User talk:WIBadgerCPA

From TaxAlmanac

Where to put Owner's Distribution ?

Is this correct? I took a reasonable Salary. Then about $9k in Owner's distribution. that does NOT get deducted as an expense and stays in the corporation as a profit correct? So it doesn't show at all on the corporate return? But it also does not carry over to the personal return? Is that correct? Please advise. Thanks. Larry

Owner's Distribution

Where to put Owner's Distribution ? Is this correct? I took a reasonable Salary. Then about $9k in Owner's distribution. that does NOT get deducted as an expense and stays in the corporation as a profit correct? So it doesn't show at all on the corporate return? But it also does not carry over to the personal return? Is that correct? Please advise. Thanks. Larry Larry-wts 08:48, 28 September 2008 (CDT)

WI School Tax Credit

Tax preparer in WI

I have a separated MFJ couple who sold their home in 2008 and spent the remainder of the year living in their own appartments paying their own rent. For School Tax Credit purposes may they combine rent paid in 2008? I did not see anything in the WI 1 Instructions nor the Wisconsin Tax Guide preventing them from doing so.

Thank you, Jeremy

D'Nero 20:12, 5 February 2009 (CST)

IRS NOL Rejection - ESB

I also have had two 2008 5 yr carrybacks rejected by the IRS. The IRS stated that they did not meet the Eligible Small Business (ESB) criteria. These taxpayers had numerous K-1's (let's say 15 for this example) and the IRS aggregated all of these business investments when applying the ESB $15,000,000 gross receipts test. The taxpayers had many investments well under 50% ownership.

The IRS appears to have ignored the aggregation rules of section 448(c)(2) and has erroneously aggregated all receipts to arrive at average gross receipts.

It looks like the IRS is trying to find reasons to reject these NOL carrybacks. This issue goes away for 2009 NOLs.

MDeeganMN 11:43, 5 December 2009 (CST)Mike Deegan

Discussion:ESB eligible for 3,4,5 year carryback (Rental)

I noticed your comment on receiving a rejected 1045 on a NOL carry back for rental loss. It appears that this was for 2008 carryback - were you successful in submitting a 5 year carryback for 2009 on form 1045 for the same taxpayer or similar situation?

thanks,

TFolkers

Hi WIBadger - I have great clients who live in Madison, WI and are newly divorced. Being that there are community property considerations when filing their return, I need to refer them to an accountant who is more familar than I with this. I will not be able to assist them until after tax season with this as I need to make sure I understand how to prepare the return correctly, however, I think they are wanting to wrap this up more quickly. Please email me directly at estock@taxlinkinc.com. Thanks!

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