Discussion:The Fast Elephant

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Discussion Forum Index --> Tax Questions --> The Fast Elephant


Tdoyle (talk|edits) said:

April 25, 2007
Back in the midst of tax season, a lengthy discussion arose where Jdugancpa suggested we create a list of the most frequently asked tax topics that users could use to quickly find their answers instead of asking the same question yet again.

Kevinh5 suggested we "make it really flashy with sparkles and stars and zig-zagging colors maybe? Or a picture of an elephant with a sign on his back that you have to rope the elephant and write on the sign before you can post your question. Make the elephant really fast."

I'm not sure the fast elephant is appropriate, but we can certainly do something about the list of most common questions! I want to start this by asking for suggestions of which topics you feel should be on this list. Make your suggestions below and we'll use this as a starting point.

- Tim Doyle, TaxAlmanac Moderator - Talk to me 10:30, 25 April 2007 (CDT)

JR1 (talk|edits) said:

April 25, 2007
Entity selection

S corp compensation

Check the stupid box issues

Retirement contributions

W2's/1099's

Death&Taxes (talk|edits) said:

25 April 2007
Lost Earnest Money [don't you wish Earnest had a safe?]

Health Insurance for S Corps

Health Insurance for Sch C

Flippers

Anything with LLC, either SMLLC or MMLLC

Klesher (talk|edits) said:

25 April 2007
Inherited House

Dependent of Girlfriend

Vbcpa (talk|edits) said:

25 April 2007
IRA Issues

Home Sales

Home Offices

Charitable Issues

Minister Salary Issues (came up alot!)

JRSLATER (talk|edits) said:

25 April 2007
Basic 1040 section. I have had several clients' friends get "scared" away from this site because of the replies. When you type in tax research in Google, this is the first site that comes up (after the ads). Whether just a 1040 site or common Schedule location, people need a place where "they have heard that they can.............."

Actionbsns (talk|edits) said:

25 April 2007
Definitely the ernest money issue.

S-corps, salaries for S-corp shareholders

depreciation

Tax Planning

Death&Taxes (talk|edits) said:

25 April 2007
6000 lb SUVs.....goes perfect in a discussion about elephants, huh?

KatieJ (talk|edits) said:

25 April 2007
Living in one state, working in another

Cwatt1 (talk|edits) said:

25 April 2007
... and related issues, e.g., one spouse resident of state 1, other spouse resident of state 2.

Death&Taxes (talk|edits) said:

25 April 2007
Define HOH? Don Imus got fired for bringing this issue up!

Pegoo (talk|edits) said:

25 April 2007
We can't get fired for bringing that up :P HOH!

Michaelstar (talk|edits) said:

25 April 2007
Trusts & Estates

TexCPA (talk|edits) said:

25 April 2007
Mortgage Letters - risks involved

1099's - when to issue Schedule M-2 AAA account issues Accounting practice issues - engagement letters, what to ask clients, when to let a client go stock options

Schrauf (talk|edits) said:

26 April 2007
C'mon you guys, the moderator would have to link to a complete tax law and accounting practice handbook to cover all these issues. =)

Tdoyle (talk|edits) said:

April 26, 2007
Schrauf:

Note that my post said "we", not "I".  :-)

Actually, this is great information. Once we get a list, we can vote on which few issues would be most helpful to eliminate the most repetitive questions, and then decide where to go next.

- Tim Doyle, TaxAlmanac Moderator - Talk to me 20:26, 25 April 2007 (CDT)

PVVCPA (talk|edits) said:

April 26, 2007
Vote? That's not fair! JR1 will figure out a way to vote more than once.

Michaelstar (talk|edits) said:

26 April 2007
PVV - most of the time we are all on the same page anyway.........

LJACPA (talk|edits) said:

26 April 2007
[BUSINESS] VEHICLE EXPENSES, I can't believe this hasn't been mentioned.

Wwtaxes (talk|edits) said:

26 April 2007
Rules for dependents and filing status, especially in the non-traditional situations, and where medical expenses are concerned.

JR1 (talk|edits) said:

April 26, 2007
See that Paul? I merely vote for everyone else who is like-minded. That's how it's done in Chicago anyway.

Jdugancpa (talk|edits) said:

26 April 2007
I thought "Vote early & vote often" was the Chicago way.

JR1 (talk|edits) said:

April 26, 2007
That's the official name for it, yes. I call it just voting for your friends...

Wwtaxes (talk|edits) said:

26 April 2007
Real estate in different entities. We've discussed, we've said no RE in a corp (many times), but I'd like to see us post a concise article on the topic, preferably giving an example: John Doe wants to buy an office building, if he were to do this as an S Corp, this would happen when he sells it.... If he were to do this as an LLC, this would happen when he sells it....

I guess this overlaps with entity selection, but that's the cool thing about hypertext - it can link as needed.

Cwatt1 (talk|edits) said:

26 April 2007
How about a whole section devoted to various tax entities? C Corp, S Corp, sole proprietorship, LLC., etc.

Deback (talk|edits) said:

April 27, 2007
How about a whole section devoted to various stock picks? Those that won't go against you just after you buy shares...

Cwatt1 (talk|edits) said:

27 April 2007
Once you figure out how to pick the right stocks, let me know!

Doug Phillips (talk|edits) said:

27 April 2007
Ethics

Compliance with IRS circular 230.

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