User talk:TheTinCook
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| [[User:Fsteincpa|Fsteincpa]] | [[User:Fsteincpa|Fsteincpa]] | ||
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| + | == PEO == | ||
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| + | Aw sweet jeezus. It's looking like a monstrous preposition. There is a lot of research I'm trying to look through. Up next is SUTA dumping liability and the employment tax rules that got put in place recently (not sure what all it adresses, but my hunch is that it was to combat the off shore leasing scams). Then there is ERISA... | ||
| + | |||
| + | Honestly, most of the routine issues we know about taxwise from doing payroll. The HR and benefits law stuff is also fairly easy. FLSA, FMLA, COBRA, USERRA, Portal to Portal, and Ledbetter are all pretty easy stuff to understand and a lot of good guidence from the .gov . Not sure how ADA and the anti discrimination things will work out since we wouldn't be making any decisions in that matter, but I guess liability exists in a matter of course. HIPAA just means you have to keep your mouth shut about employee health and medical issues. | ||
| + | |||
| + | There are two major feasibility problems as I see it: | ||
| + | 1) Benefits pricing. It's all based on volume and experience ratings. I was going see if I could get an el cheapo health plan as a POP or a full fledged §125 plan. Also a set up a SIMPLE IRA system with a bank. | ||
| + | 2) Workers Comp | ||
| + | 3) What happens when they don't pay? Lord knows I spend enough time shagging after bad checks for my fees, but what happens with a PEO. | ||
| + | 4) Lack of uniform policies. I can't even get clients to pay estimated taxes on time. I kinda doubt I can get them to follow proper procedures. | ||
| + | |||
| + | I think I'm just going to stick with taking aboard the hr functions instead of forming a fully fledged PPO. | ||
| + | |||
| + | We'll see, I'm still researching the issue. I've found a guy on a labor law forum that has a bunch of experience, so I'm going to bounce things off of him. | ||
| + | |||
| + | [[User:TheTinCook|TheTinCook]] 01:06, 22 April 2009 (CDT) | ||
Revision as of 06:06, 22 April 2009
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Sale of Rental Property
Hi, this is CHMontgomery. I file 4562 and E every year. My question wasn't worded properly. My question is -- and I've read the instructions for 4797 -- what is my basis, the appraised value or the 32,500 mortgage? Since this was my residence converted to a rental property, I would have used the appraised value, but then I got the mortgage. I am 100 percent involved in the management of the property and the maintenance, et cetera. I'm trying to figure out how to figure out the capital gains/loss. I was going to go to a tax person, but then my son decided he wanted to come home for a visit with his family (a family of five). He hadn't been home in over four years. He's in the Army, stationed at Scholfield Barracks in Oahu, HI. He's getting deployed in November back to Iraq. Of course, it was quite expensive to fly them to Maryland!! Not your problem, I know, but my taxes are late now and I would really appreciate it if you could just get me started in the right direction. I filed an extension to file and I haven't filed!! because I'm hung up on this one thing. Even if you could refer me to a website where I could get some guidance, I would be very grateful!!CHMontgomery 18:59, 10 August 2007 (CDT)
Congrats on the EA exam!
Just saying congrats, I passed the EA the first time out and got real lucky and some questions got tossed out, putting me over on corporations. Anywho, I enjoy seeing your posts on TA, and I'll talk to you soon!
Sincerely,
Donnie Castleman, EA
EA
Hey congrats on getting the exam passed! Wanted to tell you, that the most nervous I ever was, to the extent of nausea, was when I finally got the unofficial answers and was going through checking my answers, I had done fine on all parts except for one, and I knew some questions were going to get tossed which would put me over the passing side, anyway it's a great thing to get that exam out of the way and a great thing to be able to go to the IRS website and download client tax information to help them get caught up on prior years! Couldn't have done it without being an EA, speaking of which, what do you go to get your CPE credits? CPE Depot or someone else?
Thanks
THANK YOU FOR LENDING A HAND. I don't know how complex this could be, but I did buy a book and write my own divorce papers when I divorced a few years ago, so I can handle some magnitude of difficulty and I'm not a slacker looking for a freebie. :) I have a feeling this stuff may be much worse, however. The cancellation of debt occurred 7.1.2005 FYI. We are so stressed out so thank you again from the bottom of my heart.
-Kellie
Your Opinion
TC: if you're around, I'd appreciate your opinion on the post I just made re: Sole Prop. or S. Corp. for start up. If you have time. Thanks. CrowJD 18:18, 7 November 2007 (CST)
Your EA designation
Tin: Your knowledge is much more in depth than mine in the tax field. You need to send Tdoyle a note and ask him to decorate your user page with the EA designation. I've thought of going through the EA process myself, just to get a more systematic review of tax. But, right now, I already have to satisfy (i.e. pay for) my continuing legal education, bar dues, and CPE for my National Society of Accountants membership (not that they ever check), so it gets expensive. CrowJD 20:08, 7 November 2007 (CST)
Excellent response
The client I have is a start-up sole prop. He does not need anything fancier than the sole prop. right now because he has no idea if he'll even make a go of it! How this popped into his brain to even ask me, I dont know. But, your answer is going to help a lot of people in the future, because if you look at the posts above mine, I don't think most preparers are even aware that an indiv. could still be on a fiscal year. CrowJD 14:53, 10 November 2007 (CST)
Forum Award
I hope you will accept the forum award I put on your user page. You have earned it. It is an overdue recognition. I am sure all will agree. You are one of Aunt Emmy's very favorite nephews.
Miss Sadie
Aunt Emmy aint no 
. Me and Miss Sadie kin share and share alike. You a good smart boy and everybody very proud of you. You have fun and that means you an artist instead of a worker. Any fool can do a job.
Thanks for the reply. I am taking my position under sec 162. I've been trying to find a court case or other information to prove that these expenses are Deductible.
THANKS
I am taking my postion under sec 162. I'm glad you confirmed what I was leaning towards. I'm just having trouble finding proof that the lease payments are deductible. Thanks again for your reply.
Mmm13 17:56, 18 November 2007 (CST)Matt
THANX FOR THE REPLY. YES I AM TALKING ABOUT 2004 AUDIT WHICH IS STILL IN PROGRESS. THEY HAVE NOW BROUGHT IN 2005 SINCE EVERTHING IS STILL OPEN AND I WANT TO TAKE THE LOSSES IN THE YEARS INCURRED AM I CORRECT IN THINKING THAT THE IRS WITH PROPER DOCUMENTATION SHOULD BE ABLE TO MAKE ADJUSTMENTS AND CLOSE. THE PROBLEM IS THEY ARE STATING THAT IT WAS REASONABLE TO ASSUME THAT THE LOSS WOULD BE COVERED BY INSURANCE IN 2005 AND THERFORE NOT ALLOWED. HENCE THE INSURANCE ONLY PAID ABOUT 1/3 OF LOSS ASSESSED BY PUBLIC ADJUSTER PAID IN 2006. THEY ALSO MENTIONED THAT SINCE I FILED 2005 LATE THAT I CAN NOT MOVE IT TO 2004 WHICH IS OK. AS LONG AS I HAVE A RIGHT TO HAVE LOSS IN 2005.
PLEASE ADVISE
newsletter?
Anyway for me to see a copy of that newsletter?
thanks,
The New Tax Guy
Additional capital contributed to S corp
No corp resolution or sec of state filing?
Hi TinCook, Do you agree with my assessment in the revised post here: [1] Thanks, Viking Viking 17:25, 26 December 2007 (CST)
H&R Block EA's
Hey Tin Cook, You appear knowledgeable in all things H&R Block. Any idea what they pay their EA’s to represent clients that are audited and have purchased POM? Thanks!
Snowbird 19:59, 31 December 2007 (CST)
Good home found yet?
Hey....just wondered if you found a home for the Gleim materials yet. I would love to make use of them and would gladly pay you something for them. I have my CPA but I want/need my EA and due to financial reasons at the present I am so wanting to get them either used or at a price I can actually afford.
Let me know and thanks!!
Sandysea
Gleim CD available
TinCook-Is the offer still available? My wife would be interested as she is presently studying for part 2 - she's already passed parts 1 & 3. If still available - I'm interested in part 2 CD. Thanks.
And just to let you know - she's used Gleim for the other two parts and very satisfied with it.
Colliding in the Outfield----IC's
TC: I swear I don't mean to come in at the same time like that! LOL. Your answer is better, but we came to the same conclusion.CrowJD 12:25, 16 January 2008 (CST)
Registered Domestic Partners
Our Gear Up instructor just gave us the highlights. After he asked how many of us (approximately 100) had RDP's and only one hand was raised. He did not cover anything about non conformity with the mortgage law as that was covered in the 1040 update given in the afternoon.
1099 for Drug Screen and Physical providers?
Thanks TinCook.
We also pay for Drug Screening and Physicals for potential employees. Normally these are Corp.s providing the services but the instruction for box 6 seems to expand the population of who should get a 1099 for medical services to be everyone except hospitals. Do you think we need to issue 1099's for Drug Screens and Physicals also?
Thanks Again.
CA taxation
Hey,
I have a new client from CA, Celebrity Photographer flies between LA and NY. How fluent in sales tax issues are you? Might need some guidance on some thiings.
Oh Boy
TC, this must revolve all around the SE tax issue. But, it troubles me when I see people say, well the "managing" member of the LLC is the general partner, and others are (maybe) limited partners. I've seen people talk this way. I think much of this will end in chaos, but I understand the need to get the returns out! We shall see. CrowJD 00:23, 27 March 2008 (CDT)
Night Owl
I just had to see where you're from since you're still up.Natalie 04:21, 4 April 2008 (CDT)Natalie
must be H&R Premium!
Do you do all this stuff at H&R?????
"The other month I charged a client $500 for 2 quarters of delinquent federal and state payroll tax returns, the annual FUTA, w-2s' for less then 10 employees, and the 1099's."
Profile
I was actually a guinea pig. Tim offered to try a new style for the profile page, and I think I was the only one to take him up on the offer. Let him know you like it. He might change yours, too.Natalie 14:51, 4 April 2008 (CDT)Natalie
Hi, I was reading your notes on the 357 converstion sole prop to s corp and would like to ask you some more questions on it. I have a client who was a sole prop previously and filed to be an S corp as of 1/1/08. His liabilities on the balance sheet (truck loans and one bank loan) are greater than his assets by approx. 40,000. I realize this could be taxable. I have done some research and was throwing around the idea of doing a shareholder personal promisarry note but it sounds like this is pretty complicated and now it is April and no payments would have been made on it. I am wondering if I can choose to keep the liabilites on schedule C and just report enough income on the schedule C to cover the interest expenses of the loans. And then report all else on the S corporation. I am figuring I am not able to pick and choose like that, though. Do you have any suggestions? I really appreciate your input.
Tax Court
Sure. I just need to know how.
Are there a couple of options?
I have use Blackboard before, and I think you can setup a "private area". cheap.
Do you want me to check?
TC Exam
That is okay. However, I wanted to work, in such a manner that at the end of the day, I would have the material for an on-line training course to take the exam. With that in mind the "material" would be given away. The current available courses are way to expensive for me and I wanted to provide a cheaper alternative.
Gratuitous grammatical correction
Hi,
I hope you don't mind, but I can't stand your mispelling of the word "its." "It's" means "It is". "Its" is a possessive pronoun, as in "The man cleaned the house and all of its windows."
Thank you for answering the question
Tin,
I realize it seemed like a dumb question and I thank you for helping me. I don't know if you saw, but I posted that I became ill the end of tax season and unfortunately, the illness I have is along the lines of MS and I am undergoing treatment. As a result, late in the day, my mind starts to go blank and it's a real pain-in-the-you-know-what. But this client needs this answer and I thought I was right but blanking out and could not put my finger on it. Thanks again and I will see you around the forum. TomTaocpa 17:39, 20 May 2008 (CDT)
Reply from Lizzit
Hiya!
I'm not logging in so frequently any more, so I expect this is getting to you too late to be of any use.
>>>the NRA (Japan) has a brokerage account in US. Has divs from US companies, some foreign companies (with foreign tax withheld), interest on bonds from US companies and US treas interest. Japan treaty is 10%. Am I correct in assuming the following?
>>>US divs taxed at treaty rate (10%), capital gain distributions not taxed, other foreign divs no tax (no credit given for foreign taxes withheld),
Yes.
>>>all corporate bond interest taxed at 10%? what about US treas interest?
Zero rate on these interest items.
>>>the treaty is worded in such legaleze that it makes no sense to me. does portfolio interest which is not taxed at all only include bank interest?
Zero rate on all interest except interest directly associated with running a business. So, if you Japanese guy had a K1 from a US-based business, the interest income on that K1 would be taxable. But if it's just a portfolio of corporate bonds, junque bonds, and US Tbills, no tax on the interest. It's why so many foreigners buy Tbills.
HAHA Tincook
You know, at first I thought this was ridiculous, but Dennis has mentioned some fees on here for some of this fiduciary work that really surprised me, for some reason 11K sticks in my mind.
What I thought was funny about the IRS time estimate was that they only give you 24 hr 3 min. to learn the whole area of law, but then allot 44 some odd hours to do the return. Heh.
Now, I'm going to see what the paperwork reduction notice is for the 706. CrowJD 10:30, 25 May 2008 (CDT)
Of course
Of course, I think Dennis is up New York way, and was speaking of some of the attorneys up there. Need I say more? CrowJD 10:33, 25 May 2008 (CDT)
Tin.....If you could confirm my thinking below I would appreciate it.
This is my total scenario... - So, in NY, I have unused losses from 2006 and 2007 that total $38K.
- In MD, the above losses have been wrapped up in the Federal AGI so therefore already taken in MD.
- In 2008, my client sold the NY rental property. Federal gain will be $160K.
- In NY, he should pay NY income tax on $160K - $38K = $122.
- In MD, he will pay tax on federal amt of $160K.
Will he also be allowed a credit in MD for taxes pd in NY???
Thanks!!
QB & Tax Help for S corp in CA
The Tin Cook
Hi,
I am needing help ASAP and am looking to hire someone to help me set up an S Corp which has very few transactions, but does have to set up an initial investment. I thought I could quickly do this, but after reading several posts I decided I need someone who is knowledgeable. I know this is probably very short notice and if you don't have time in your schedule can you point me to someone that might.
Thanks
sbower999@yahoo.com
Bout time
..you showd up. Bin missin yore smarts round here and havin to put up with the moanins and groanins of them not so brights. Glad to see you boy and hope you is doin well.
response
you have a problem with my posts???? taxea
Re response
No problem at all.
I was just checking in after a long day, and I was in awe to see that you had dealt with almost the entire first page of threads.
my posts
You must have logged on just as I was logging off. I visit the site to relax after a long day. Doubt I could ever catch up with Kevin5...taxea
Your response....
Your response in the discussion Discussion:Interesting Question about Modelling was absolutely a gem! Gave me a great laugh this morning! Thanks.
Thanks for all your great contributions to this board.
TomTaocpa 06:23, 20 March 2009 (CDT)
tipping out
Hi what did you mean about an above the line adjustment (above what line or where is that noted on the tax return) for a server that tipped out other staffers, but did not have that reflected on their W-2.
tipping out-one more thing
I received info to write in Sub-Pay TRA and put the tipped out amount in line 36 of the 1040. I see you are an HRBlock Pro and that was info supposedly from HRBlock (second hand to me)is that where you make your "above the line" adjustment? Spilson 15:07, 25 March 2009 (CDT) thanks againSpilsonSpilson 15:06, 25 March 2009 (CDT) 15:05, 25 March 2009 (CDT)
are you still with hrb?
Food discussion
No, I'm not offended. Just joking around. Natalie 02:18, 14 April 2009 (CDT)Natalie
Chones
I had to look up what that meant, and I see that it means underwear. I didn't know that. I don't believe Natalie was really offended. She does try to keep this board clean, which we all appreciate. But I've met her in person and she's no prude, just a nice person. Kevinh5
PEO
Hey,
Saw your post regarding the starting up of a PEO. Have you done much research into this at all. I looked at the requirements of setting one up last year and it is still something I am eventually interested in doing.
Just curious as to how, if and when you are planning to set yours up.
PEO
Aw sweet jeezus. It's looking like a monstrous preposition. There is a lot of research I'm trying to look through. Up next is SUTA dumping liability and the employment tax rules that got put in place recently (not sure what all it adresses, but my hunch is that it was to combat the off shore leasing scams). Then there is ERISA...
Honestly, most of the routine issues we know about taxwise from doing payroll. The HR and benefits law stuff is also fairly easy. FLSA, FMLA, COBRA, USERRA, Portal to Portal, and Ledbetter are all pretty easy stuff to understand and a lot of good guidence from the .gov . Not sure how ADA and the anti discrimination things will work out since we wouldn't be making any decisions in that matter, but I guess liability exists in a matter of course. HIPAA just means you have to keep your mouth shut about employee health and medical issues.
There are two major feasibility problems as I see it: 1) Benefits pricing. It's all based on volume and experience ratings. I was going see if I could get an el cheapo health plan as a POP or a full fledged §125 plan. Also a set up a SIMPLE IRA system with a bank. 2) Workers Comp 3) What happens when they don't pay? Lord knows I spend enough time shagging after bad checks for my fees, but what happens with a PEO. 4) Lack of uniform policies. I can't even get clients to pay estimated taxes on time. I kinda doubt I can get them to follow proper procedures.
I think I'm just going to stick with taking aboard the hr functions instead of forming a fully fledged PPO.
We'll see, I'm still researching the issue. I've found a guy on a labor law forum that has a bunch of experience, so I'm going to bounce things off of him.
TheTinCook 01:06, 22 April 2009 (CDT)
