Jack from Ohio

16 hours ago, SaraEA said:

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

I had not thought of that aspect.  Thank You for bringing it to our attention.

How is this a State issue?  The law affects Federal income tax, and not the amounts of State income tax?

Sounds like there are some well funded lobbyists affecting the actions of State legislatures.

I hope the judge throws it out, for the reasons I just stated. 

1 hour ago, ILLMAS said:

Form W-2, Line B "EmployerEIN" was issued after the Tax Year in the Return Header.

Does this mean, that the employer didn't have a FEIN in 2016, created an EIN number in 2017 and issued a 2016 W-2?

 

 

 

Simple answer: YES.  The return must be paper filed.  I have dealt with a dozen or so of these.

Make sure you have the latest version of Adobe Reader.  It is a free download.

6 minutes ago, Roberts said:

Yep, get a police report.

And a good dose of common sense...

A Hydrogen ion walks into a bar. 

He orders an entire quart of Scotch. 

The bar tender asks:  "Are you sure that is what you want?"

The ion answers in an aggravated voice:  "YES, I'm positive." 

1 hour ago, JohnH said:

So a positive thought  about an electron is repulsive?

No, quite attractive.

1 hour ago, cbslee said:

According to an article in Tax Pro Today, the IRS plans on targeting S Corp Distributions ,

 

"As part of the S corporation distribution campaign, the IRS noted that S corps and their shareholders are supposed to properly report the tax consequences of distributions. The service has targeted three issues as part of this campaign:

• When an S corporation fails to report gain upon the distribution of appreciated property to a shareholder.
• When an S corporation fails to determine that a distribution, whether in cash or property, is properly taxable as a dividend; and,
• When a shareholder fails to report non-dividend distributions in excess of their stock basis that are subject to taxation.

For this campaign, the IRS plans to conduct issue-based examinations, suggest changes to tax form, and conduct stakeholder outreach"

This has been said by the IRS for decades.

Why don't they target the easiest cheats there are.  S-Corp owners that do not take a salary at all.  

What a bunch of of male bovine scat.

I TOTALLY agree with cbslee.  Whenever I try to calculate the penalties, I always get it wrong.

Do both, send both, have both ready when you call.  That way, you will be covered for all possibilities.

I am beginning to see this "postcard" as a huge income opportunity.  All the people that will try to do this, using DIY software, and either get totally confused, unable to complete it, or send it in wrong and receive a notice, will need someone to "fix it."

About 8 years ago, Ohio simplified from 2 pages to 4.  2016 they added more worksheets/attachments, so now the common return has been simplified to 6 pages.

Some "not so informed" salesman, sold the State scanners to read the "simplified" forms.  It is so smart, it cannot read a duplex page if the second page is "upside down."

It is a very large opening for scammers.  Nothing else.

Married couple.  Dad is sole provider.  3 children, all live with them.  Ages 18, 20, & 23.  AGI $69K.  Two youngest were claimed as dependents for 2017. 

Oldest was not a student, and earned $47K, hence the reason for not claiming him as dependent. He prepared his own return. (TT)  He has insurance provided by his employer, and received Form 1095-C.  Now here is where the problem starts.

Mom signed up for insurance through the marketplace, and put all three children on as dependents. (she said she thought she took the oldest off) They received $821/mo. subsidy for the whole year for a total subsidy of $9,852.

Oldest son (not a dependent on the parent's return) receives a notice asking for Forms 8962, & 1095-A which does not apply to him, or pay back the entire amount of the subsidy.  

I am at a loss as how to proceed on this problem.  Both taxpayers marked line 62 as having coverage for all year.

Any help would be appreciated.

I have many more pictures to post.  I will put up a picture of the group with all the names, so everyone can know who we all are.

I have to reduce the file size, in order to have enough room.  

I have pictures of Edsel as well.

A special posting for the back 40......

Just a couple of pics of the grand get together today.  I have to s  I will attempt to post a picture with name labels, so everyone will know who was here.
It was a great time of putting faces and voices with names.
(there will be pic of the back 40 in a different post for security reasons...)

Traffic cost us 3 hours (2 mangled up accidents, and normal Friday evening traffic in Cinci), GPS malfunction cost us 2 hours, normal travel time 6 hours, we made it to our motel in Crossville 1:08 AM Crossville local time.  Looking forward to seeing all the party people tomorrow!!
I may be able to live stream on Facebook and/or do some video chat on Facebook, or other chat programs.  In addition, I will post pictures.  Maybe some that the subjects in the picture, did not even know they were taken!

37 minutes ago, Edsel said:

Gail, I hope you can make it.  Gatlinburg is about 2.5 hours if you can navigate around Pigeon Forge.

Pigeon Forge is on the way out of Gatlinburg, and during most days it is jammed with tourists and you had best plan for at least an hour to drive as little as 3 miles.  (I am not exaggerating)  BUT - you can avoid Pigeon Forge.

Ask someone in Gatlinburg for the backroad to Townsend.  It's not far, and you make a leisurely drive alongside a small cascading river until you reach the community of Townsend, the "back door" to the Smoky Mountains because it is so much less commercialized than Gatlinburg/Pigeon Forge.  From Townsend take big highway (four lanes) U S 321 westbound.  You will go through Maryville and cross the Tennessee River at Lenoir City.  These are towns with a little traffic but nothing as time-consuming as Pigeon Forge.  Continue on Hwy 321 all the way to Interstate 40 where you will travel west and be in Crossville in about 45 minutes.

This is about the best I can do - use Mapquest for more explicit instructions.

Hope to see you - Edsel

 

i have family that live in Knoxville, Lenoir City, Murfreesboro, and an Uncle and Aunt that lived 8 miles from Crossville.

Edsel is giving you the best route to take from Gatlinburg.  Been there many times, and he is spot on.

29 minutes ago, FDNY said:

This thread is killing me.  You're all going to have so much fun, like a high school reunion on steroids,  seeing old friends that you remember what they looked like, but have changed.  Only now, as Abby said, you have images of what you look and sound like, then when you see each other in person, I could only imagine all the hugging.  I wish I could be there, but will be in heart and soul.  Can't wait to hear about it, I'll be toasting all of you on the 23rd.

Great photo Abby, Karin looks like a real sweetheart.  You have my hair from the 70's.

Do  you have a Facebook account?  If yes, we can do Facebook video chat.  It is the next best thing to being there!!  If we can work it out, we may even stream live...

Do you have access to a BIG screen TV or monitor?  We may be able to have facetime, or google chat with some of those that can't attend.  Also, if Abby want to have a video presentation, with PowerPoint, or some similar program, we could put it up on the BIG screen.  I am bringing my laptop.

BIG = >55"

Do you have access to a BIG screen TV or monitor?  We may be able to have facetime, or google chat with some of those that can't attend.  Also, if Abby want to have a video presentation, with PowerPoint, or some similar program, we could put it up on the BIG screen.  I am bringing my laptop.

BIG = >55"

3 hours ago, Pacun said:

It sounds interesting that two of the three cases were attorneys. If attorneys' behinds were kicked by the IRS, we have to raise our white flag as soon as the audit starts. But as Abby mentions, the IRS will do it on case by case basis. I always play conservatively and I have always included residual income on line 14 of the K1.

I have two cases where I could have not include income on line 14. One case, my client has $120K of guaranteed payments, so adding the extra $20K is not a big deal. On the other case, my client has $40K as guarantee payments, so adding the extra $15k will help him when he retires and he collect SS benefits. Keep in mind that SS benefits are considered on 30 years so each case is different.

They are actually calculated on the highest 35 years.

1 hour ago, Tax Prep by Deb said:

Jack I also tried to PM you and got the message that you can't receive messages.

I am receiving messages from Catherine and Crank.  I will send you a message, see if you can reply.

7 minutes ago, Catherine said:

I was going to, but get a message that you cannot receive messages.  If that's a setting you set, you'll have to change it.  Else it's a glitch for Eric to look into.

I just sent you a message.  See if you can reply.

4 minutes ago, Catherine said:

I was going to, but get a message that you cannot receive messages.  If that's a setting you set, you'll have to change it.  Else it's a glitch for Eric to look into.

I have been having PM conversation with Crank.  Maybe YOU are the one in trouble? Stand by, I think your message came through.