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  2. Are any of you experts in QB Enterprise and have active construction clients on QB. I am in a little bit of a pickle. I have a lot of experience with ERP's for Construction Accounting, and I have a lot of experience with small companies using QB Pro, but I am now working for a larger contractor that is using QB. Don't ask why, it is a long story, and I don't intend to keep them on this software forever. But while I start working on the conversion to another software, I need some help on trying to get owned equipment costing set up and charged to the jobs. If you know some tricks in QB for equipment costing and are willing to teach, I am willing to pay. PM me if you want to do some consulting. Thanks in advance. Tom Modesto, CA
  3. Today
  4. Here is something to start with. https://www.cpec1031.com/blog/can-a-married-couplepurchase-their-replacement-property-with-a-family-member-as-tenants-in-common
  5. BulldogTom

    Where is the Bulldog Tom?

    Yep, I have been working at my new job. Tried to log in from work at lunchtime yesterday but I don't remember my password. So my account got locked. Tom Modesto, CA
  6. SaraEA

    New alimony rules

    EXCEPT if the alimony agreement is modified after 12/31/18. Then it is subject to the new law.
  7. Yesterday
  8. windmill

    Where is the 941?

    I use the one in ATX and efile the Form thru ATX.
  9. Gail in Virginia

    IRS Seeking Comments on Postcard 1040

    I loved that show! My son was a baby about then, and the little dinosaur - "Gotta love me!" just seemed so perfect!
  10. Clients are wanting to do a 1031 exchange on property they own and identify property to purchase with their adult children. I know the name on the new property has to be the same name on the new property. However, it isn't clear if, as long as the name on the old property is on the new property, that other names can be included as well. Can this be done as long as their portion of the purchase price of the new property is greater than the cost of their current property? I wanted to check before I tell these clients that they can't use the 1031 exchange to purchase a property with their kids. Thanks.
  11. jklcpa

    Accounting Question

    If a client calls the insurance agent for changes in coverage that change the total premiums on a policy, I do take those into account for accrual basis taxpayers, but for prior year worker's comp audit additional premiums or refunds, like rfassett described, I run those through expense in the current year. I don't ever go back and amend the prior year return or make a prior period adjustment on financials for them. Terry, you asked for a ppd ins worksheet, so I took a snippet from one of my excel files and simplified it. This is for a fiscal year client, but easily adjusted. I've changed the fields to blue where I'd make an entry so you can more easily see how it works. The # of days keys off the date at the top of that column and are then used in calculating the expense since it is working off the expired portion of the terms of only the current year policies; the rest is simple addition and subtraction. Book1.xlsx ETA - sorry, I thought it would show a preview. W/S looks like this:
  12. Catherine

    IRS Seeking Comments on Postcard 1040

    Yes, and do you remember the animatronics show "Dinosaurs" from - I forget when, but a long time ago; early 90's-ish. All the dinosaurs were named after oil companies. Earl Sinclair, his mother in law Ethyl Phillips, boss Mr B. P. Richfield, buddy Roy Hess. It was a hoot!
  13. Abby Normal

    Depreciation Question

    Documentation is always a good thing, well, maybe not always...
  14. BHoffman

    LLC Reporting

    The nature of the income determines the tax treatment. Whether the client is in an ordinary business or is an investor should have been determined when he first began reporting. Limited Liability Companies are just legal entities. LLC does not automatically equate to the tax requirement of a Sch C. I have lots of rentals reported by LLCs on Sch E.
  15. Terry D

    Depreciation Question

    Exactly, and Gail is spot on. Setting up the asset with a 179 expense will return the same result as a normal expense. I, like Judy, practice by myself and I have to do it right regardless. 21 years and have not done it any other way. Through the course of time, I have made mistakes due to lack of understanding but have always corrected them. I agree with Pacun too, regardless of what the auditor or anyone else says, do it right. Thanks to all!
  16. Terry D

    LLC Reporting

    I agree. A single member LLC can be considered a disregarded entity thus the Sch C. However, I don't understand the rationale either. Also, wondering about Judy's response as well. What is the nature of this business?
  17. Terry D

    Docu Sign

    I have nothing to add other than I totally agree with Catherine. I used signature flow as well. Works perfect and the cost is based on the authentication protocol as she said. Well worth it.
  18. Terry D

    IRS Seeking Comments on Postcard 1040

    Thanks cbslee. I will prepare my letter as well. I agree with the statement about the new "post card" tax return being a political talking point. However, it has left the general public to believe that tax code has been re-written and simplified making the old form obsolete. As I see it, this is a redesign of the form and what makes up the content remains complex.
  19. Terry D

    New alimony rules

    Correct! Perhaps a better explanation would be no tax deduction for the payer as child support payments are never tax deductible and child support payments for the recipient have never been included in taxable income. Now alimony works the same way only for agreements entered into after 12-31-2018.
  20. Lion EA

    IRS Seeking Comments on Postcard 1040

    NY did that a few years ago, so CT had to follow the next year.
  21. Roberts

    IRS Seeking Comments on Postcard 1040

    Missouri turned a 2 page tax return into 5 pages. It's naturally progressive to turn a 2-3 page federal return into 5-8 smaller pages.
  22. Terry D

    Accounting Question

    Abby Normal you are correct. Moving forward, I guess I was not overthinking this scenario. I was aware of adjusting entries for prior closed periods. The check my client received was a refund for a prior period as I stated in the OP. This refund now causes the WC expense for the closed period to be overstated. I just couldn't remember the JE to correct a prior period reporting error. This helped trigger my memory. http://smallbusiness.chron.com/book-prior-year-adjustment-accounting-77570.html Now, the need for an amended return. With this client, I have discovered a few small errors that would cause an overstatement of operating expense and some an understatement of expenses which very well end up in a wash. When I finalize all of this, statements will be included in the notes that identify the adjustments with the outcome and determine the need for an amended return.
  23. Roberts

    New alimony rules

    Alimony deals entered into after Dec 31, 2018 will be taxed the same as child support. The payer will be taxed on what they pay, the receiver will not pay tax on what they receive. This is not retroactive to previously entered into agreements.
  24. Abby Normal

    Where is the 941?

    I don't like PDFs opening in my browser so I have PDFs set to open with my default PDF viewer (Foxit). Edsel, sometimes the fillable fields are not highlighted. It's often a preference in your PDF viewer software. Right click and choose 'Save link as' to save the PDF to your drive.
  25. Edsel

    Where is the 941?

    Thanks to all. Found a browser that worked. Edsel (Quality automobiles from 1957 to 1959).
  26. Last week
  27. jklcpa

    Deducting sales tax on gifted vehicle

    I'd say that this is deductible IF the car was purchased by taxpayer in his or her name before the transfer of the gift. If it was purchased directly in the name of the recipient, then taxpayer can't deduct it since technically he/she wasn't the party liable and title was never in his or her name.
  28. Max W

    Deducting sales tax on gifted vehicle

    There are no limitations on the sales tax deduction as to what can be done with the car, or vehicle. Presumably, the client has the sales receipt showing the sales tax paid.
  29. FDNY

    IRS Seeking Comments on Postcard 1040

    Trying to find some choice words for my letter. BTW, I love dinosaurs since I worked in a Sinclair gas station as a kid. Remember Dino?
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