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cbslee

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About cbslee

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  1. cbslee

    Where is the 941?

    It's fillable on my Chrome browser.
  2. Copied from Tax Pro Today: "The American Institute of CPAs is asking the Internal Revenue Service and the Treasury Department to simplify the draft version of the Form W-4, the Employee’s Withholding Allowance Certificate, along with the accompanying instructions. The AICPA’s comment letter comes as the National Association of Enrolled Agents has also criticized the draft Form W4 in a separate comment letter last week, saying it raises privacy concerns, creates a substantial risk of underwithholding, and requires taxpayers to forecast a number of tax-related items that are traditionally difficult to predict (see NAEA sees lots of problems with new Form W-4). The AICPA raised some of the same issues in its own comment letter. “The AICPA recommends a simplified Form W-4 that reduces withholding in an appropriate and fair manner without placing undue burden and onus on taxpayers and their employers,” Annette Nellen, CPA, CGMA, Esq., chair of the AICPA Tax Executive Committee, wrote in the letter. In regard to simplicity, Nellen suggested that Form W-4 should not include nonwage income, itemized and other deductions, tax credits, and total pay of all lower paying jobs (“personal information”). She described the draft form as “unduly complicated” and said it essentially requires taxpayers to calculate their tax liability. “Taxpayers need a Form W-4 that is easy to understand and simple to complete, thereby reducing compliance burdens and minimizing the risk of tax underpayment and penalties,” Nellen wrote. Nellen recommended the IRS and the Treasury Department develop a simplified Form W-4 that doesn’t request personal information. She pointed out that many employees would probably be hesitant to provide their employers with spousal and family income information on the Form W-4 as it could lead to unfair and discriminatory employment practices. However, if taxpayers don’t provide their other household income, deductions and credits, they could inadvertently face the risk of inaccurate and incomplete annual withholding calculations, which could then lead to underpayment of taxes and penalties, she wrote. To prevent the shifting of unnecessary responsibilities and liability onto employers, the AICPA recommended the IRS and Treasury should give employers a straightforward method to determine their employees’ withholding. “The Form W-4 has transformed from a long-standing form that was systematically distributed by employers to new employees as part of their initial onboarding process, to the current draft that employers need to calculate their employees’ withholdings on an annual basis,” Nellen wrote. “This form transition is a significant change and the risks and responsibility of accurate withholding calculations have shifted to employers."
  3. Here is your chance to tell the IRS what you think about the new Form 1040: Send an email to : WI.1040.Comments@IRS.gov
  4. Yes, you can use 3115 to correct the depreciation that was deducted, either way, whether it was over depreciated or under depreciated.
  5. cbslee

    TIMBER LOGS

    First you need to know how many board feet were sold. Second you need a logical valuation as of 2012 once you known the board feet. Without a quantity and a value, you're whistling in the dark with a zero basis.
  6. cbslee

    Depreciation Question

    After you have been preparing returns for a number years, sometimes the gray area between doing what is right and what is expedient gets kind of expansive. This can be troublesome, especially for those who like me, who practice by themselves.
  7. So is this real or is it a scam ? How would you know ?
  8. cbslee

    Depreciation Question

    Also, the asset should be reported on personal property tax returns.
  9. cbslee

    Depreciation Question

    Was all of this activity finalized before January 1st 2018 ?
  10. cbslee

    1040 PostCard

    I think you have posed an imponderable.
  11. cbslee

    SCAM

    Under the TCJA, I don't believe any theft losses will be deductible. Also, Casualty Losses will only be deductible if they occurred due to a Federally declared disaster.
  12. 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"
  13. cbslee

    Non-filer coming out of the woods.

    What I do in a situation like this is I tell the client there will be penalties and interest then I let the IRS calculate the numbers, which I double check of course. This approach lets the IRS be the bad guy, instead of me. Then if I find a mistake, saving the client money, I can be the bearer of good news, sort of.
  14. cbslee

    TCJA Taxes Non Profit Fringe Benefits

    Sorry, I wasn't trying to post a link. This is the lead item on the council's website, which will pop up if you search.
  15. From the Evangelical Council on Financial Accountability: We are circulating a position statement for nonprofit organizations (including churches) concerned about a provision in the Tax Cuts and Jobs Act that taxes parking benefits provided by many employers. A new provision in the tax law requires tax-exempt nonprofit organizations to file federal income tax returns and pay unrelated business income tax (UBIT) on the cost of parking provided to employees, even if the organizations do not actually conduct any unrelated business activities. The law states that the Treasury Department is to provide guidance on the complex issue of how cost is to be determined for this purpose. In addition to filing federal income tax returns, many nonprofit employers affected by the new law will also be required to file state income tax returns and possibly pay a state income tax as a result of the new federal income tax. By signing onto this position statement, you will be advocating for the repeal of this new burdensome provision in the law...either by legislation or effectively by action of the Treasury Department. The position statement may be used to communicate these concerns to members of Congress and/or Treasury officials. Actually, the TCJA's language also includes, Travel Reimbursements and Meals in addition to some other fringe benefits which would be subject to taxation. The consequences of rushing through a complicated tax bill in a few weeks without a single committee hearing will be coming home to roost for many more months.
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