User talk:Taxaway

From TaxAlmanac

Your addendum to "new rules" discussion

I appreciate the additional comments you made on the discussion regarding new preparer rules. A couple of years ago, I posted something on TA and mistakenly used the wrong term. It wasn't because I didn't know the difference between it and the proper term, it was merely that I was in a rush. A poster gave me a very difficult time about the whole thing, even after I explained it was a mistake. When I read through the new rules discussion, I felt a similar situation was happening, and while I don't agree with the OP's position, I do think some of the posts were going overboard on that one particular point.

I'm sure we can learn from each other and agree to put this behind us.Natalie 05:41, 31 August 2010 (CDT)Natalie

Hi

Taxaway, sorry to butt in on your question. I am not an EA, however, I think the statement you wrote is fine. It's aimed toward your better clients who WILL read it and spread the word.

Take care. CrowJD 14:18, 16 November 2010 (CST)

Actually, I had put the word in the title

because of your post in the thread. Sorry if you didn't want it.Kevinh5

Hatriots

That is most definitely a Rats cap on the grille. That's an old photo. Over 10 years old now I think. My brother-in-law is a huge pats fan. He has season tickets if you are ever interested.

Back then, there were 8 of us on a pool team and every Monday night we'd go to Dean's house to practice pool, drink and watch Monday Night Football. Well, we had a bet on one of the Jets-Pats games where the loser had to bring over their hat for a ritualistic burning. Obviously, the Jets won. It was right near Halloween so it was great timing.

Colts are the smart bet, but I gotta root for my beloved Jets.

Fsteincpa 18:26, 8 January 2011 (UTC)

Feb 6

Ahhh, what am I missing about Feb 6? World ending? Beerfest? D.

Tax Software Commentary

Hello Taxaway,

I just received your message from January 26 concerning the various tax software that you have used. Looks like we have used many of the same programs. I'm using ATX MAX this year, but I'll probably be going with ProSeries next year.

Thanks for your follow-up. Have a great tax season!

Dan A/K/A HGCOHgco 18:44, 31 January 2011 (UTC)

Taxaway

I had left you a message here, saying Thank You.

I have significantly reduced my usage.

I am not looking to offend anyone here.

My spelling, I Thank Bill Gates everyday for:

• Spellchecker
• Solitare (while waiting endlessly for a government tax person to answer, "Your call is important to us"

Friends?

Mufid, my name

Joe, Thanks and you can see i did not just friendly say "thank you." I also took your advice, well for 90% of my new posts. Yes, I have my style, like every Professional here! My entire life is serious! I spent a year in combat in hell, with friends where everyday absolutely was Life or Death, and yes for those never there that was a long time ago, "get over it." NOT POSSIBLE, I pray that every night, but after 40 years I have stopped trying and accept it. I have lived my extended (giving to me by some there then) life helping others ALWAYS, the actual wording is Semper Fi. Not words to me but My LIfe.

I hope I don't offend anyone with it. Tax preparation for OTHERS is a serious FIDUCIARY Responsibility for me.

It is nice to have met you here.

Mufid, yea my name.

S-Corp Distributions....

Hello Joe

When one talks about "distributions" either in an S-Corp or other type of entity, one is referring to the actual transfer from the entity to the entity owner either in the form of cash or property. So in the context of my post and an S-Corp - many times an S-Corp s/h will have taxable income reported to them on line one of the K-1 - which of course is taxable (lets not get into suspend losses/basis issues)in the year the income is reported to them. The s/h will report the pass thru income on their schedule E on the front of the 1040 - which you already are aware of. So in the situation of the post - the OP did not let us know if the reportable income had been accumulated in the S-Corp. Only that there was $200k in gross receipts and $90k in wages. My point was that if the net income was $150k (Chris's estimated #) and the salary reported (assuming this was reasonable compensation) then possibly the S-Corp had accumulated $60k in income in the prior year which had been already been previously taxed. If now the s/h decided to go on vacation for four months and take distributions from the S-Corp equal to previously accumulated income - and of course these distributions do not exceed their basis in the S-Corp - then there is no reason to be concerned with having to report those distributions as wages as long as the s/h reported reasonable compensation in the past and present.

Reasonable compensation is another topic all together and needs to be decided on a case by case basis but I tend to be in agreement with Chris's points on this subject and for good reason. That is one of the advantages of using an S-Corp over a Partnership.

Michael

Marathon

Only 30 seconds away, how awful to be so close to this horrible event. I hope your town heals soon and annilate those b@st@rds.

CathysTaxes 12:42, 16 April 2013 (UTC)

The debacle that is Proseries

Joe, I assume you mean on the Proseries forum. Oh, yeah, I even used chat to tell the tech people to migrate my suggestions upward. I've had emails with higher ups at Proseries the last few years, which is unfortunate. I don't want to downgrade to Drake, but we might. Would save $5,000 a year almost. I like Proseries, but the last two years have been frustrating.

They have given me $500 in PPR credits for the issues to date. Told them upon renewal I am going to need a lot more.

I am assuming you've done the fix and now your invoices have a bunch of zero dollar amounts billed for forms in the program. I had that too, had to manually go into the billing rates per form and delete each one individually. Doesn't take long but very annoying.

I have told Proseries there will be other programs looked at as soon as the season ends.

Fsteincpa 20:35, 31 March 2014 (UTC)

End of the forum

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Frankly (TA member and new member of TaxProTalk)