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Talk:Ask or Answer a Tax Question Archive

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Since we are in the BETA stage I will go ahead and put my thoughts right here for all to see which might generate ideas with other users. The patrollers can delete my message at anytime if they don't feel it serves a purpose at least temporarily.

When I read the post above [later removed to the main page] I get the sense it is something I would be reading on some "Email Listserv" or email group where a participant was posting all these informal questions for others to answer in whole or in part. My assumption of what I know about TaxAlmanac is that it is more FORMAL than off the top of your head answers that are given on email listservs and therefore TaxAlmanac may get considerably less postings than in a less formal environment...I know this to be true for me personally. I have barely ventured out and put anything technical on the site whereas if this was a less formal environment like email Listservs are (my perception and assumption) I would have put out exponentially more technical info which would be "speaking from experience" rather than quoting things like Treasury Regulation Section 1.266, which is my perception of what this site is more like (FORMAL, PRIM AND PROPER).

Rather than TaxAlmanac becoming SEMI-FORMAL or a blend between FORMAL (Tax Research content) and INFORMAL (emailing back and forth of Accountants' practical experience) is there a way for the two to co-exist on the same site but stay separate or be linked together somehow?

I'm trying to give you the best feedback I can of what I think, see & feel. My perception is that the synergistic effect of having the best of both worlds, Formal and Informal, will cause TaxAlmanac to be the most talked about site and best place to go to with the finite amount of time we practitioners have (and nonpractitioners too) in the whole accounting industry...which seems to be the goal for TaxAlmanac.

Anyone patrolling feel free to post here or email me directly. Any accountants responding please post publicly here so we can all get your thoughts. Thanks.

--Gregg Gillaspy, CPA, CFP 07:06, 3 Jun 2005 (CDT)

Note: Original post modified by RFowler at 12:25 p.m. on 3 June 2005.


I'll add my personal opinions, but I think it's up to the TaxAlmanac community to find the method that works best for them.

Every 'page' on TaxAlmanac has several tabs, as follows:

  • The article tab is designed to include the combined knowledge of the subject and fine-tuned by all members of the community over time. Everyone should feel comfortable adding or modifying the article to improve it, and the TaxAlmanac community should watch these changes to ensure that they are appropriate and accurate. Submissions to the article should not be signed (the history tab can be viewed if you need to determine who made a specific change).
  • The discussion tab is designed to be a back and forth discussion between people who are interested in talking about that subject. Questions, answers, suggestions for changes to the article itself, etc. should all be placed here as the community finds value in doing so. Signing your questions and answers helps others follow the conversation as it progresses.
  • The History tab (one for the article, and another for the discussion page) can be viewed to see who changed what when.

So I see the levels as follows:

  • Formal: Tax Research Content (protected from edits).
  • Semi-Formal: Article pages (everyone free to edit).
  • Informal: Discussion pages associated with each article. Note that there are discussion pages associated with each of the Tax Research Content articles as well - so users can discuss the Internal Revenue Code, Treasury Regulations, etc. These discussion pages are not locked.

Tdoyle 12:42, 3 Jun 2005 (CDT)

Contents

Sec 179

Page not working

I see many more questions than answers. How can we get people to answer?

Even when I answer, questioners don't respond whether I helped or not. There's no incentive to contribute. - Rlw (Talk) 11:15, 5 Nov 2005 (CST)
I agree with you completely! One of the things that we've learned from the beta launch of TaxAlmanac is that the community wants to interact with one another, and they need to do so much more quickly than the current site is allowing them to. People have used the Ask or Answer a Tax Question much more than we anticipated, and that's a good thing. However, because there's no mechanism to alert the community that a question has been asked, answers are delayed until someone who knows the answer happens to come to the site, look at this page, and provide the answer. In the reverse manner, the people who have asked the questions have no way of knowing that their question has been answered, which is why you're not getting the responses to your answers. We understand your frustration and we've been working hard to implement a new system which will allow the community to more easily and quickly interact with and assist each other. It's not here yet, but it's close. Please don't give up on TaxAlmanac yet as there are people who really need and appreciate your answers! Check back soon for improvements to the site.
- Tim Doyle, TaxAlmanac Moderator Tdoyle 18:20, 5 Nov 2005 (CST)

C Corp elected S status and closed in same year

I have a client that elected s corp status for his existing corporation and then, due to unforseen circumstances, closed the corp in July of the same year. He opened a new corp with a few of the same assets. There were several leasehold improvements that were abandoned by the corp. The shareholders are the owners of the building the improvements were implemented on. I have three questions: 1) Does the built in gains tax apply in a liquidating distribution?

2) Is there a rule relating to the same shareholders opening a new corporation with only some of the existing assets?

3) Can the corporation take a loss on the abandonment of the leasehold improvements or do related party rules come into play here?

401k loan payback when leaving as an employee

The client left an employer with a 401k loan outstanding. The employer is stating that since the employee left over 90 days ago, the note comes due by default and the 401k money was used for repayment. According to the company, this becomes an early withdrawal and subject to the appropriate early withdrawal penalties. Is this 90 day a revenue law, rule or regulation or just a policy of the employer?

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