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Lee B

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Everything posted by Lee B

  1. Be careful because many policies will not cover any claims prior to the initial coverage date. You also need to check with your previous insurer as to coverage for acts which occurred before the cancellation date.
  2. For that amount it sounds like a repair and maintenance
  3. Here you go: https://www.atxcommunity.com/topic/34151-cyber-insurance/#comment-207714 https://www.atxcommunity.com/topic/33964-e-o-ins/#comment-206815
  4. Lee B

    IRS Letters

    These are supposedly the restarted automated collection letters that have been suspended for several years. The IRS says that these taxpayers should have received an initial balance due letter with an explanation? Perhaps you could ask your client to request a transcript?
  5. Just scroll back to that date in General Chat
  6. Hopefully this will help: https://www.thetaxadviser.com/issues/2008/oct/terminationofapartnershipinterest.html
  7. There were two discussion threads about this, the first on November 14th and the second on January 16th.
  8. If you believe it's part of the plumbing system and an integral part of the structure then 27.5. If not then you could choose 15 years.
  9. Once again it just shows that out Tax Law is complex and that knowledgeable people can arrive at different conclusions.
  10. I have closed some corporations over the years but not recently, For some additional input on this topic, according to The Tax Book: "A Corporation will terminate upon the complete liquidation of the corporation's assets." "Note: A complete liquidation can occur even though the corporation retains a small amount of assets to settle debts and pay final administrative costs. Amounts remaining are then distributed to shareholders." "Post-termination expenses: Expenses of a corporation incurred after a complete liquidation are treated as capital expenses (additions to stock basis)." A classic example would the final bill for preparing the last corporate tax return.
  11. I read a lot. I haven't bought a physical book in about ten years. I have well over 2,000 books in my Kindle account.
  12. In Drake it's a software worksheet calculation
  13. "How do I check EIN status? Call the IRS. The best number to call is (+1) 800-829-4933. When you hear the various menu options, select option 1 for English or 2 for Spanish, then option 1 for EIN inquiries, and then option 3."
  14. I would really like to see free efiling of 941s. Of course they will probably run it through IRIS like the 1099s
  15. I ran into this last year. If the taxpayer has other qualifying coverage for example via a spouse's employment then they cannot do an HSA . My client set up an HSA anyway with both he and his employer making contributions. I sent my client back to his employer to have the HSA contributions reversed, but his employer found it too difficult to do. As a result my client ended up paying significant penalties.
  16. POA s expire when someone is deceased.
  17. I suspect that the timeshare representative that they were working with got kind of creative in his effort to help them out, which resulted in the 1099 S.
  18. Perhaps you need to see the actual transaction documents in order to see what actually happened.
  19. Perhaps the $ 75,000 is the current asking price for one of these timeshares? Did they relinquish and turn back ownership of the timeshare in the same calendar year. If they did, wouldn't that generate a capital loss?
  20. The IRS also has a 1 Hour video that covers the same stuff: https://www.irs.gov/businesses/what-to-do-with-form-1099-k
  21. That's why I am still working part time. I am still motivated to keep working with my business clients who I have known for 20 to 30 years. It keeps my mind sharp and I still enjoy doing it. However if I was mostly preparing personal tax returns my answer would be different.
  22. Good question, I don't know.
  23. The previous restriction required that the premiums be paid directly by the pension plan. The distribution for the premiums still need to come from the pension plan.
  24. That reminds me when I went to elementary school we had phonics. As a result I am a good speller. When my wife went thru elementary school they dumped phonics for "sight reading". As a result my wife struggles to spell, even though she was a good student.
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