quit work (thank, hon!). I started doing simple returns and I am adding layers to the onion as I go. I know some people probably get tired of some of the elementary questions (to them) but I tend to treat each client like a case study. Most everything, I know enough to go find what I need. This guy is on the cusp of minority interest, at risk rules, and did things about as hard as he could. Of course, his bill just went way up for this year!
Thanks,
Michael
Response to Blueman
You didn't go over the line at all. You're more diplomatic than I am.
Again - I forgot to sign my name Uncle SamUncle Sam 18:51, 21 November 2008 (CST)
About Blueman....
Kevin,
No, I don't think so. He's got a paid professional. Let him talk to them as you point out. To post under the accounting section was annoying.
We need Tim to step up with a DIY section (or can we set it up ourselves and direct people there?). I see the next big wave being the economic downturn people crying poor and now they afford a tax adviser, so they will come here for all sorts of "free" advice. I am afraid it's going to get a bit uglier. TomTaocpa 06:29, 22 November 2008 (CST)
NAEA Board
Kevin - Once you're on the NAEA board, you need to log in with your user name and password. Once logged in, you then click "Resources" on the top tool bar, then "Member Resources", then "NAEA Member Board" I haven't had to do it in a while, because a long time ago, I created the settings on my "Favorites" list, and I'm automatically logged in.
Beware - you have your "special types" on that board also - but since you MUST BE an NAEA member to get in, the discussions are much more professionaly disciplined.
Uncle Sam````
Thx!
I saw JR post and realized I'd forgotten a very important category - and by the time I got back with the link, you'd fixed it already!
This is good news...
I am glad to see this happen. Frankly, I know it got old. I am glad to see the changes he made and glad he gave you and Trillium some limited authority.
Thanks for the hard work.
TomTaocpa 20:24, 3 December 2008 (CST)
I like it
I think your first issue is that it's named "Discussion:Template:etc" and needs to just be "Template:etc." Once it's a template, you can call for it to appear on the consumer forum - I haven't done that yet, but I did see how it was done while talking to Tim about something similar. I'll play with it a little if you like (now that I'm finally awake!)... Trillium
Templates
Hi Kevin:
I see what you have been working on with the question. Here are a few pointers:
- Rather than working within a discussion, you can just type a pagename into the search box, hit enter, and then click the link to start a new page.
- Templates should have the name "Template:Something" while discussions should have the name "Discussion:Something". Standard pages should just be "Something".
For what you are trying to do, I would create a new page with the title "Template:CQ" (stands for Consumer Question, but is short). On that page, add in your divbox coding, and save. Now you can just add {{CQ}} to any page (the "Template:" part is assumed). You can do this for just about anything, including welcome messages, notices that people's messages have been moved, etc.
- Tim Doyle, TaxAlmanac Moderator - Talk to me 12:41, 5 December 2008 (CST)
OK
I'd only just gotten started, so I'll hand it back to you! ...Trillium
Another option
Another option would be to just go to Template:Consumer Questions and add the divbox to the bottom of that template. That way no new page needs to be created, and all discussions in that forum will then have the box at the top.
- Tim Doyle, TaxAlmanac Moderator - Talk to me 12:48, 5 December 2008 (CST)
Another good suggestion from Tim
I just set up two templates we can use after we move questions. You go to the user's talk page, start a new message, and then in the text box you type either {{subst:MoveDIY}} or {{subst:MovePro}}, depending on whether you want the first boilerplate message for likely DIYs, or the one that is for someone who may be a tax professional but hasn't completed their profile.
When you click preview, the text from the templates appears, and it can be edited if needed (e.g., if they posted in the acctg forum rather than the tax forum).
This ought to be handy if we're travelling and signing in using "foreign" computers - we may not always have the handy Word document ready for the copy and paste process.
HD Vest Tax Forum
Never mind. I got it. I didn't even know HD Vest had a such forum. I just checked it out on HDVLINK. Thanks for the tip. Owen (TaxSense)
from taxea
Hi Kevin sorry for the late response I am still trying to figure out how to answer messages. The reason why I don't belong is because I really don't like the idea of having to pay for both the national and state memberships in order to be a member. I also think that referring people to an EA is because at least an EA has, at some point in time, been educated above a basic preparer and doesn't charge as much as most CPA's I know. Anyhow, I have thoroughly enjoyed your posts and again apologize for this delay in getting back to you. Have to learn this part of the forum.taxea
Thank you
Hi Kevin,
Thanks for your help. One final question if I may. IT appears the amount on Line 9 of the AMT NOL worksheet is the same amount which should enter on Form 6251,line 27 ATNOLD.
Is that correct?
I really think that the IRS has outdone themselves in making this way too complicated.
Thank you, Sandra
You are MY HERO!
Sandra
Oh, good!
I was coming here to apologize for sort of "stepping on" your decision to delete the post! I just have this aversion to outright deletion - do it to the wrong person, and we've created another Mike0310, but mainly it seems to go against the way things oughta work.
Anyway:
- Create an article, paste the entire contents of the post (from {{ to }}. Add {{Consumer Questions}} at the top, change ForumReplyPost to ForumNewPost (although to be honest, I'm not sure that last part matters).
- Move article to discussion (add "Discussion:" to the front of the name).
- Post something to the discussion, otherwise it won't sort into the Consumer Forum or All Topics listings.
Voila! Other than that, it was probably just timing; I've been doing other stuff today and just happened to sign on right then.
Another way
Instead of starting it as an article, you could just start a new discussion yourself on the Consumer Forum, and paste the DIY's post in as the second comment. I like the other way better, though, because while it puts my name into the main listing as "last poster," the name space for "creator" is left blank - a subtle indication that it was moved from somewhere else.
(By the way, by "oh good" above, I was responding to your post to me - I was, literally, on your talk page starting to leave you my apology when I saw your message about intending to do the same thing I'd just done.)
Fee Study
Awesome. Thankyou very much! Anchorman 10:06, 19 January 2009 (CST)
Good find!
Unfortunately, it does affect every forum. We would not want that same message for the consumer forum, chat, feedback, etc. Only for the tax forum. (And on the accounting forum, "accounting professionals may" etc.)
I'd say change it back for now, as it's changing too many things. But we keep that in mind, and maybe Tim can split it so it would be variable by forum. (It may be too subtle to actually change new user behavior, anyway.)
Clean up
Thanks for thinking of me, Kevin. I actually spend way more time here than I should, given the amount of work I have. I'm afraid if I learn how to do more things, I'll spend even more time online. I'll keep it in mind, however.Natalie 14:43, 21 January 2009 (CST)Natalie
Back Me Up!
Kevin, Thanks for the support buddy!
Article
Thanks - you responded before I'd even finished the e-mail I was sending to you and Tim, so I incorporated your suggestion into the mail. I think that would be okay, although it'd be my second choice. Let's wait a bit and see if Tim responds. I'll check back in about an hour. Trillium
User issues?
What do you think - User:NWdev appears to be a business owner doing his own taxes? Move to consumer forum? And User:Puru was a major problem back when he was trolling last summer - deleting entire discussions, offering unusual "tax advice" to innocent questioners, etc. I'll be watching him closely, because he was a thorn in Tom/Taocpa's side for a long time there.
Thanks (re: V4)
I was a little worried about my judgement earlier, but things have finally calmed down a bit. I agree, that second article was worse than the first one. If it's okay with you, I am going to steal your wording ("articles...factual information and instruction") for later similar offenses; that was much better than what I was coming up with before. Trillium
Quick response
Thank you Kevin for the compliment and adding the designation to my profile. I'm going to sound moronic, but how did you do it?
Advertising Boo Boo
Sorry about that...I wasn't aware and was just trying to provide a resource for anyone who is thinking of selling...I tried to post a new forum in which I can answer anyones questions on selling but I'm new to this site so please let me know if I am doing anything wrong?
Thanks, Brian
practice-selling guy
Yeah, that needs to be moved to Bus Gr as you suggested, since that's clearly not an appropriate use of articles (vanity, advertising, not informative/library material, etc.). I'll handle that in about an hour, with links to the policies, etc. in a note to the guy's talk page, as I need to change locations so I can interact with the site more efficiently. And since you had the initial contact, and mentioned getting my input in your new note to him, it's probably stronger for the second contact to come from me. (It'll clearly signal that we're both in agreement that he needs to learn more about proper use of the site.) He could be a good addition here, just needs to know the guidelines.
Trillium 12:52, 30 January 2009 (CST)
changed my mind mid-stream
I started to move it, then stopped to read it more thoroughly, and decided that even in the Bus Gr forum, that particular post probably wouldn't go over very well. Also, all the people who read "all topics" would just see it as more spam, especially after this morning's event. So I will suggest that he start his own disc on Bus Gr with more than an ad and an offer of svcs - he can refer to his profile for the ad, keeping that out of the discussion altogether, and he should provide some general advice, as you'd initially suggested.
Sorry for the sudden 180. As you could see, I'd already moved it and was just in the middle of the reformatting and bumping when I reconsidered.
Trillium 14:50, 30 January 2009 (CST)
My user page & spam
Tim set up my profile page as a trial to see how we might be able to organize user information a little differently. I was not able to correctly move the picture to where it should be, and I never took the time to go back and figure it out. A lot of the stuff I simply left blank because I didn't want to post that many details. The idea was that people could look at the page as a sample and see if we should move to that kind of set up. If you can put the picture in the right place, that would be fine with me.
As far as spam goes, I'll try to remember to let you know the next time. Natalie 15:05, 30 January 2009 (CST)Natalie
Oh, and I'm glad to hear seeing the hiking pictures brought back good memories.
You have been very busy! Thank you for the star! Natalie 00:25, 31 January 2009 (CST)Natalie
BF
BeatleFred had a star?!?! Just goes to show, I was right to be ignoring them all along. LOL.
Trillium 15:40, 30 January 2009 (CST)
how to delete spam
Yes Kevin...please teach me how to delete the spam post. taxea
SSN verification
Last year the SSA created a website for payroll personnel to be able to verify SSN's.
I think that we, qualified professional, tax preparers should be able to use this service since the IRS requires us to verify the information on the SS card. Do you know of any way that we might collectively be able to accomplish this? taxea
Stars/recognition
Thanks. I wondered if perhaps they hadn't been updated in a while. When you click on a profile of one of the long-time/regular posters you get to see their star rating. Then when you click on the text of "Gold Level Contributor on TA" (not the star itself), it gives you a nice list of top contributors, and tells you that Bronze is for >50 quality posts, Silver is >100, Gold for >200, and Platinum for >1000. I've come to recognize the regular (and experienced!) posters whose opinions I value, but occasionally I'll wonder about an ID that I don't recognize, and this star feature is helpful. Olycraig 16:32, 2 February 2009 (CST)
from taxea
thanks for the delete info.
re the SSA: by collectively I meant we professional preparers...can you think of a way that we could convince the SSA to allow us to verify SSN's through their site that is set up for payroll personnel from private businesses. I mean, after all, the IRS wants us to be sure the information is as it shows on the SS card. I think it would be very helpful if we could make use of this site. taxea
Thanks
I want to thank you for thr great job you do here.
Thanks,
Best Regards,
Roy Dale One RoyDaleOne 10:54, 3 February 2009 (CST)
5 yrs on hot water heaters
Kevin,
You're famous!
I googled life of hot water heater and your answer in tax almanac was 5 yrs because it is an "appliance".
I thought that's what it was -- my desktop guide certainly does not mention it though -- but I know you've got that particular number tattooed to your forehead.
Have a smooth and profitable tax season!
Randy
Wasn't sure I believed him
You know, I didn't move his Q last night, when he first posted it, for the same reason you just moved it back. I'm still not sure exactly where the guy's coming from. But I think the combo of being moved, and then moved back, might just get a profile in there, and we'll have a better feel then for exactly how to answer his questions (what level to aim for).
Trillium 11:21, 6 February 2009 (CST)
CRUT's
Kevin:
I've been searching the site for CRUT info and it quickly became apparent you have wealth of related experience.
Can you recommend a reference for annual filing requirements.
Thanks,
John Bumgarner jhbcpa at gmail dot com
Jhbcpa 21:05, 6 February 2009 (CST)
I have read your discussions about S Corp shareholders getting paid a salary in ratio of 60/40 for 60 % W-2 and 40% distributions. My question is whether partners need to have guaranteed payments or can all salary be distributions? If they need to be paid guaranteed payments, would you recommend the same 60/40 ratio? Bdavis 22:00, 6 February 2009 (CST)
Do you hire out for telephone consultation on the subject of Cancellation of Debt? If so please reply with rate and I will provide my telephone number. Thanks. Dick Richardson
Tiring of repetative questions
Hey Kevin Are you getting as tired as I am of separate posts about the 1st time home buyer questions???? I'm about to pull a Kevin and just answer with an arrow that lines up with the search box. taxea
PS just venting, tag you were it!
good point!
thx!
Entertaining
I'm always happy to entertain. What about Trillium?Natalie 17:37, 10 February 2009 (CST)Natalie
Maybe Natalie? Sounds like you had a change of heart, Kevin. Either way is fine with me. Just in case you were wondering . . . I haven't seen any whales yet this year, but I'm still trying to save the bicyclists of Hawaii from those crazy motorists.Natalie 01:07, 11 February 2009 (CST)Natalie
Forgot to sign
Thx for reminding me of the "protect" option, and for adding it for me - that'll be better, especially for those old posts that aren't too likely to be pulled up, anyway. (And are you going to tell Natalie that I don't believe in the stars!?! Actually, if the two of you decide who gets them, they'd actually be worth something IMO - you've both got good judgement and long history with the board. The old stars, based on post counts in the early years of the board, didn't do much for me.) ...Trillium
My apologies, Kevin. My screen name is my initials and I use them consistently. I didn't realize they'd offend. Will think of another user name.
Dianne Moore, CPA
Forum Award-RoyDaleOne
Kevin - I should have read your post above RoyDaleOne's. I also thought others could leave the Forum Award on ones page. I just added this to RoyDaleOne's page believing this was how it was done. At one time long ago, it was so. If this has changed, I did not mean to overstep anyones authority. Michaelstar
Repeatitive posts
Nice way! I think you are doing just fine!!! taxea
Thanks
Just went to my home page to find the discussion I started concerning incompetent preparers. Not sure I feel completely worthy; but I do appreciate the recognition.
Corrections Officers
Saw it coming did you?
Dear Kevin,
I have not actively participated for some time at TaxAlmanac as I have had other commitments. Hopefully I will get the motivation to participate once again soon. I do remember your valuable input and sharp wit and would sure like to be your friend on Facebook. I've recently established a profile on Facebook and am quickly finding this may be an excellent way to stay up to date with friends and family and possibly even clients and colleagues. As your friend I would look forward to receiving an automatic feed of your comments and posts; plus hopefully I could offer you some useful information, or at least some entertainment. Although I'm just learning what all it has to offer, I expect this is going to be the wave of the future as far as being on the cutting edge of communications.
We have had a few private exchanges, including just before my trip to Asheville a couple of years ago. If you do not have the time or desire to set this up, I will certainly take no offense if you do not accept my invitation.
Best Regards,
Brad Gooding
Dallas, TX
at TA: BEGooding
tel. 214-520-3465 mail: brad@begooding.com
audit
Hi Kevin,
I am wondering if you can help me with something. You made reference to IRM 4.2.3.3.2 6 in a thread re the auditor touring the place of business. I think that what you referred to is something that I should know (Internal Revenue Manual???). In any case, I just received an audit notice and need to review my client's rights.
Also, I am concerned about where the auditor does her examination. She is a couple of hours away from me. Can she require me to take the time from tax season to go to her office, or can I insist that the audit be transferred to someone closer to my location?
Thank you for any direction. JAD 16:20, 14 February 2009 (CST)
Kevin, thank you for your response, which was very helpful.
Hi Kevin I don't feel like should have the authority to move a post from what appears to be a non pro, however I would like to help keep them off the forum. I quit going to The Tax Book forum because they are not as active when dealing with non-pros.
How should I handle this? taxea
your opinion matters
[[1]]
I knew I shouldn't have started to answer a question w/o a profile, am I missing something on the above post?
thanks, hope you are doing well how the ladder gig go?
TexCPA 22:02, 15 February 2009 (CST)
Searching for fun
WRT your QDRO challenge - Wes seems to agree w/you here: Discussion:QDRO_rollover_funds.
On W-2 for parent (et al) caregivers: see #46, 47, 48, and 50 on this search - maybe others - but of those 4 I believe you only posted to #48; is that the one you were thinking of?
Oh - and take a look at the first time Cbtax posted his Q, in Dec. He's learned a lot since then about how to "pass" as a tax pro, eh?
Dude - stop attributing already - I'm blushing!! I'd have posted them on the discussion(s) myself but was too lazy to really make sure that they truly fit the topic(s).
1031 cite
Hi,
I read through §1031. Still is not clear to me. Can you please point me to what part of that excludes the transaction in that post from like kind exchange rules?
Thanks
UNRECOVERED COST OF SEP CIVIL SERVICE RETIREE PENSION
Would you please elaborate on your rationale for your yes answer to my question below:
CAN THE SURVIVING ADULT CHILD DEDUCT THE UNRECOVED COST OF THE SEP CIVIL SERVICE RETIREE PENSION PLAN. THERE IS NO SURVIVING ANNUITY, CHILD RECEIVED ACCRUED BENEFITS PAYABLE BEFORE DEATH OF FATHER. IF NOT SURVIVING CHILD, IS THIS UNRECOVERD COST JUST LOST?
Thanks in advance for your help.
Al Kenyon
UNRECOVERED COST OF SEP CIVIL SERVICE RETIREE PENSION
Not sure if yor received my question as did not end with KENYONAL 11:03, 21 February 2009 (CST)
Would you please elaborate on your rationale for your yes answer to my posted question.
UNRECOVERED COST OF SEP CIVIL SERVICE RETIREE PENSION
CAN THE SURVIVING ADULT CHILD DEDUCT THE UNRECOVED COST OF THE SEP CIVIL SERVICE RETIREE PENSION PLAN. THERE IS NO SURVIVING ANNUITY, CHILD RECEIVED ACCRUED BENEFITS PAYABLE BEFORE DEATH OF FATHER. IF NOT SURVIVING CHILD, IS THIS UNRECOVERD COST JUST LOST?
kenyonal@aol.com KENYONAL 11:03, 21 February 2009 (CST)
search deficiency
Apparently, the "category" pages don't show up in a search no matter what great search terms you place on the page, which is too bad. Must be a wiki thing. BTW, I was careful to use "homebuyer" rather than "home buyer" on the Submit a Tax Question page, as for some reason that page will show up in a search. I didn't want DIYs bypassing the screening page in that manner, and figured they'd be a lot less likely to be doing a search using the "official" term.
Shareholder loan to C-Corp unpaid
KevinH5,
Thanks for your response. I believe the shareholders made loans to the company for operating purposes. They were both paid reasonable salaries, but not excessive. So, I'm not sure how you decide that something was for protecting their income and/or supporting the ongoing operations.
So, to my original question, is the bad debt recorded on the schedule D or as write-off in the current year of the entire amount?
Thanks for your help in advanceWelski 10:44, 24 February 2009 (CST)
WELSKI
Not absolutely sure
Wonder if it could be as simple as "move" just like with an article? (If so, maybe we oughta protect those puppies!)
PS - whattya gonna call it? Practice Mgt and Growth, for simplicity? Or Business Growth & Practice Management, since there's a contingent that feels strongly that they're too different things, that could, grudgingly, be combined. -Trillium
Two!
too = two, yikes!
BTW, when I try to edit my posts to your talk page, I now get this message: "The page you wanted to save was blocked by the spam filter. This is probably caused by a link to an external site." (Before, I got something about page too long, but I know you've pulled a lot of stuff off of there since then.) Anyway, weird, and in your spare moments (ha) maybe see if somebody's left you a random link that should be deleted?
Trillium 12:07, 24 February 2009 (CST)
Forum title
See Discussion:Tax_Practice at the end, Crow's point about the concepts being separate, and then see the post Rgtaxservice left on my talk page, three up from your last one, reiterating that point after I proposed moving a similar discussion to Bus Gr. ...Trillium
Moving discussions
Hey Kevin, when you move a discussion, would you put something in the edit box to indicate that's what you are doing? It looks like a lot of the pages I was tracking had changes to them, but I think they are all just pages that you've moved. Natalie 14:47, 24 February 2009 (CST)Natalie
Actually, the box I was referring to is the "reason" box. I'm pretty sure that only has the same affect moving the discussion does. Natalie 15:14, 24 February 2009 (CST)Natalie
soliciting business clients
Hi Kevin,
How are you? How is tax season going this year so far?
If you don't mind can i get a few minutes of your valueable time and your very quick input.
I just hired the free services of my girlfriend and younger sister to go into local businesses/stores to inquire if they need a tax accountant/are looking to switch acountants.
Today was their first day.
You think this is worth a shot or a waste of time and energy.
I guess it can't hurt ?
Thanks
Will
p.s. I wound up getting 2 new clients last year from those nurse stickers i put on front of envelope, however, i have a feeling they aren't coming back this year (no replaies from my calls or emails during the year) i'll keep you posted. I send out about 300-400 more this year in early Feb, i'll keep you posted on my rate of return.
I'm doing well on the referrals this year but not so great on marketing replies (less than pevious years)
i'm also trying facebook to see if that generates any networking (although i'm a bit skeptical/nervous
1041 loss on sale of residence
Dear Kevinh5:
I am preparing a 1041 return and want to make sure I am handling the loss on the sale of the deceased personal residence correctly. I see that you have made several comments on the discussion forum. I would really appreciate any comments you can give me.
The FMV at DOD was 127,000. The property sold for 114,000 resulting in a 13,000 loss. There were about 10,000 in commission expenses and other related fees. No one resided in the property after death until the time it sold, which was over a year.
I was going to take a capital loss of 23,000 (114,000 - 10,000 - 127,000) on the 1041. However, after reading your comments it seems that some of these selling expenses could be administrative expenses reported on line 15b. The trust is required to make payouts to beneficiaries and needed to sell the property. It could have sold some other assets, such as stock, but the residence made the most sense since no one was living there.
Again, I would appreciate any of your comments.
Thank you,
Jbohn001
Bold textsorry kevin, i hit the wrong key. it is $8,000. i corrected the statement
jdn
Decedent expenses deductable by beneficiary
Kevin Please go back to my post on this. My client and his sister are the heirs. My client paid out of pocket expenses for the appraisals, atty, etc for his dad's estate. Dad had no cash assets and only about 25. in interest paid after death and none of the assets have been sold or distributed as of date. He died 01/30/08.
I am extremely versed on just about everything that attaches to the 1040 but I am trying to understand the best way to do the 1041 to benefit my client.
My client is refinancing his own home in 2009 to pay off the other heir in full. He intends to keep the house and all the classic cars. The transfer of assets will not take place until 2009 and all will go to my client.
Can you give me some guidance on how best to handle this 1041?
Much appreciated Laura (taxea)
With you permission
Kevin,
I'm buying radio ad time this season and would love to use your line "TAX SOFTWARE IS NO SUBSTITUTE FOR A GOOD TAX PROFESSIONAL". I wanted to ask you if you'd be okay with that. I've used it in the past when talking to clients in the context of "As a colleague of mine always says, "Tax software is .....". But this different, now it would be broadcast over the airwaves for the masses.
Actually you always say "Check the Yellow Box" but very people would get the reference.
- Rick
Rgtaxservice 20:14, 2 March 2009 (CST)rgtaxservice
Allocation question
I just discovered your post of 4/7/07 dealing with the depreciation basis of rental property and the allocation to land. You wrote: "So unless I know otherwise (condo with no land, commercial on expensive land) 20% is my standard [land allocation] also." On 2/8/09, I inquired about land allocation for a condo and received responses from 2 camps: a "no land for condo" proponent who was shot down by the "allocate for land based on TIC interest" believers. My friend took the advice of the latter. Thus my questions: (1) Do you have any authority for "zero value"?; and (2) Since my friend filed 1040 2 weeks ago, should she amend it now to reflect corrected basis? (FYI, she consulted 2 cpa's, one in each camp) Many thanks, Jerseygirl.Sharron 13:02, 3 March 2009 (CST)
Mobile tax preparer
Thank you Kevin for sending me the message. Yes, I had a bad feeling about this person. By experience, people that are very demanding don't show up for appointments or make me work like crazy for little or no money. But I am learning with the help of my dear Almanacers (thank you!).
BTW, I just called the lady and told her I could meet her in a location closer to me. She postponed the appt, but I don't mind at all, as you can imagine.
Lalva16:22, 3 March 2009 (CST)
Guaranteed Payments
Kevin, thanks for the reply regarding guaranteed payments. Is there any issue with the dependency exemption? Would the IRS argue some "implied" income?
Early claiming of FTHC ... trying to undo the problem
Thank you Kevin - This is what I just wrote back to Trillium (being new you may already know how to access what I wrote to him, but I don't know): Sorry... new to this forum. I wanted to post on a particular existing thread and got an error. When I tried to go back to that thread, I could not find it, so I found one similar, yet a bit older. I got another error message, that it did not post, so I just started a new discussion. Obviously it did post both times because you so quickly found it. I did not know starting a new discussion was not the appropriate way to ask a new question on this site. Sorry. I was not being impatient, just trying to get it posted so someone with an answer could respond in the next couple days. I was not expecting immediate results as you implied. And my client did not intentionally commit fraud... simply a lot of confusion around this FTHC and they filed their taxes the same week as the law change. The IRS forms and software had not been property updated yet, allowing the error. They are buying a house, and they have not touched the money, even though they received it too soon. I am just trying to get an answer for them as to whether or not they should send the refund back now, wait, amend their return (twice), or what. Again, my apologies for the multiple posts.
What I'd do
I agree with you Kevin. It will just make matters worse to try to correct it now, plus who knows how long it would take for the IRS to route the $$ back to them if they send it back. I will wait until the dust clears, and I have a copy of the HUD-1 in my hands, then file corrected 1040 if before 4/15, or amend after 4/15. Thanks for your insight.
editing my bio
I finally figured out why I was unable to edit my bio and I had to have you copy and paste it in for me. In the preferences i had "use external editor" checked along with the opition either right above or right below it checked. :) at least i am finally able to edit my own bio.
Thank you so much Kevin.
Thank you
Hi Kevin,
Thanks again for giving me some straight talk this afternoon. It had been such a crazy busy day and I believe I was just overwhelmed and wanted a quick answer. You were right about doing research before coming onto Tax Almanac to get a quick answer. I just need to breathe and should have probably set that return aside until I was able to think clearer.
Take care, Shelby (SFBCPA) Mom, Wife, Owner of small business (in that order)
1040 or 1041
I am writing you because I am new to taxes and I have a client who needs a 1041, but I do not know if I have to file a 1040 too.
I would appreciate any help you can give or any guidance that would steer me in the right direction.
I am helping a trustee prepare a return. The trust was set up last year, 2008, as a revocable living trust and the grantor died shortly after. The grantor earned income as an employee and withdrew from retirement before death. The trust did not earn any income after death except for cashing in annuities and other retirement accounts.
Do I file a 1040 or a 1041. Since the trust was set up before death and an estate was filed by the court upon death, I was under the impression that I file a 1041 with 8855 attached. But there was no real, estate income, and nothing was transferred over to the trusts name before death making me think it is just a 1040. I know the 600 income limit for 1041, but the fact that the trust was set up before death makes me question what I am to do now.
Please guide me. I am looking all over the place for this answer, and I can not find one that is clear.
I have updated my profile. Thank you so much. I have also found out that a retirement account was put in the trust's name and withdrawn for around 4k. So I am thinking I am doing the 1040 on all income before death, and 1041 on all after death. Just want to make sure.
Of Presidents, mouses, and men
Kevin, didn't know if you'd catch this on the board. But..
There was another extremely famous president who was likely gay. As one of his biographers, Carl Sandberg, said "Mr. X had more than a hint of lavender [about him]". This does not raise the eyebrows of historians (many of whom who are aware of this) near as much as it would raise the eyebrows of the general public.CrowJD 14:52, 11 March 2009 (CDT)
I'm pretty much convinced
I think there is a growing body of knowledge on the subject. We will never difinatively know, of course, because I'm sure any documentation found by the "establishment" of the past would have been destroyed. Similar to how they've doctored up the Church over the ages... CrowJD 14:58, 11 March 2009 (CDT)
CPE classes
Hi kevin,
Your profile says you teach? Can you share where or which organisation you affiliate with? I am interested in getting some CPE's.
Thanks,
Priya
S corp question
Kevin,
thanks for the answer - is the paid in capital designated to the individual stockholder or to the corporation in general?
Your Funny Story
Kevinh5,
Your Cocker Spaniel story is great - we'll definitely consider it for publciation!
Thank you for your attention!
Vanessa
Could you please tell me where I could find the AICPA tax fee survey? I searched the AICPA web site with no luck. Thank you.
-Tim Sullivan timothyjsullivan2@gmail.com
SEP contribution and SE Tax
Aloha Kevin, I just want to make sure I'm right, SEP contributions are NOT subject to SE Tax in anyone's universe. There's no weird rule I've not heard of that might create an exception. The client I mentioned in a previous post has brought in their 05 and 06 returns and the SEP has been run through SE tax on both those returns as well as the 07. I'm going to amend them, and as you said, the client is really happen to have the amendments. I just don't want to chance having egg all over my face in case some remote exception exists. Thanks. Actionbsns 15:57, 16 March 2009 (CDT)
SEP and Sched SE
Sorry Kevin, I wasn't clear. My client is an S Corp. SEP contributions have been made for him by the corporation and the deductions properly taken and accounted for on that end. The prior tax preparer has then run the contribution through Sched SE on the personal tax return. There is no Schedule C or 1065 partnership income connected with the returns. I am going to amend 2005, 2006 and 2007. I just wanted to be sure that there is not some remote ruling that I am unaware of that could possibly be the reason the prior preparer did this. I am 99.99% sure I'm right. Actionbsns 17:37, 16 March 2009 (CDT)
SEP
Thanks for the validation Kevin. I appreciate your time. Actionbsns 23:10, 16 March 2009 (CDT)
general question
am i suppose to be on this site. i'm a CPA and have 25 yrs experience (6 public and rest privte)and was directed here by a professer at Purdue University. I joined because i have some tax questions.
PROFILE
Thank you for the clarification.
CPE
Kevin, I can't find your contact info anymore, but was wondering if you might be available in Sept to do some CPE locally.LJACPA 11:46, 19 March 2009 (CDT)
Classes, lectures, etc.
Hey Kevin. I live in Wilmington NC and noticed you live in the state as well. I was just wondering when your next seminars are in the state of NC? Do you ever come down to Wilmington for them?
Question for you
I have been looking for courses in 1041 and have not found any in my area or any available online or over the phone. Is there a way I can do a call with you and pay you for your time to answer my questions. My sister is an estate attorney and she is going to be passing a lot of people to me and I want to be prepared. They do not teach you these things in school or even in self study material I have researched through the IRS. I know it is all there in the 1041 publications available, but I do not think I am interpreting everything as best as I could be. Please let me know.
Consumer Page
How's it going with the Consumer Page since it's been set up?
I have not seen any annoying posts like I did previously. That's a GREAT improvement and a relief. Uncle SamUncle Sam 21:30, 29 March 2009 (CDT)
The rental depreciation question
Thanks again for you assistance. I looked everywhere for the answer and was frustrated. I read your bio. Depreciation as a whole confuses me a bit. I'm looking for a good course that can help me get a better grasp. Do you have any recommendations?
Jeannette K (JMKtaxes)
NOL... or not
Kevin, Really appreciate your time and expertise which you liberally share via countless posts on the forum. My guess is that you are pleased to give a helping hand to others who are willing to help themselves (ie., research and study tax laws for themselves), ...but you don't suffer fools gladly. That being said, I ask you to re-visit one of my posts (titled "MMLLC NOL carryforward") which you responded to yesterday. I've devoted a couple hours to reading all I can get my hands on regarding NOL's and at risk limitations, and want to make sure I'm getting it right. Seems like some sources contradict others on the subject, or maybe I'm just still grappling with the concepts. Anyway, your further help and advise would be much appreciated. Anchorman 07:09, 31 March 2009 (CDT)
CRUTs & annuities
Kevin,
Hello. Thank you for your contributions to these forums. I came across a thread from April 2007 on CRUTs and annuities that was quite interesting and informative. I agree with all of your positions and statements you posted in that discussion. I have been preparing returns for these trusts for several years. I have prepared the Form 5227, with K-1s, and the Form 1041-A) for several years. I have not filed Form 1041. I have included the "change in the value of the annuity" as other income and ignored the 1099 or whatever distribution amount came from the annuity issuer. The instructions to the Form 1041-A state that a Form 1041-A is not required to be filed for split-interest trusts. With all the discussion regarding attachment of K-1s, would you recommend that only a 5227 be filed or file a 1041 as well?
With the market drop, the trusts have a big loss. Although there was a distribution in 2008 for the required 2007 amounts, it is my understanding that the loss does not flow thru to the beneficiaries; rather, reduces the amount of undistributed ordinary income. This effectively reduces the income that the beneficiaries will report in future years upon distribution.
Thank you so much for your time and thoughts.
No stickies in All Topics Forum
You know, I had noticed at some point back that there were no stickies in that forum, and figured it was a design feature - for those users who come to TA all the time and just want to see the new stuff all at once, why clutter up the top of the forum. But it could just be that it was never programmed! What do you think - should they be sticky there too? I guess I'd vote for status quo (no stickies)...or maybe just the FAQ being sticky for All Topics.
Also, I don't much have a problem with people posting to the sticky discussions (other than to the Find a Tax Pro sticky, which definitely needed protection, and which you took care of right off the bat, if I remember correctly). On the rare occasions somebody posts to one of the other stickies, it was easy enough to redirect them. But having them protected is also fine with me. If we leave them protected, I'll go in and paste some version of my note warning users that they're locked, as otherwise the unhelpful error message you get if you try to post may create a negative user experience.
Trillium 17:52, 8 April 2009 (CDT)
Cancellation of Debt and Rental Property
Hello Kevin:
You are so knowledgeable, I was hoping if you can help me clarify with this complex issue. I spoke to the five different IRS agents in the complex tax law and all of them gave me different answers. I have done research but I don't feel the answer is correct.
My client has a cancellation of debt on a rental property. Facts: Selling Price (FMV) 187,000 Selling Expenses 18,248 Payoff at the time of Short Sale First Loan 231,987 Second Loan 42,783 Total 274,770 Cancellation of Debt First Loan 64,235 Second Loan 41,783 106,018 Paid to Loan (per lawyer paper) Loan Amount 167,752 Loan Amount 1,000 Total 168,752 Depreciation 13,886 - Schedule D. Line 19 Section Unrecapture 1250 Gain
Step #1 - Form 982 for excluding cancellation of debt due to insolvency (I can also use qualified real business property indebtness but it is not necessary since the client is insolvent. I have already done the Asset and liabilities worksheet and they are insolvent by 188K.
Step # 2 - Form 4797 for Sale or Business Investment Property -
Part I Line 2 -- Debt at foreclosure - $274,770 Less Depreciation - 13,886 Less FMV of property - 187,000 Loss of $(74,884) - This loss is flowing into the 1040 line 14
Step # 3 - Schedule D - for unrecaptured 1250 gain. $(13,886)
My question if I'm not including the income due to exclusion from insolvency... I don't think I should have a tax deduction of $74,884 on the 1040 line 14. How is it that the client is getting a benefit when the cancellation of debt is higher.
Any clarification would help. Thanks
Non-Qualified Annuity in Estate
Hi Kevin you seem to be the authority here on this subject. I would like to take your class sometime. I have spent several hours researching the issue and think I have the answer, but would appreciate your opinon.
Client's father left will of property which included some stock, 2 non-qualifed plans and an IRA. The 2 non-qualified plans and the IRA were paid out to the estate in December and distributed to the beneficiaries. The 2 non-qualified plans have a contribution amount in Box 5 exceeding the amount in Box 1. I understand this is a 2% itemized deduction if paid directly to the beneficiary, but if paid to the estate does the estate get to pass this loss out to the beneficiary?
1041 Non Qualified Annuity
I thought this was unusual as well. This was just dumped on me last minute by my client who is the executrix. The will just says "all his assets are to be divided equally amoung his 4 children". My guess is he had not named the beneficiaries on the contract.
1) If this was the case could the Executor have had them divide the amounts equally and by passed the estate?
2) I just want to make sure I understand this. The deduction would go on line 15b and would offset the income form the IRA on Line 8. The balance would be deducted as a distribution to the beneficiaries on K-1's and result in no tax to the estate.
3) Are you teaching any 1041 classes this year?
Thanks for your help during this busy season.
Extensions etc
I think maybe I got some bad training. I was taught never to act without the go ahead from the client. Protective matters weren't discussed as an exception.
TheTinCook 21:24, 14 April 2009 (CDT)
Kevinh5, I have recently been using Tax Almanac and have seen your posts in a lot of the threads I have reviewed. My partner and I started a practice and left our day jobs last year. We both have our graduate degrees (Master's in Accountancy and MBA) and really began pursuing business clients for everything from bookkeeping to contract controllership roles and tax planning and preparation as well. After spending a year with these businesses we began looking for a change in direction because it was not producing the results we really desired. The results we desired were composed of a combination of revenue, ease of acquiring new clients and job satisfaction as well. We determined that these roles are very hands on and you never really get to put these clients aside. With that being said we began pursuing tax returns this March and ended up gathering and completing 80 returns by yesterday. The money was great, the clientele were much more enjoyable and the experience has really opened our eyes.
I am currently an Enrolled Agent and my partner and I are both preparing to sit for the CPA exam. Unfortunately our confidence in the CPA profession has been rocked through various issues we have had to resolve with our new clientele. These issues were the result of CPA work that was not done correctly. It appears that you have built a successful practice with all the education and E.A., but do not carry a CPA license. Do you have any advice for building a practice if choose not to sit for the CPA and continue as Enrolled Agents? We are concerned that it may be difficult to overcome client's objections about the value of a CPA versus someone else. The AICPA has done a very good job positioning the CPA in the market. Have you encountered these issues?
Any insight or advice you could offer would be much appreciated! We are located here in Phoenix and have really had a difficult time trying to network with CPAs in the area so we have not been able to bounce any practice management ideas of our peers.
Thank you for your time and we look forward to your response. Make it a great day.
Jeremy Slaughter, E.A., MAcc
Processing
Kevin: Thank you! Quick follow up ?s: 1.)What's a 'pick up'? You mention it a couple times and I just want to make sure I understand rather than assuming. 2.)Since you use Drake, do you mail (or email) out the Drake organizer--or your own version--at beg of year? I've had preparers assist, but in the end it seems like I spend as much time reviewing as if I'd done it all myself. The "input/starter", on the other hand, sounds like a time saving idea that I'll be sure incorporate next year. Coincidentally, I am in North Carolina as I read your response today. My youngest daughter lives in Wilmington/Wrightsville Beach and we came down here for a little R&R after tax season. Anchorman 06:21, 18 April 2009 (CDT)
you teaching for anyone this year
kevin, wondering if you are teaching any cpe classes this year. Please let me know,
ekcpa
Sale of residence converted to a rental
Kevin you are right it is an ordinary loss, when I run it on my Lacerte software it is treated as an ordinary loss.
It has been so long since I have had a client sale real estate at a loss that I have forgotten all the rules.
Conversion of a residence to a rental property
Thanks for your help.
ATNOLD Worksheet
my email is jeffm@skylineid.com
Thanks again (including for making me learn what a tilde sign is :)).
Jimmer 15:03, 7 May 2009 (CDT)
That was a true story
Hey Kevin, I was serious. I don't know what urban dictionary it was, or if there's even more than one, but last week I got some "virus" from one. It continually inserted ads as I was on the net. I had my anti-virus progam on in the background when it happened. Anyway, was never able to get rid of it, but locked it away. Take care. CrowJD 11:31, 8 May 2009 (CDT)
Thanks.
Thanks, it was a wiley rascal. CrowJD 11:39, 8 May 2009 (CDT)
CRUTs & annuities - Loss in current year
Hello. Thank you for your contributions to these forums. I found one of the CRUT threads quite interesting and informative. I agree with you on the positions and statements you posted. I have been preparing returns for these trusts for several years. I have prepared the Form 5227, with K-1s, and the Form 1041-A) for several years. I have not filed Form 1041. I have included the "change in the value of the annuity" as other income and ignored the 1099 or whatever distribution amount came from the annuity issuer. The instructions to the Form 1041-A state that a Form 1041-A is not required to be filed for split-interest trusts. With all the discussion regarding attachment of K-1s, would you recommend that only a 5227 be filed or file a 1041 as well?
With the market drop, the trusts have a big loss. The bank that serves as trustee for the trusts does not agree that the trust could ever have a loss. Their position is that they do not report of life annuities until realized - at disposition. I don't believe their position is correct. They are asking me for code or rev rulings that support taking the loss. I am not proposing that the loss pass thru the beneficiaries.
Although there was a distribution in 2008 for the required 2007 amounts, it is my understanding that the loss does not flow thru to the beneficiaries; rather, reduces the amount of undistributed ordinary income. This effectively reduces the income that the beneficiaries will report in future years upon distribution.
Thank you so much for your time and thoughts.
CRUTs & annuities - Loss in current year
Kevin,
Thank you for your reply. Sorry about not "signing". I read these forums regularly but have not left messages so I'm not real familiar with moving around within the forums.
Follow-up question - any ideas on how I can get the trustee bank to be comfortable that there can be a loss reported on the Form 5227. I have pointed them to 72(u)(2). I wish that language said "income/loss" instead of just income.
I could make them happy and not report the loss, but then the undistributed ordinary income bucket would be incorrect.
Thanks again.
ScottEG 13:36, 11 May 2009 (CDT)
Direct Marketing
Thanks for the info. I appreciate the way you take fundamental marketing principles and show, step by step, specifically how to apply them in a tax practice. The "Keep in Touch" part--classifying everyone as A,B,C,D, etc--is similar to a book I read recently titled "The Referral of a Lifetime" by Tim Templeton. If you haven't read it, don't bother--you could have been the ghost writer. By the way, the picture on my Tax Almanac profile was taken about an hour down the road from you. My youngest daughter graduated from Gardner Webb in May 2007--it was taken in front of the old courthouse in Shelby. Small world. Anchorman 08:56, 15 May 2009 (CDT)
Broker Account-intangible
Hi Kevinh5,
Thanks for your prompt answer . My question related to funds (as in money, not securities or mutual funds ) that are transferred by wire . My research (PLRs,Black Law dictionary,other forums) has lead me to understand that a transfer of bank deposit (funds in a bank,not cash as in notes or checks) is indeed a transfer of intangible asset. I am interested in your thoughts on funds in a broker account .
Broker Account-intangible
Thanks -I take that as "funds" in the context of form of money (not funds like mutual funds ).?
Kevin,
My email address is BrockAndAssociates@gmail.com .
Thank you for any help you can be. I actually met another local EA on these boards and he has sent me several clients, most of them remain as client. I haven't seen him post much lately now that I think about it.
I guess that I am progressing through the normal cycle of tax preparers who are starting up...I just have the disadvantages of not having a brick and mortar shop and being part-time. All in all, I can't complain too loudly--other than wanting to do the right things (like getting good CPE) and not quite being where I would like to be. All in good time. I need to get busy marketing the Quickbooks setups that seem to sell really well among the 'try it' business crowd.
Michael
Thanks so much
after I sent you the message, the logic in the calculation clicked for me, but I always appreciate someone with your experience nodding their head at me.
Thanks again,
Jimmer 13:45, 23 June 2009 (CDT)
WOW
I was looking for a discussion I read earlier (something lame about....can't afford bookkeeping software) and couldn't find it. So I started digging; and just found the "delete" and "bloc" pages. Just want to say THANK YOU to you and Trillium. I know you two do a lot of behind the scenes work for all of us on TA, but had no idea of exactly how much! And this in addition to answering questions. Again, wanted you to know you are appreciated. Belle 16:28, 10 August 2009 (CDT)
ntpi
kevin i just wanted to thank you for recommending that i goto the ntpi seminar for more info on client representation. I just got back from baltimore last night and all i can say is wow! Ive never been to a seminar and came away with so much useful info as this one. Every speaker was awesome, all the topics were right on target. I came back feeling energized and almost excited to get to work using some of this stuff (notice i said almost lol). Anyway, just wanted to say thanks, going to ntpi was one of the best pieces of advice professionally ive gotten in a long time.
scott
EA exam preparation
Kevin,
I am curious, have you ever considered putting out your own EA exam preparation materials?
You stay so up to date given the classes you teach, etc. it seems like you could probably create an excellent course. Your knowledge of the issues and topics--given that you wrote/reviewed the new tests seems like you might have a relevance others don't.
It may sound crazy but it could be a bi-product that could be produced with little effort on your part and would probably sell very well.
Michael
Sale of house-life estate Jan 11 2008 posting
Just wanted to thank you for your thoroughness on this subject. Your Jan 11 2008 posting attached 2 NATP articles that spelled out my situation exactly. Have spent hours and hours on other online resources without success. I found it here within 1/2 hour. Should have gone here first. Am new to Tax Almanac. Trueblue 14:03, 22 August 2009 (CDT)Trueblue
Thanks Kev- My son has 2 more years before graduating. Will be missing you at NYSSEA's convention this year. Uncle SamUncle Sam 17:29, 22 August 2009 (CDT)
Carryforward election
Hey Kevin, Just a FYI...I discussed the carryforward election on amended returns with two separate IRS agents and both were very clear the election does not exist for amended returns. The election is only available before the original filing date of a return expires. Period. Sucks cause that means I have to go back to the client and tell him he's not getting what I orginally told him. Anyhow, just thought you might be interested in knowing. Thanks again for your help.
What was the deal w/Taxworld's discussion?
He asked a Q, got a bunch of answers, responded again this morning, and then, what blanked out the entire thing? This is the one you deleted this morning. Trying to figure out what he was thinking; maybe he just wanted to cover up that he didn't know how extensions work? Trillium
Just thought it was odd
And I'm still thinking about restoring that Toller guy's discussion, too, as your argument to him about the principles of retaining the past responses to help all of us, etc., has resonated - now that he's gone, maybe he won't notice if it pops back up? I think I'll give a try, as long as it ends up in the consumer forum. Trillium
Class in Ca Wine Country
Could you give me info on the class you'll be teaching? I googled both NATP and Calif EA society and couldn't find any information; I might be interested in attending. Thanks Belle 11:08, 5 September 2009 (CDT)
Class
I just reread your post; perhaps it's just a speaking engagement rather than a class. I would still appreciate the details when you get a chance. Belle 11:16, 5 September 2009 (CDT)
Thanks
I'll check it out. Belle 13:33, 6 September 2009 (CDT)
Kevin -
Regarding LTC insurance premiums being deductible on the 1040. Does it matter whether or not the policy is in the shareholders name or in the business name? I thought I read that for LTC insurance, it had to be a business policy. I read that if it's not a business policy, the taxpayer would have to put it on the Shc A instead of page one of 1040.
So, to back up a bit, I saw your response to a question regarding whether a business can deduct LTCi premiums paid by the business on behalf of a shareholder.
My scenario is that he owner/shareholder has a policy in his name and is paying the premiums himself. Under this scenario, would he be able to take it as an adjustment on page 1 of 1040 like SE health (up to the age-based limit)? He has a W-2 from his S Corp. Or would he have to put it on Schedule A since the policy is in his name.
I've tried to find an answer on this from the IRS and general research online but no success. Thanks for your help.
TgriecoTodd Grieco
poor judgement on my part
Kevinh5,
I made a mistake of poor judgement and deleted my post within seconds of entry. I apologize. You have restore my deletion. While I agree that my frustrations were vented I respectfully request that you remove the applicable dissussion as I believe it is not in the best interest of the discussion board.
Sincerely,
Tom
Legalbitstream links time out
So you really just have to send people to the home page, with the search term. Putting a specific link to a RR will only work for a day or so.
Wish I knew what was up with TaxLinks - at the least, if they're not supporting the old rr etc anymore, Intuit should be getting in touch with them to buy the data so we can load it here.
Trillium 11:55, 11 September 2009 (CDT)
Probably
You'd think people would know to look at the link itself, get the URL, go to the home page, and search, but it seems that a lot of people only know how to click on a link and expect it to work. Then it doesn't, and they post a complaint about the link not working, etc.....
I guess if you happen to be on a rev ruling page, like you were to add the summary on 72-111, then taking away the taxlinks link makes sense (although I live in hope that the site might just resurrect itself one day), and you could replace it with simply "www.legalbitstream.com" and suggest they go there to look for the ruling?
Thanks for the feedback. I would appreciate your providing the links you mentioned.
your answer on the building that never was
Hi
I received and ansered your question about the proposed use of the office building that had expense but was never constructed and wanted any additional input you may have.
Thank you.
Pat Wilson
Licensing?
"Ted, you are an EA and can't recognize self-employment income? "
This makes me wonder if any kind of licensing can guarantee competent tax preparers.
Licensing x 2
My employees who have been thru the HRB class would know this one. And it seems like a tiny bit of research would have answered the question without just posting it here. Sigh. I have a question I've been struggling with/searching exhaustively. Sure would be easier to just throw it up on the board. And I agree; the knowledge that my clients assign to me is astounding - I only wish I knew that much! At first, it was intimidating. Now I just state it's either not my area of expertise, or I'll have to do some research.
Generous !
How kind of you - maybe I'll just post it (since now I don't think you'll yell at me :-)
And I didn't think 'booby' prize was inappropriate - in fact, I've already plagiarized it several times)
Thanks,
After reviewing ATG Chapter 4 Material Participation, you only need to meet 1 of 7 rules for material participation. I would qualify for being classified for material participate under number 2 Exhibit 4.1 under Passive Activity Loss ATG on the IRS.gov site, to prove material participation you only have to meet 1 out of 7 rules. I would qualify per this information under the second rule and the sixth rule and number 7. The second rule states “Does taxpayer do most of the work”? Even if taxpayer does not meet 500 hour test, but his participation is the only activity in the business, he materially participates. Example: sole proprietor with no employees. This rule has no specific number of hours associated with this test.
I am the only one taking care of the rental, all accounting, management, rent pick/up and repairs are performed by me. Also, no management company is involved in this rental. I would be considered to be materially participating in the property based on this rule 2.
Thank you so much,
Under Exhibit 4.1 under Passive Activity Loss ATG on the IRS.gov site, to prove material participation you only have to meet 1 out of 7 rules. I would qualify per this information under the second rule and the sixth rule and number 7. The second rule states “Does taxpayer do most of the work”? Even if taxpayer does not meet 500 hour test, but his participation is the only activity in the business, he materially participates. Example: sole proprietor with no employees. This rule has no specific number of hours associated with this test. I am the only one taking care of the rental, all accounting, management, rent pick/up and repairs are performed by me. Also, no management company is involved in this rental. I would be considered to be materially participating in the property based on this rule 2.
Thank you so much,
Under Exhibit 4.1 under Passive Activity Loss ATG on the IRS.gov site, to prove material participation you only have to meet 1 out of 7 rules. I would qualify per this information under the second rule and the sixth rule and number 7. The second rule states “Does taxpayer do most of the work”? Even if taxpayer does not meet 500 hour test, but his participation is the only activity in the business, he materially participates. Example: sole proprietor with no employees. This rule has no specific number of hours associated with this test. I am the only one taking care of the rental, all accounting, management, rent pick/up and repairs are performed by me. Also, no management company is involved in this rental. I would be considered to be materially participating in the property based on this rule 2.
````
Omitted Capital Loss
Thank you for your reply:
The facts are: The taxpayers married 2004, and the husband discovered in 2009 that his spouse had Capital Losses in 2003 and prior years. Her short & long term Carryover Losses, and were omitted on their first joint 2004 return, and all subsequent years.
The taxpayers, filing joint returns since 2004, had a long term gain in 2008, and are seeking to amend 2008, and apply the unused portion of her loss carryover. In my review, there are no tax consequences to any open year, as he too had losses in excess of $3,000.
Do you know of any references that related to this issue?
Thanks for your reply.
upcoming naea in greensboro
hey kevin
im going to be at the greensboro event and I see youll be there, i was wondering if i could possibly get 5 minutes of your time to help me with a situation involving the closing out of an s-corp? thanks scott
- ) thanks, ill just try to catch up with you during the day either thurs or fri or thurs after its over, whenever is convenient for you. Im driving in both days since greensboro is only an hour away....looking forward to it
CPA needed
Hope your summer has been pretty good so far. There is someone that I know who needs a CPA in Southern Cali, preferably the Southbay area. I was wondering if you know anyone who is in that area in which I can get a name to give to this person. I know Bell is in Cali and I think you are but not sure which part. Thanks
Genskitty
Ok
Okay, thanks, I will leave him a message under R2 as well. Genskitty
Thanks Kevin, my email address is gadeboye2001@yahoo.com..Do you know how I came about this issue.. I am currently studying Part 2 of the EA exam,I got to the NOL part then I realised I made a mistake on this Client return in 2006 and 2007....My conciense will not let me rest,I feel I need to make a correction, I haven't told them yet,until I get a good handle on how am going to correct it, free of charge of course...I will appreciate all your help
NOL and state tax
Would you included state tax withheld from wages if the wages were from the S corp who's losses created the NOL?
NOL with state tax
Sorry just wanted clarification, would you include state tax withheld from the Scorp on W2 in line 6 on 1045 Schedule A so it reduces the NOL or not include it in Line 6 so it doesn't effect the NOL?
And by the way thank you so much for your help. So many things are ambigious and it is nice to get someone elses opinion.
That Crow!
YIkes, he's everywhere! Yep, now that I slow down and look, I do see his name in bold and capital letters in the response post; so I guess it was fairly obvious. I'm on my first cup of coffee so I'll claim that as my excuse for not seeing what was right there in front of my eyes!
Trillium 10:46, 7 October 2009 (CDT)
Scholarship information
Kevin,
Hi, a while back we discussed writing a scholarship for the NAEA NTPI. I passed the exam and just submitted my Form 23 today, I will most likely not be effective until April 1 of next year because my SSN re-enrolls this year and my application will fall within the enrollment period.
I would like to apply for this scholarship for next year but will not have an EA number that is effective until next year. Kind of a catch 22--I need the EA number for the application but cannot join the NAEA until I get the number. By the time I get the EA number, I would expect that people who make the decisions to have already notified the recipient.
Any thoughts on how I can make this happen? I am very interested in adding representation services to be able to have a year-round practice subject to my availability and I would LOVE to take this next year.
Thanks,
Michael BrockEA 15:07, 8 October 2009 (CDT)
I understand
Kevin,
I see the application for the 2009 applicant that has both the EA and Associate memberships. I will probably just wait for my EA number to come in--even though I will not be effective until April 1 I should have my number this year and will apply then.
I thought that the NTPI was in May for some reason so I have time wait for the effective date and still get my application in. Do you have any information as to the dates and location of the NTPI for 2010? The NAEA website doesn't have the scholarship application for 2010 at this point.
I have the old post where we discussed the scholarship and what information I should include. Any other ideas how I can increase my odds of receiving the scholarship?
Thanks,
Michael
hey kevin, just wanted to say it was good seeing you in greensboro, ive never had an ethics session go by so fast, good job!
thanks again for your time helping me out with my case, much appreciated.
hey kevin
hey kevin, just wanted to say it was good seeing you in greensboro, ive never had an ethics session go by so fast, good job!
thanks again for your time helping me out with my case, much appreciated.
Advetising?
Just an FYI - Check him/her out....
Discussion:Depreciation Recapture Straight Line Method
Kevin,
Browsing through the threads as much as possible, I find your responses to be the most insightful and on target. Am I being pushy asking you to take a look at my two posts, NOL for Real Estate Professionals and 1031 and Real Estate Professionals Combining? I have cut and paste them below in the event this avenue be better, but I do think it be beneficial to answer them publicly as that is the purpose of the forum, etc. but my main point is to get YOUR input.
Can you also tell me if you have a website where I can track where you are presenting and the topics.?
Thanks.....Ken
Hello,
First time user, so I hope I am doing things correctly
Facts:
I have a client who is an active real estate participant in rental properties and as a result, they get their losses without passive loss restrictions. This year, due to cost segregation and the hurricane issues, they had huge losses, creating a $1 miliion NOL on their personal return (which could be a trigger for an audit). The losses come through LLC's, for which they are either the sole or majority owners.
Questions:
(1) If they get the NOL and later sell the buildings, my interpretation is that the sale is still capital gains because these are rental properties for which they hold the properties for a a while and it is not inventory in the sense they redevelop and sell off units, etc. If so, then we are getting the benefit of receiving refunds on the carryback at ordinary rates and recapturing that NOL as capital gains later (except for the depreciation capped at 25%). Does this make sense? Or am I climging the wrong tree?
(2) The way I read the 1031 rules, again, this is not inventory, so regardless of whether it is ordinary income or capital gains, 1031 is permissable, correct?
Thanks much for any insight
Ken
Hello, I have looked through several posts and seem to gleem from the regulations and the posts that if I elect to aggregate several LLC properties (for which my client really controls the activities and materially participates), I need to make that election on the return, which is fine, but my main concern is that if I do that, I MUST aggregate ALL of the real estate interests of the taxpayer, is that correct? Or can I pick and choose which ones to aggregate as there are some truly passive ones they own and there are some truly active ones with which they participate.
BTW, aggregation is the ONLY way to qualify over the 750 hours or more than half of their income, etc.
Thanks,
Ken
Hi Kevin I must admit I was a bit surprised at first by the not exactly professional tone of some things I was reading. I'm all for some joking and kidding but agree that the objective of this site has to be to discuss the right and wrong and in betweens of tax and accounting subject matter. Inappropriate or inaccurate info must be dealt with. A person who would persist in putting bad info on the site just for kicks? I'd have to get testy with them. Or are they displaying their own argumentative nature or ignorance? I know sometimes it's hard to tell the difference. Whoever has the moderator chores has to take up the task of being the bad guy when sombody crosses the line. Been there done that. It might surprise you but for ten years I have been the webmaster and moderator of a website with a busy message board for local pee wee football. Yes its true what they say that in Texas football is a religion LOL. People can be cruel and ugly when they think they have hidden who they really are and they feel no need to observe any behavior restrictions. I struggled with that fact when I first got my site up and running. Then I put my foot down on what behavior was acceptable. I'd give a warning of course. Next time that poster was banned from the site. I always say: It's my sandbox and to come in and play you need to pay attention to my rules. Your behavior here is expected to be at the level it should be when you are in the public eye. Give your opinion in a calm manner and do not seek to disturb the peace with personal attacks. Do not use gimmick names to try and hide who you are. We enforce our real names only policy. I saw your photo - just uploaded mine. KathiJud 17:32, 15 October 2009 (CDT)
NYSSEA Convention
Kevin - Missed ou at a great convention this year. We had Sherrill Gregory and Bill Stevenson talk about real heavy stuff. Weren't you given an Honorary Membership at NYSSEA? Don't worry - I didn't lecture this year. Uncle SamUncle Sam 11:21, 26 October 2009 (CDT)
Ethical Considerations
Thank you for your posting about the ethical considerations for HRB's 2nd Look program. I've had the same concerns myself and have come to the conclusion that you have to be true to yourself, especially when your license and reputation are on the line. Also, the emotional and financial damage that go along with preparer penalties and causing harming, even though unintentional, to a client. Nwataxmama 07:28, 27 October 2009 (CDT)
Today, you're the nice guy!
Just as well, as I think I've been playing bad cop without even having checked which you wanted to be today.
Did you see the note I left for Lardog? (I thought that might be why you used the "thanked for sharing" wording.) I just don't know what else we can do to get people to post a profile - we don't have a way to jump in if they simply add posts to existing discussions, and depending on which computer I'm on I don't always want to click on random links to make sure they're actually helpful. I did a search on that website, and it turns up on a lot of strange-looking sites (some spammy-looking, some just oddly off-topic). But that doesn't necessarily tell me anything about elliscpafirm or lardog.
I did re-word my question to take out the word "spammy" since you okay'd the link - wanted you to know in case you don't want to answer quite as definitively to my new question. Although I did try to word it so as to not put words in your mouth. (GS cookies have much better flavor!)
...yes, that too, which was a big surprise. Plus, you've been helping people who don't seem to have done much research before posting and/or don't seem to know as much as their profiles might make you think they should already know. I might've been tempted to point them to the yellow box. I imagine they're a lot happier that they got actual help. Trillium
...not that the yellow box isn't "actual help," as finding out all of the nuances may actually be better in the long run. And sometimes the answers in the archives are so much better than the new responses, depending on who comes along first.
