User talk:Wiles

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About your recent Q on state taxea

Hi - it looks like you have posted a follow-up question (that you labelled as "similar question but not really" - I thought that was cute/funny!) - anyway, it looks like your new post is at the end of a discussion that was started by a non-pro. That discussion really needs to be moved into the Consumer forum as Kevin originally did today; I've already just reviewed/moved all of the guy's other discussions, and he's clearly not a tax pro.

Was wondering if you'd found any other similar questions that you could post your follow-up to, so that your new post would still be in the tax forum? And then I can move the consumer discussion where it belongs, and could remove your follow-up at the same time.

Also an FYI - when you do a search, the most recently started discussions are toward the end/bottom of the search results. You may already know this, but it's counterintuitive so I tend to mention it to people who post a follow-up to an "older" discussion, in case they are starting at the top of the results and reading down. I've always found it quite useful to start at the bottom and work my way up! (Your mileage, of course, may vary.)

If there's no other more-appropriate old discussion, you could just start a new discussion, and refer back to the other ones that you saw in your search if that's necessary to provide context.


Trillium 17:46, 16 September 2009 (CDT)

Ok, thanks.

Thanks on the Sec. 266 post. CrowJD 19:39, 13 October 2009 (CDT)

1 year carryback???


I am researching carryback of an NOL after divorce. In a discussion, you mentioned in a post from 10/6/09 to consider a 1 year carryback (instead of 2 years). Where can I find details on the 1 year carryback option?


Richard Nelson, CPA

USA Capital Issues

Hi there - I just finished up with a client who is being solicited by a Section 165 "expert" regarding the USA Capital losses. States that the need to be claimed on the 2006 return (which will have to be amended soon....if that's true. Did you ever get anywhere with yours (I found your early 2009 post about the same thing). Thanks for sharing -if you were able to follow-up on it. Belle 18:59, 17 March 2010 (CDT)


For your response re: USA Capital. What year did you amend for your client?

The solicitation my client received indicated 2006 (I believe that in my client's case, that is when he did the initial investment) would be the year to amend, which means my client's deadline for amending & claiming is 4/15/10.

Appreciate your sharing....Belle 14:12, 23 March 2010 (CDT)

Thanks II

I haven't (yet) delved into the specifics in order to determine if USA Capital is a Ponzi scheme. But it's good to know a fellow professional's take on the matter.

I've quickly scanned the rev proc. This is likely to be a weekend project when I can ignore the phones, etc Appreciate your response.


In a recent post, you wrote "People like me should be banished from Tax Almanac. Not me, just people like me."

Excellent!! I so very often have the same feeling, but until now I didn't know how to say what I felt!! Awesome, totally awesome!

Harry Boscoe

C***'s comments

I have asked him to reconsider his comments. I agree with you . Kevinh5

Yes, I did understand.

Thanks. Kevinh5


You're an Eldredge fan? Oh, wow. I just got back from a bootcamp in MI, help lead another group her in Chicago studying Walking with God right now. Freed me five and a half years ago.

Well, God told me to just stay away from him. Like arguing with a Jehovah's Witness, you won't win. So I just ignore him. I feel horrible for him. He has deep wounds, deep. He can't/won't let go. Maybe he doesn't know how to. But it's the same diatribe for years. He's the biggest hater here.

So I pray for him. Father, open his eyes, heal him, bring him the same grace and freedom you brought me.

I'll be watching out for you now! Jeff

Heads up

Thanks for the private notification of the USA Capital bump. I posted there also....did you go with the safe harbor provisions of the Rev Proc? Belle

I agree

Wiles, great post. We need to keep that money concentrated here on demand side programs. All the tax cut is going to do is make the rich richer, and a lot of the money will go into investments overseas.

This is my prediction, that not only will California not get new infrastructure and the like to spur jobs, but instead California will be stripped of assets by greedy companies wanting to monetize state assets. (Taxpayers built all this stuff with TP money, and the corporations will buy them from a desparate state for a song). It's a mess. CrowJD 11:51, 11 November 2010 (CST)



Did you receive a response on the memorial fund question?

Wiles -

I saw your questions on how to handle a memorial fund - did you ever get a response? What was the proper treatment?


Wiles -

I saw your questions on how to handle a memorial fund - did you ever get a response? What was the proper treatment?

Cecily Cvmwcpa 19:02, 14 February 2011 (UTC)

Follow up on Memorial Fund discussion

Thanks for responding to my question about the memorial fund. I'm doing the return for the survivor and she was counting the money she got from the fund as income. I finally called the person administering the fund at the bank. The bank set up the account up as a non-interest/non-dividend earning account in the SS# of the person who set it up. So, it's not really a charity fund or a non-profit. Interesting. Not what I expected, but at least I know I don't have worry about it for the survivors return since the account wasn't in her SS# nor will she be getting a K-1 from a trust or anything.

Anyway, in reply to your other message the (r) is supposed to be the registered trademark symbol that we put behind credentials. It just doesn't show up on the Tax Almanac font.

cvmwcpaCvmwcpa 02:31, 19 February 2011 (UTC)

Your Lacerte question

I followed Death &Taxes' suggestion and moved your discussion over to the Practice Mgt forum with all of the other Software discussions... more of the interested parties will see it there.

Trillium 23:53, 2 June 2011 (UTC)

NOL Carryback

I have a similar situation as you did regarding a NOL Carryback.

Did you reduce the NOL Carryback or the Passive Loss in the carryback year to prevent the double deduction.




Thanks for providing the Carlstedt v. Commish links in the Bonnie Lee thread.

We oughta 'invent' an award for those who are gracious enough - like you - to provide links. The award could be a round of golf or some sausage .. "links"....

Spell Czech


Nice try! Every time that topic comes up, I go look it all up... JeffJR1

Made me look

And on a Sunday! But for a brother in need, I'll assume it's God's interruption!

So this is where we have to be careful about generalizing. A company under 10 mil can be on cash, even if they keep inventories/COS, if they're a service biz. If you're a retailer or wholesaler or manufacturer, you must be accrual. So it depends on the type of biz.

Take a look at and tell me what you think. JeffJR1



What's your e-mail address?

Chris Ckenefick 18:18, 15 August 2011 (UTC)ckenefick

Battle for our Identity

Part 3 is up. Hope you like it! Jeff aka Zorro

Hello Wiles,

Client from India

I noted you had a post regarding your client from India, for whom you emailed a tax return which they signed and emailed back to you.

I have the same issue this year. Have you found any definite guidance on whether this is allowed or not.

Much appreciated!! Greg 15:51, 30 August 2011 (UTC) Gregorio

Foreclosure Article dated January 2009

Congratulations, Wiles. You found an error in an article I wrote 3 years ago. DaveFogel 10:58, 19 October 2011 (UTC)


This is confidential please. I have proof of off netting of income and expenses and misstaking gross income, reclassifing income and more. (several code sections violations) Filing false returns, a bunch of ethics violations... I do have solid proof and testomy made in a deposition under oath. I can't talk any more about this but we have a tax attorney involved and it is bad. We now have 3 attorneys and 2 other CPA's so I will not be the front person. Yes I am biased and was never supposed to be so involved but she is my family.


Thanks Wiles, but that's really not necessary. I appreciate the gesture. It's my pleasure.

Ckenefick 15:40, 24 April 2012 (UTC)ckenefick

EZ Credit Calculation

LOL, Wiles, the reason I didn't answer your question was that I didn't know the answer and it was too late to look anything up! Now I'm off to a dr. appointment so I still don't have time. But it sounds fishy to me. The whole purpose of the exercise is to calculate the tax liability that can be offset by the EZ credit. That should be the "real" tax liability, not some fictitious number calculated by assuming that non-taxable amounts are taxable. So I agree with you.

I might have time next week to call my FTB friend (an auditor) who has worked on these EZ issues for years and bounce the question off her. KatieJ 21:30, 29 June 2012 (UTC)

EZ Credits

I can't find Kelly's phone number so I sent her an e-mail. It isn't her job any more but she was very active in the EZ area for a number of years. I'll let you know what I hear. KatieJ 00:56, 4 July 2012 (UTC)

FYI - your venting discussion attracted a partisan political post, so it got moved

I'm not sure whether you were really hoping for tax solutions to the issue, or just venting. You did indicate you were venting, which is what the Chat forum is for anyway, so maybe this move isn't a big problem for you in any case.

If you'd rather have it back in the tax forum - since you did seem to be getting some genuine tax ideas along with the self-interested financial planner trying to get business - then you should contact Uncle Sam and ask him if he is willing to edit his comment to remove all the campaign and political stuff. Once he does that, the discussion could get moved back to the tax forum. (I usually contact the people who posted the political stuff to make the case to get their posts edited or removed, but haven't done so in this instance for two reasons: (1) if you were just venting, the Chat forum's as good a place as any to do that, and (2) Your request will carry more weight with Uncle Sam coming from you directly rather than via me.)

Trillium 04:03, 25 September 2012 (UTC)

re: Intuit Practice Management testing

Hi Wiles,

I noticed your post some time back re: Intuit Practice Management Beta Testing. Just curious...are you participating in the testing? I work at a small firm (6 regular employees + 2-3 seasonal). We are looking for a practice management type software and just curious to hear any thoughts you might have. I attended a web demo for Office Tools Professional and was very impressed. Planning to attend a demo for Practice CS in the near future. Are you also looking for practice management / workflow software? Have you checked out or used any other products? Appreciate any thoughts/opinions. Rupert 18:07, 1 November 2012 (UTC)


The NOL in my example is NOT being created by the same passive loss that is being released in the prior year.

Why does it matter?

Ckenefick 18:11, 1 November 2012 (UTC)ckenefick

re: Intuit Practice Management testing

That's fine with me. I'll look for your follow-up in the original discussion. Thanks.

Rupert 18:41, 1 November 2012 (UTC)

NOL problem. I subscribe to PPC's Tax Action Bulletins. The issue from 4/09 corroborates our position on the matter.

Ckenefick 02:21, 5 November 2012 (UTC)ckenefick

Depreciation - Land subject to ground lease

Hi - I was reading your thread (link below). This was very helpful, thanks. I'm in a similar situation and I'm under the impression that client should be allowed to depreciate. Were you able to find any more support?

Regards, Robert


Hi Wiles. I don't do a "whole lot" of int'l stuff anymore. At one time, I did, but no longer. Send Mike (MP-JD) a message...I bet he knows of a CPA/firm that handles int'l tax preparation on both the Canadian/US side. The guy I refer to as of late is in Chicago.

Ckenefick 18:02, 31 January 2013 (UTC)ckenefick


Wiles, I do not know anyone who handles both Canadian and U.S. tax matters. I know enough about Canadian tax to be dangerous. There are hundreds of firms that can handle inbound investment, but I am not aware of one that handles both sides. Sorry.

Great Quotes!

new user, forgot to sign cosmo123Cosmo123 01:25, 8 March 2013 (UTC)


Dave has been back for 7 months, but not posting under his original name. Kevinh5 22:53, 30 August 2013 (UTC)


I have not figured out what happened to Riley, Riley2, or R2. For such an intelligent man, I don't know how he could keep forgetting his password and have to reincarnate himself. Kevinh5 23:08, 30 August 2013 (UTC)

By the way, I agree that Dave was the King of COD.


Yes, Wiles, I want anyone who uses my comments to think twice about them. Especially those that are cut and pasted to other sites.

Phil M

Taxable gifts

Hi Wiles.

You add back taxable gifts to the estate tax return. Line 3 of form 709.

Doug 20:04, 2 October 2013 (UTC)Doug M

My answer above is only true if no taxable gifts in prior years. If taxable gifts in prior years, you need to look to line 8.

PS-the three years has nothing to do with taxable gifts included back in the estate.

Doug 20:16, 2 October 2013 (UTC)Doug M

I am assuming the gift tax return is completed, since you are referring to 2012 gifting. Line 3 of the gift tax return should have $111,000 on it. That is the taxable gift that gets added back. As Dennis stated, no 3 year look-back under IRC 2035

Doug 20:51, 2 October 2013 (UTC)Doug M


Ok, I played...albeit kinda quickly...

Ckenefick 03:17, 7 April 2014 (UTC)ckenefick

Too Funny

High School principal, PVV, Ephesians...way too funny.

Ckenefick 02:41, 9 April 2014 (UTC)ckenefick

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