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while looking through Pub 525 for something unrelated, I read this: Stolen property. If you steal property, you must report its fair market value in your income in the year you steal it unless in the same year, you return it to its rightful owner. I would live to know if anyone here has ever had occasion to include this on a return!

He told me to put down the same as last year. But Rich didn't put anything, so there ya go. Look at your returns, people!

Had Al Capone just put down something....

I stole a heart once.... just sayin'...

http://chicago.cbslocal.com/2018/02/23/napkin-dispenser-thief-walks-it-back/

What if you steal something Christmas Eve, and can't return it until after the New Year?

Is that income "earned" and can it be used for EITC? Tom Modesto, CA

they could certainly claim a loss!

Darn. More questions for the interview/organizer. Did you steal something in 2017? What was its Fair Market Value? Did you return it in 2017? What if its value went down/up before it was returned?

Set your computer on fire.

He told me that he had an offer that I couldn't refuse....

"The crime had not been especially well thought-out, she said. Most of the group paid with credit cards, including the man who stole the napkin dispenser." Crying.

Sometimes Excessive is ordinary and necessary.

Since I wouldn't know what option to check in part I of Form 982, I'd go to the line 21 worksheet, enter the amount there, and then subtract it on the same worksheet with an explanation.

Short term gain or loss.

So, stealing and reporting it on your tax return could be a good tax strategy...

I guess the IRS doesn't want to be hard on us and allow us to make mistakes on birthdates. I had a dependent who according to the client was 16 by the end of the tax year but the IRS didn't give the child tax credit to the client. We checked the birth certificate and the IRS was correct. The IRS knows the correct date but it will only give you hard time when you are taking a credit that you are not entitled to based on age. How about when we enter W-2 and forget to check "spouse" on top? Or how about when we enter a schedule C for a cash spouse (without 1099misc) and we forget to check "spouse". Do we really want to criticize the IRS when we have our own faults? Of course some of you never make mistakes, right?

Why is it not correct for a person who is claiming their own dependency on their return and is covered by the parents insurance wrong if the box is checked to show that she was insured the entire year?? I had a return today that I had not gotten to the line to check to show that a MFJ couple had insurance. My ATX program had already included a penalty on the return!! We saw this last year whereas ATX changed several times (back and forth) to include the credit if the box was not checked either by accident or not checking on purpose.

Enforcement is being stepped up. What I mean is states (IN recently) are ruling and going after employers who are not withholding tax on the insurance premium. (Most handle by adding the annual amount to the W2 as described by the IRS and many/most states.) The enforcement change is not employee based, but is caught under audit of the employers. Even though, the WH ends up being a wash (via credits), the tax entities want the money up front (wise owner/employees already properly manage their tax deposits via W4 and/or personal payments). I found one reference where an employer was in trouble for not withholding or reporting the insurance amount, even through neither the employee or employer took the deduction! A penalty on zero... At first, I thought I had "missed" something, in the way we were doing what our customers asked (to just allow alteration of the EOY forms). As of today, I see many are still doing the same, asking for EOY figures only, not withholding on a per payroll basis. Not that this means I was correct, but only I was not the only one wrong... (Background, this all started with IRS notice 2008-1, the double dip prevention tool, where the amount was pushed to the W2 for compliance purposes.) When pondering what to do, I see there are important collateral issues. The insurance amount could be wages for garnishment calculations and WC calculations, among other things... (with some possible exceptions). Start new topi

yeah I'd make an adjustment also on 21 and include form 8275 explaining why it was discharged. If you have a number from the police report - include it.

Are we talking about splitting the advanced credit from the exchange? I have not seen any indication of that on the post until WITAXLADY refers to something that smells like repaying the credit. If I and my wife file a joint a return and my daughter files her own return AND my employer has covered every one, all I have to do is to check the box on each return and that's all. I agree with Cathy that checking the box for the child means "I had health insurance all year" and it only matters when I have to reconcile the advance credit.

Supplemental security income (SSI) is not taxable. It's assistance. Supplemental security disability income (SSDI) IS reportable income. Recipient will receive a 1099. It is entered on the same line and uses the same formula as regular SSA retirement benefits to determine the taxable portion.

"Excessive"!! Ha! It seems that a certain amount is OK....

That's interesting information. I always thought one of the main reasons IRS wants the calculation is to avoid unequal distributions when there are significant age differences between shareholders. But now I see that the states also have several other axes to grind.

Opened one of my return mailers early this morning and found this, it fits all of you. I guess I can't raise her fee this year. I Love my Tax Guy (Gal) He's such a peach Whenever I need him He's always in reach He gives me wise counsel His rate is so fair He even forgives me If I happen to swear

If him claiming all of the expenses results in her being eligible for EITC, I would really hesitate to do the return that way. If it is just a matter of him being in a higher bracket and receiving more benefit from the expenses, maybe.

The W-2 indicates FL. Thus, the service member has changed his state of residence to FL. He no longer has a filing requirement for PA. Active duty military can maintain residency in home state unless they take the steps to change it. MANY military become residents of FL and TX while stationed in those states so that they do not pay state tax. Of course, there are other states with no state tax (WA, NV, NH) and those that don't tax active duty when they are not stationed in the state. PA does not tax the military pay but it would tax all other income. FL has no tax, so no state tax at all. If spouse is also a FL resident, then both would not be taxed by any state that they are stationed.

Can not speak for tax-ability of CA but for PA: From section E, 1 of PENNSYLVANIA PERSONAL INCOME TAX GUIDE http://www.revenue.pa.gov/FormsandPublications/PAPersonalIncomeTaxGuide/Documents/pitguide_chapter_07.pdf Full-time federal active duty military pay and federal active duty for training pay, including housing allowances, earned or received by a Pennsylvania resident member of the U.S. Armed Forces while serving outside the state is not taxable for Pennsylvania personal income tax purposes. However, a taxpayer must include such compensation when determining eligibility for tax forgiveness on PA-40 Schedule SP. While on federal active duty or federal active duty for training, any other income that the Pennsylvania resident earns, receives, or realizes remains taxable for Pennsylvania personal income tax purposes. The taxpayer has the burden of establishing that income received for military service outside the commonwealth was earned while on federal active duty. The Department of Revenue requires a copy of the military orders directing the taxpayer to federal active duty outside the commonwealth. Residents must file a Pennsylvania personal income tax return and include their W–2 form(s) and copies of their military orders as evidence of active duty military pay earned outside Pennsylvania.

Possi is right - but they could also deduct the cost of any freebies they give out - including promotional CD's.

If they agree, I believe they can split the expenses however they want. I'd get it in writing, though, "For 2017, Joe will claim all the mortgage interest and property taxes."

Yes, WITAXLADY's question brought a different set of facts into this topic, and it really should be a separate post in the ACA forum.

They can claim any related expense that took money out of their wallets for those charitable gigs, and mileage, but not lost money. You are correct. Strings, picks, etc.

Sarypion, the code can only contain letters A through F. Anything that looks like l is a one, and 0 is a zero.

Thank you, Judy! You should be the Tax Star! Rich

Well, that client (now ex-client) was a wheeler-dealer and wouldn't pay for a gift tax return, so he got what he got. When I went out on my own, I did not let him know where I was. Avoided future problems with him, complaints from him.

You're gonna need some "me time".

What are you having to change at present? Paying all year, with the recent ruling as an example, would require adding to wages and withholding all year...

When we put the W-2's into ATX payroll program - we are "correcting" it from Medlin - as you are correct - we cannot get your program to generate it as we need it to be. And we generally add it at year's end... as they pay the health insurance on their own all year to the insurance agency as lump sum for all employees covered and then have to break it out for the 2% shareholder.. So being able to add it in as you mentioned it in your original post sounded very workable to our style. and possibly saved much retyping! D

I have been entering these codes and have had no issues. Looking at drivers' license info has been interesting this year, to say the least. To address a point made in a post by Cathy, I determined that one of my clients had the birthdays switched between husband and wife, although they were both born in the same year. They either told me wrong or I entered it wrong lo these many years ago and it's carried over every year since. This year, I realized that the DL expiration dates were inconsistent with what I had on the basic info screen. Ooops!

Intuit card reader by Roam Data for Intuit GoPayment. But, it's still cheaper to just type in on desktop without a reader.

I'm here. Got a triple-whammy going. Corporation client has an IRS audit *this* Friday, and I have to be 100% prepared for that. Older daughter is selling her condo, an hour away. She works 6 days a week and needed help packing and doing inspector-recommended repairs. Guess who got to help (I've spent four or five days up there in the last couple of weeks). My church lost our building and had a day and a half to get ALL our records out. Many of them are now sitting on my office floor, making havoc with all the other tidbits left over from when I moved my office in December. Part of this is having to reconstitute our bookkeeping system and stay on top of all the bills, payments, wages, and payroll taxes, in an office where all the required documents are buried in one of several boxes stuffed together willy-nilly. So I haven't been spending much time on the board. I miss you guys and hope to be back more next week!

S corp can rent the space but self-rental rules apply. Taking money out as rent reduces amount available for reasonable salary.

Strictly not allowed.

Does anyone file form 8275 to disclose that the 1099C is not on the tax return and the reason why it isn't (Treas. Reg.)?

QCDs can be made from inherited IRAs, but the owner must still meet the age requirement for QCDs, meaning that this new owner must be 70 1/2 or older.

This is why I went with Square, Free mobile swiper, 2.75% fee.

I was mistaken with something I posted in the rules. Locking the topic stops any more postings, but it does not shut off the access to the emoticons like feature, so this is to record the final tally on the voting posts for those of you that shared - 10 - RitaB 8 - Bulldog Tom 7 - jcarlson 2 - NECPA

Form 5695 has been modified and appears to be ready for the Windows credit that I've been waiting on. Sch A has been modified to accept the PMI payments.

GROUP HUGS.!!!!!.....I love em...