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Showing content with the highest reputation on 12/21/2015 in Posts

  1. Ha! Henceforth I am known as Abby Normal. And let me be the first to say "Damn your eyes!"
    2 points
  2. The regulation is very strict. You must have a contemporaneous written acknowledgement from the charity at the time the original return was filed. So, if you HAD a contemporaneous written acknowledgment at the time you filed, but forgot to include the deduction on the return even though you could have, I would say you could amend the return. If they did not provide a written acknowledgement by the time the return was filed, then it should not be amended because they did not fulfill the recordkeeping requirement. Tom Newark, CA
    2 points
  3. Squee! Momma and newborn from this morning. http://montereybayaquarium.tumblr.com/post/135606363553/the-squee-heard-round-the-world Newscast with video: http://www.ksbw.com/news/otter-gives-birth-to-pup-at-monterey-bay-aquarium/37059472
    1 point
  4. Your original username that included "CPA" wasn't an issue. It was specifically the comma within usernames of 2 new members that caused the system to split the name and generate a message that the username is invalid and will not allow PMs to be sent. It is entirely possibly that other punctuation or symbols may also be problematic, but I haven't encountered any of those yet.
    1 point
  5. President signs extender bill (12-18-15) The President has signed the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). Here is a list of key provisions. Made permanent: Enhanced Child Tax Credit Enhanced American Opportunity Tax Credit Enhanced Earned Income Tax Credit Above-the-line educator deduction Sales tax deduction Enhanced mass transit and parking pass benefits IRA-to-charity — California automatically conforms R&D credit IRC §179 — enhanced Enhanced exclusion of gain on sale of small business stock Built-in gains holding period Extended through 2016: Qualified tuition deduction Nonbusiness Energy Property Credit COD principal residence exclusion Mortgage insurance premium deductible as interest Extended through 2019: Bonus depreciation — phases out First year bonus depreciation on automobiles — enhanced Work Opportunity Tax Credit
    1 point
  6. Far too easy to do and we have ALL taken a turn at tangent-ing!
    1 point
  7. Here's another cuteness overload https://www.facebook.com/Break/videos/10153849035682792/
    1 point
  8. Yes, the carryover is usable, whether or not you live in the same home during that year.
    1 point
  9. Thanks, Tom. that was my thinking, too. I just wasn't sure if it could be included on an amended return. I believe if the church has a properly dated copy and can provide that, it should be good. People do lose things and it is not at all unlikely that this was lost - if the church sent it. We shall see. Thanks for confirming!
    1 point
  10. I agree, and it's why the best you can do is to decline the return. If you do it right, he'll probably lose his job. If you do it any other way you become part of the scam. If you explain it to him, and he wants to file it correctly, that is ok to do it, because it's his decision and his risk.
    1 point
  11. 1 point
  12. The employer probably gives his employee the "tax-free" money and hopes the employee won't report it on his return. If it is a cash business the employer receives money that he does not report and pays the employee from these funds.
    1 point
  13. Yes! Look at that list of items that have finally been made permanent. Now if only we could have one across-the-board definition of MAGI. If deductions and credits need to be tweaked in other ways, so be it, but standardizing MAGI would lessen the potential for errors.
    1 point
  14. They hire a bunch of highly paid execs to sit around dreaming up acronyms that ultimately make fun of us taxpayers.
    1 point
  15. Thanks so much for this, Catherine! I saw it on FB but the link didn't work. I am in awe of such talented folks, the dancers and the folks who put this together!
    1 point
  16. I would just add that while your user name is your choice, please consider that we are a friendly COMMUNITY so while you have a perfect right to any name you like [we all love Janitor Bob, for example] if you use a name or nickname, it makes it easier for others to remember you. Ditto for your avatar, whether it's your loved pet, a funny icon or picture.
    1 point
  17. A new spirit for Ebeneezer Scrooge to deal with.
    1 point
  18. 4797 https://www.irs.gov/publications/p908/ar02.html#en_US_2012_publink1000137340
    1 point
  19. What is probably happening is that the employer is taking a distribution from the company of money on which he (the employer) has already paid the tax. Then he is giving it to his employee. Hence, he is telling the employee that the tax on the money has already been paid (it was taxed as corporate or partnership profit to the shareholders or partners). In the employer's mind, the tax has been paid and he is treating the check to his employee almost as a gift, which it could be if it were not given in return for any services rendered. As to why employers would do this, consider that the employer is not paying his share of FICA and Medicare, nor is he paying Fed and State unemployment tax. Depending on the employer's tax bracket (which could be zero if there is a large amount of deductions or a NOL on his return) he, the employer, could actually be saving money. I do not agree with the employer nor would I take the client unless he reported all of the checks as income.
    1 point
  20. You've got that right. Actually my post hade a typo, I meant to type Mar 1st. LOL
    1 point
  21. Even MORE dangerous if read on April1st as all the last-minute details come pouring in.
    1 point
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