User talk:Taxref

From TaxAlmanac

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- Tim Doyle, TaxAlmanac Moderator 09:54, 9 February 2006 (CST)

Thanks for your reply-UNICAP rules

I really appreciate your response! You mentioned that inventory costing for items purchase for resale is easy.

My client (S-Corp) purchased bed sheets for resale and didn't sell any in 2005. He has shipping costs, storage

etc. as expenses.  His only assets are the bed sheets and a computer and no liabilities. 

I'm assuming his basis

is the cost of the inventory (bed sheets) and therefore he can deduct his expenses up to the amount of his basis?

Any help would be appreciated.

Thanks in advance, Aisha

Discussion Posts not Recorded?

I saw your message to Blubby regarding the fact that you posted long responses twice, but that they didn't record. We would be very interested in hearing from you about what happened so we can correct any issues that might exist in the discussion forum software. Please feel free to respond on my discussion page or via email to taxalmanac@intuit.com. Please include any details such as the length of the post and any messages which appeared.

Thank you!

- Tim Doyle, TaxAlmanac Moderator 09:54, 19 February 2006 (CST)

Messages not recorded

Thank you for letting me know. I am going to go test this to see if I can repeat that behavior. If you happen to try to respond one more time, it would help if you could send me the text that you're trying to post. After you have everything entered, go to the top of the post, click you mouse button down, and move the mouse down until everything is highlighted. Then press the Ctrl key down and while doing that, press the 'C' key to copy the entire contents to your buffer. Go to your email program and paste it into an email and send it to taxalmanac@intuit.com. That way we can also be assured that your message will not be lost yet again. Another thing you might try is to compose your message in another editor such as Word or in an email. When finished, copy & paste it to the reply field and try to send that way. This defect is unacceptable and I apologize that it happened to you.

- Tim Doyle, TaxAlmanac Moderator 10:27, 19 February 2006 (CST)

Yes, the member is going to occupy one of the units as his principal residence. How does he need to treat this transaction? Does he need to recognize any capital gain or ordinary income?

Rental Income & Realtor..

I have a client who is a full-time real estate agent and is a partial owner of a rental property. The other owner is an employee. How would I treat their deductions differently on a Schedule E (if at all)?

Also, would the school in which they enrolled to acquire their real estate licenses be eligbile as a qualified instiution for the lifetime learning credit or would the tuition expense be used as part of an itemized deduction?

Thank you.

State tax Withholding /w2 box 16

Thank You

What I Would Like To Know Is If On Form w2 box 16 The Amount For NY and NJ should be the same Since I have A client That Both are the same And When I'm Doing The State Return my software (ProSeries)in the statement of wages Adds Them up

Lost Post

In the discussion Discussion:S-Corp stock issued as compensation you mentioned that you lost the post once. I would be very interested to hear exactly what happened. Select the 'Talk to me' link in my signature below to leave me a message. I appreciate your time!

Thanks!

- Tim Doyle, TaxAlmanac Moderator - Talk to me 15:36, 31 August 2006 (CDT)

tax software

Dear Taxref,

Would you mind giving me a call at 313-727-4917? I'd like to ask you a few follow-up questions, and perhaps quote you in the story. If you want, I can call you at a time that's convenience if you email me your number at rlowes@advanstar.com and give me a time.

Thanks.

Robert Lowes Senior Editor Medical Economics

Robert Lowes 11:53, 1 December 2006 (CST)

reporter seeks interview

Hey TaxRef,

I'm the Medical Economics reporter who posted the query about tax software that doctors can use? Would you mind calling me at 314-727-4917? Or emailing me a number I can call you at?

Thanks.

Robert Lowes

reporter's error

P.S.

I just realized I gave you an errant area code in the earlier posting. I'm not 313, I'm 314. Sorry about the confusion.

Robert Lowes

Log Out Issue - Still a problem?

A while back, you indicated that you were affected by the "log out" issue - where TaxAlmanac would "forget" you and you had to log in again, fairly frequently. We think we found the solution, and I wanted to find out if this has been solved for you or if it is still an issue. I know you're busy with tax season, but if you could leave me a quick message, I'd appreciate it.

Thank you!

- Tim Doyle, TaxAlmanac Moderator - Talk to me 14:25, 17 February 2007 (CST)

clarification from an old discussion

I hope you don't mind me contacting you directly, but I was reading an old discussion, and I've gotten my hand slapped for rejuvenating old discussions before. The discussion: www.taxalmanac.org/index.php/Discussion:Repairs_on_Investment_Property You and Riley2 and Blubby had a very informative thread going, but there were a couple of references that I wish it would have said more about. Blubby's comment: To the contrary, it appears to me that Carey must make an election to capitalize on the 2005 return or take the expenses as an itemized deduction in 2005, or the benefit will be lost. I am interested in learning more about how to make this election. I have a client who started an LLC to fix up houses and resell them. Hence, this is a business, and there is no question of Schedule C vs D. However, since he purchased the house in 2006 and has not sold it yet, I would like to capitalize everything I possibly can. From reading the above thread, it seems to confirm that I can capitalize repairs as well as improvements. The above excerpt seems to indicate that I can make an election the 2006 return to also capitalize mortgage interest and property taxes. If I am reading this correctly, could you tell me more about how to make such an election. I have tried to contact Blubby with no luck. Thanks in advance, and if this post was too intrusive of me, I apologize.

Comingling Funds

Amartin2 Here,

  So, TaxRef, You do say it would be chaotic for a business to have several accounts. And yes, of course,I have a quota as Corptaxhelp mentioned.(Thank goodness I am not the WAMU person he mentioned, totally diff bank) However; that aside, I pose to my clients a Payroll account if I see they need it, a Material Account, Maintenance account, Merchant Account. The reason? As I do a short interview with them,I find them saying things such as " If I need product and am busy, I'll give the card to an associate and have them go pick it up". The next month you have a disgruntled employee, they now know the main account number so they print checks up with it and take you for a ride, or use the card# at the mall in small increments to purchase things they can re-sell.Or How about the ones that buy their product and get charged 2 & 3 times due to "cashier error". Once that happens, that money comes out of that small business account right there. Once caught, it can take up to 6 weeks for them to credit that account back. Meanwhile all the capital that the small business is using to re-order or set up jobs is getting tied up on NSF fees. It can stop that small business from running at all. I do not "Push" anyone that they have to open these accounts, but I do explain what I see every week over and over. I hate to see my small businesses go through this. So pose the question, if a business has a good handle on their books and can manage these accounts, would you do it if you were just starting a "small business" and wanted to protect your main account? Or is it still a not smart idea? Thank you for your time.

Secret message from CPAPVV

The OP stated that the employees were not covered. This would make it a discriminatory plan, which would make the $11K subject to FICA.

Adult Entertainment Medical Deduction

TaxRef- I saw a posting you had about the courts upholding a ruling that disallowed cosmetic surgery deductions as a business expense for people working in the adult entertainment industry. Do you remember the case so I can look up the details? Thanks.

Taxref was very informative. Would you also know where to enter FICA and Local taxes withheld on the 1099B? Thanks

Taxref was very informative. Would you also know where to enter FICA and Local taxes withheld on the 1099B? ThanksCooperfer 15:18, 25 March 2008 (CDT)

Home Office S Corp Accountable Plan

I am a one man s corp. Could explain somewhat the accountable plan?

Thanks, Mike

S Corp Election of an LLC

Hi Taxref! I read some of your responses regarding the discussion on Late S Election, relief?

I am hoping you might be able to help me. I have LLC in NJ and never made an election for classification. I've been reading a lot lately about LLC and S Corp and came across reclassification election. I decided to file late s corp election for this but i haven't heard back. Do I need to file CBT 2553 in NJ too?

Thanks in advance. NoobyNooby 07:26, 21 August 2008 (CDT)

W2-box 12 code V

Hi John,

A client of mine only mailed me w2 with box 12 code V = 10,560. If he only excercised the stock options, but didn't sell them in the same day, I don't need to report anything, correct?

If he sold the stock options in the same day, he should get 1099 B, correct? Thanks a lot! Jenny

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