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easytax

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About easytax

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    PA
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  1. EVICTION COSTS

    Just an article from MSN.com on SF rent incident -- much different from yours: http://www.msn.com/en-us/money/realestate/san-francisco-tenants-fight-back-after-landlord-raises-rent-by-dollar4800-a-month/ar-AAsx454?li=BBnbfcL If you do not want to click, see search article titled: "San Francisco tenants fight back after landlord raises rent by $4,800 a month". Interesting different take from your clients circumstances.
  2. Equifax Hack

    Is it just a coincidence that the IRS are holding -- now -- a webinar such as this? IRS will host an Individual Taxpayer Identification Number (ITIN) Process webinar on Wednesday, Sept. 20 from 1- 2:30 p.m. EDT. Those interested in attending the ITIN Process Webinar can register via the ITIN Process Webinar Registration Page.
  3. The IRS has issued (as seen below as a "nicety" (which is nice) but in reality seems to leave out a real benefit to some taxpayers. Yes, it is excellent to help someone and donate, etc. -- that is not what I am asking. Although the intent is good, would it not be better to take the "time" or be paid for it and DONATE the dollars? Maybe it is me but being cynical I wanted to ask other opinions. In a normal manner a person earns time off (whether sick, vacation, special, whatever) and when they use it they are paid and the employer gets the write-off and the person is taxed, etc.. If any money is donated the employee CAN itemize depending on circumstances and there is somewhat of an offset to the income. So the employee gets the "time off" benefit AND maybe a partial offset of the extra money. In the below circumstances the employer still gets the write-off, the employee does NOT have the "extra" income included -- BUT -- seems to actually lose -- as the employee naturally does not get any offset (no extra income to offset) BUT also does NOT have the "time" off either. Everyone benefits but is seems the employee actually loses something here???? IRS Provides Special Relief to Encourage Leave-Based Donation Programs for Victims of Hurricane and Tropical Storm Irma WASHINGTON – The Internal Revenue Service today announced special relief designed to support leave-based donation programs to aid victims of Hurricane and Tropical Storm Irma. This parallels relief granted to Hurricane and Tropical Storm Harvey victims. Under these programs, employees may forgo their vacation, sick or personal leave in exchange for cash payments the employer makes, before Jan. 1, 2019, to charitable organizations providing relief for the victims of this disaster. Under this special relief, the donated leave will not be included in the income or wages of the employees. Employers will be permitted to deduct the cash payments as business expenses. This relief is similar to that provided following Hurricane Katrina in 2005, Hurricane Sandy in 2012, the Ebola outbreak in West Africa in 2014, and last year following Hurricane Matthew and severe flooding in Louisiana. Details of this relief are in Notice 2017-52, posted today on IRS.gov. Information on other tax relief available to victims of Hurricane Irma can be found at www.irs.gov/hurricaneirma. For information on government-wide relief efforts, visit www.USA.gov/hurricane-irma
  4. Sad Story.....

    RITAB Is this possibly from a selfie AFTER you gave a hug? Maybe on your way back to the "back 40"?
  5. Chronically late filers

    As we are responsible people for ourselves; our clients need to be responsible for themselves too. We may lose dollars but doing what is right and proper pays and is actually easier than doing wrong. You NEVER help someone by enabling them to do or continue to do something that ultimately can hurt them. Eventually even procrastination hurts those who do not learn to be timely --- your peace of mind is more important!
  6. Good thought but definitely not a "life estate". I am getting more detail as it seems all was done prior to 2008-2010 as originally told to my client and for "other" reasons he had no knowledge of (till now). Sister is more forthcoming now. Thanks again to all for thoughts and information.
  7. Mom basis was about 40K (will be confirming). I did not realize the $1 sale could be considered a gift and the daughter (in this case) would have a basis (to start) of more than $1 (mom basis of 40K). I was thinking a sale was a sale, etc. And the sales price was the daughters basis. I will also "LOCK" into my mind about using the giftor basis date for future information -- THANKS. All other data will be recompiled as you have me on the correct track - now.
  8. Client mom died in 2015, sister had house sold to her for $1 sometime (2008 - 2010) thinking "best tax move" (). House remained sisters personal property with mom living there and mom paying all repairs, maintenance, bills, taxes, etc. until death - no rents, dep., anything, etc.. House was not of course included in mom's estate. Sister sold house 2017 putting my client (her brother) on deed 2 weeks before sale (no sale to brother, just a gift to brother). Made 135+K profit (sales price less cost of sale less basis ($1)) with half of profit flowing to brother in letter from her closing attorney. My thoughts -- Brothers basis is basically zero (since definitely a gain on sale, so FMV does not enter in here as it would in a sale of a "gifted" item and a loss) and we did tax estimates accordingly based on SHORT Term cap gain (became my clients as of two weeks before sale - so he held it only two weeks) ////. My question is -- is short term correct or should I be using the sisters original date of purchase as the brothers too? At short term tax due is 7K+ more than long term so we could save him some dollars. Sister told brother her tax guy said she had a capital loss (????), so no tax to her and said brother should have no tax due either. Hence, I am rethinking/rechecking my self and wondering what (if anything) I might be missing. Only thing I come up with is difference from short or long term based on basis (cost is simple at $1, just the time has me wondering and I can find nothing that speaks to 'time", just cost, valuation, etc.). Looking at items where "Gifting" is involved almost always takes me more time. Any comments, corrections, insight or general help IS appreciated. THANKS in advance.
  9. Which address to use?

    Just nosy --- Did you file the 2010 and up returns so the statute of limitations applies? Yes, there may be no money consequences BUT maybe something in her upcoming VISA and of course Green Card requirements. With things as they are today, all T's corssed and I's dotted.
  10. I just found the Leaderboard - Everyone Likes Rita

    We are all "crazy Uncle Bobby" in our own right -- BUT -- all mesh nicely together - we could all break bread together and have a GREAT time! (I am the quiet one in the corner) Good folks, good times, GREAT information and willingness to help.
  11. AUR CPE class today

    Agreed that although CPAacademy.com has most presenters there with a sales motive; most give good information and just mention sales. The information is timely and as you said free. IRS also uses CPAacademy.com to share their information and webinars with the only difference is CPAacademy.com is not allowed to record the IRS webinars for later playback (the others are usually archived for use later if desired). Here is another place for CE's for all from CPA's, EA's and we lowly AFSP folks. They are reasonable and even have different "specials" during the year. The self study is extremely welcome as I need a lot of breaks at times. Please contact Platinum Professional Services at 877 315-1772 or email us at customersupport@platinumprostudies.com if you have any questions. By the way, here is a "special" just received: The promo code Celebration is valid from Wednesday, July 26th, 2017 at 10pm PST and expires Thursday, July 27th, 2017 at 10pm, PST. Offer good for one course per customer. No refunds given on prior orders. This offer is not applicable on already discounted group orders and promo codes can not be combined. Please note: offer is not valid on Yaeger's CPA review course.
  12. FMV

    If there is simply a sale without the gifting, would not the basis just be the amount of the sale? The gift would bring the basis back to the 100K but without the gifting, the sales price would be basis. Yea or nay?
  13. JKLCPA, it did not seem as a "rant", just more of your educating people like me as to facts. Already learned here is to not combine classifications when describing opinions. A lot was learned on CPA requirements (again, as stated, I had limited knowledge on CPA'S, just from those I ran into). With what was shared and the fact that CE'S for CPA'S do require specifically ongoing tax updates /// I have added CPA'S to my " good list" like the EA'S/// the world is safer again. On attorney's there is significant knowledge on requirements and activities (predominately criminal, some civil and administrative). It even helps the point - if they have been trained in tax and ongoing updates are required (tax CE'S , etc.) the regulation might be lessoned for them from the IRS. The attorney's you mention even went for tax training and could come under the "less regulation" from IRS // BUT // still should NOT be allowed (my opinion) to be unregulated "tax wise" just because they took law training (not tax training). That is what was meant by "generalist" (here) - just because you know something - that person can automatically do unrelated things. To me, that is similar to allowing an engineer to do surgery or a drug company CEO to choose medicines for me. They all have their skills, training and such --- BUT -- those skills do not automatically transfer to "other" professions. Posts here educate (please do NOT stop - rant if needed (it opens discussions)). Sharing facts and knowledge help those willing to think, to learn more, reevaluate or reconfirm their opinions. After all, our knowledge is from those we trust (people) and there is nothing wrong with "fact checking" as people can/do pick up erroneous conceptions and "pass them on".
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