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Contents 1 Self-employed health insurance with W-2 employees 2 CPA Southpark 3 Foreclosure on a Rental Property in CA 4 discriminatory insurance plans 5 Rental Grouping Election 6 Change discussion name 7 966 Filing 8 Interest Expense 9 Kendrick 10 2 % or more shareholder of S-Corp and cost of health insurance premiums 11 Been there, and always wonder if I'll know when to raise my hand... 12 IRA/SEP letter

Self-employed health insurance with W-2 employees

Thanks for your input Kendrick. I have always been under the impression that you could only deduct it on page 1 if you provided or at least offered it to all your employees. But alas I am the only one in my office who feels this way. And unfortunately I cannot find anything in writing to support my position. So whenever you can find a citing I would really appreciate it. If it is after 10/15, I can live with that. We can do without it this year but I would really like something to hang my hat on in the future. Thanks again.Cyndycpa 16:28, 5 September 2006 (CDT)

CPA Southpark

Please send me an E mail to southparkcpa@ but I am trying to avoid spam.

(it is yahoo) E mail

Foreclosure on a Rental Property in CA

Kendrick,

I saw your post about your client's foreclosure on rental property in California, but I didn't understand the answers you received since I am not a CPA. Is the end result that your client had a tax liability for the difference between the sale price of the property and the mortgage balance?

Thanks, Michelle genius163 at yahoo

discriminatory insurance plans

Did you get an answer regarding discriminatory health insurance plans? I have an S-corp client that is considering getting long-term care insurance for two of its owner/employees. There are two other younger owner/employees that they do not plan on getting insurance for. I was wondering if it is okay to do this.Natalie 05:19, 1 May 2008 (CDT)Natalie

Rental Grouping Election

Kendrick:

Thanks for the follow up on my comment. I have to admit, it is refreshing to hear someone that is acquainted with the rules regarding the aggregation of rental real estate. In going through the IRC's, it seems like one must first meet the RE Professional test, and then the material participation test to deduct passive activity losses, is that correct? My wife met that test last year, so, we were able to deduct our passive activity losses against my ordinary income (I work for the federal government and she is now a stay at home mom).

I don't think that she has enough hours to meet the 750 hour test this year (just guessing). We currently have not elected to aggregate our rental real estate, but were thinking that we could do so. If she does not meet the 750 hour test, can we still aggregate the rental real estate properties? I am really asking if there is still a way for us to deduct our passive activity losses. She and I together have easily over 750 hours this year (I do a large amount of work on the properties myself), but might not individually. We are really looking for a CPA to help us with some options.

Change discussion name

For future reference, you don't need to repost the question to change the title. You open the original discussion, click on the "move" tab at the top of the page, and type the new title in the box provided. Just be sure to keep "Discussion:" at the start of the name, and you'll be fine.

Since you've already taken care of it the harder way this time, I've deleted your original "Odd" discussion so you won't get a lot of odd responses to it!!

Trillium 12:19, 23 February 2009 (CST)

966 Filing

Yep, still doing it that way, have never filed on in advance. Indeed, just this week, now filing one backwards! The Dissolution is 3-9-11, but I'm attaching to a Final 12/31/10 return, so we'll see what happens....things were done, so hopefully it won't matter. But like I said, I've never had so much as an inquiry, but I do always date the dissolution effective 12/31 of whatever year it is....

Interest Expense

Kendrick,

Shoot me your email address and I'll send you some info on interest expense associated with a former activity.

Chris Ckenefick 02:01, 21 September 2011 (UTC)ckenefick

Kendrick

If you want emails, you need to put your email address on this page. I am uncomfortable putting my freind's email here. Mine's on my page, as is my website.

2 % or more shareholder of S-Corp and cost of health insurance premiums

In order to include the cost of health insurance premiums for SS and medicare wage base of 2% or more Scorp shareholder the payments must be excludable under IRC 3121(a)(2)(B). This code section basically states that wages do not include insurance premiums for medical expenses. So for 2011, insurance premiums paid by the Scorp for the 2% or more shareholder is included in Box 1 of the W2 (subject to income tax)and is excluded from medicare/social security wage base if it meets IRC section 3121(a)(2)(B).

Been there, and always wonder if I'll know when to raise my hand...

"Spell Czech. I think you need to take a few days off and relax. You are in need of something," you write, and I can't agree more.

But in the interest of full disclosure, I've turned myself in *twice* over the past forty years, and it worked out okay both times. I always wonder how I'll know, the next time, and if I missed some opportunities somewhere along this bumpy road...

Life's a gas gas gas...

Spell Czech

IRA/SEP letter

Aloha Kendrick, I just want to touch bases with you for a moment about the letter I promised to send you. My phone system has been giving me fits all week long and when the phone doesn't work there is no internet. Yesterday the whole system was down all day except for about an hour when I was able to do a couple of things, then it was gone. Hopefully, they will have it fixed today when I get in and I'll take care of sending you a draft of the letter I wrote for my client.Actionbsns 18:04, 27 June 2013 (UTC)