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cbslee

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Everything posted by cbslee

  1. Didn't look this up, but my gut instinct says that you may have file MFS.
  2. I have a very reliable Ativa 1850 which does the confetti cut, for which I paid about $ 400.
  3. I am looking forward to seeing what the answer is, since I don't know either ?
  4. If you are efiling an Oregon 20 S, you have to attach a pdf of the 7004 to the Oregon return, since it's after March 15th unless of course no extension was filed ?
  5. I was at a CPE Class about 10 years ago talking to another EA. He had a Murphy bed and a shower in his office, worked 14 hour days all through tax season said that he did 800 tax returns by himself. The only help he had was his wife who did copying and assembly stuff 3 days a week. He worked a few less hours on Saturday and Sunday, which were the only nights he went home and slept in his own bed. He said he made enough money to take most of the remaining months of the year off. Thirty years ago I could have worked that many hours, those days are now far in the distant past.
  6. cbslee

    Online Fax

    Search the board, there was a lengthy thread about this topic last year.
  7. Just because the Employer screwed up doesn't magically create a QBI deduction.
  8. This worksheet has always been a bit tricky. If you get the information entered on the right lines, it will work.
  9. Then you need a copy of the 8824 from several years ago which will give you the deductible basis.
  10. No, not quite that simple. Do a search for "1031 exchange rules" and you will flooded with resources and explanations.
  11. Remember the MeF system is shutdown for maintenance from 1:00 AM to 7:00 AM EST every Sunday morning , which doesn't help.
  12. You have condensed the details so far that it's not clear what your question is?
  13. I have no idea what is allowed in the state of New York, but in my state of Oregon only attorneys can legally perform these tasks.
  14. That is not included in any list that I have seen.
  15. Does the husband have his own business ?
  16. According to various tech news articles, the weekly patches issued by Microsoft this week were larger than normal because they were addressing multiple active hacking exploits that were attacking Windows 7, Windows 8 and Windows 10. Make sure that your system is updated to the current OS version !
  17. In past years, if your save is working, you should be able to restore your most recent saved copy of this return.
  18. Tax Extenders still in limbo: "The House Ways and Means Committee in Congress held a hearing on Tuesday to discuss temporary tax provisions and the urgency of both currently expired provisions and those set to expire. According to the Joint Committee, there are 80 provisions set to expire between now and 2027, and around 29 provisions which have expired in 2017 or 2018. Many of these provisions have been routinely extended and are often expected to be extended, including clean energy and energy efficiency incentives that have left taxpayers in limbo. Although the hearing was set to discuss these temporary policies in the Internal Revenue Code, the discussion quickly turned political, with arguments from both sides about the value and impact of the Tax Cuts and Jobs Act and how it was enacted. The limited discussion about actual tax extenders led to a suggested outside third-party review to determine which provisions should be extended and which should end. However, it is unclear where this will go."
  19. cbslee

    FORM 1099-C

    If the 1099 C was for more than $ 600, would that mean there is an estate ?
  20. cbslee

    FORM 1099-C

    If the deceased taxpayer's estate had assets in excess of liabilities, then the estate was liable to pay the CC debt. Just because the assets passed by right of survivorship doesn't relieve the obligation to pay. If it did, every surviving spouse with all assets held jointly would never have to pay any debts of the deceased spouse .
  21. Just remember the MeF system goes down for maintenance from 1:00 AM to 7:00 AM EST every Sunday morning.
  22. "If you receive money from a lawsuit judgment or settlement, do you have to pay taxes on that money? Under Internal Revenue Code (IRC) Section 61, the IRS stipulates that all income received is taxable, unless specifically excluded from gross income. Both settlements and judgments are taxed according to the “origin” of your claim, so to speak. First things first....settlement vs. judgment A settlement is a voluntary agreement between an injured party (injuries can be physical, emotional, or economic in nature) and the defendant (often through the defendant’s insurance company) to resolve a case in return for a certain amount of money. A judgment, on the other hand, is what the court orders the defendant to pay after a jury or judge makes a verdict. The same tax rules apply to both settlements and judgments. Personal injury lawsuits Damages from a physical injury are not taxable—it does not matter if you are paid with a lump sum or in installments. An award of punitive damages from a personal injury lawsuit is taxable. Punitive damages are awarded to victims in cases of serious or malicious wrongdoing. They are intended not to compensate you for your loss, but rather to punish the defendant and deter others from committing a similar offense. Damages from emotional distress Damages from emotional distress do not count as physical injuries under the Code, and are therefore taxable. There are some exceptions, however. Any damages you receive for emotional distress that was caused by a sickness or physical injury are free from tax. This includes situations like emotional distress resulting from car accident injuries. This stipulation in the tax code gets difficult in cases of emotional distress resulting from a non-physical injury, like employment discrimination, for example. Under the code, damages for this type of distress are still taxable. Non-personal injury lawsuits For a claim not involving personal injury, any settlement you receive is typically taxable as ordinary income. What counts as ordinary income? Interest on any settlement Most payments for lost wages/profits Settlements of pension rights (in event of divorce) Punitive damages (except in certain wrongful death cases) Awards for employment discrimination Awards for injury to reputation Damages for Title VII (Civil Rights Act) Can you deduct attorney fees? If your damages are taxable, you are permitted to deduct any attorney fees. If it’s a personal lawsuit, it would be a personal miscellaneous itemized deduction, whereas a business lawsuit would be a business deduction. Let’s say you sue your ex-spouse for emotional distress for $200,000. You win the case, but the attorney keeps 40%, leaving you with $120,000. Though it would seem appropriate to claim only the $120,000 on your taxes, you must claim the entire $200,000 per IRS requirements, and then an $80,000 miscellaneous itemized deduction (attorney’s fees)." Also see IRS Pub 4345
  23. I became an EA in 1992 and an ERO in 2002 - no fingerprints.
  24. Put the fear of the HUG in them and your problems will go away !
  25. Cases detailed in the IRS report related to payroll and employment taxes included: •The owner of a Mississippi security company was sentenced to two years in prison, three years of supervised release, and restitution for failing to pay withheld taxes. The owner of the company entered into an agreement with the IRS to pay the taxes in installments, but did not make payments and attempted to avoid IRS levies by transferring the company’s assets to new companies. Some of the taxes owed were collected, but the owner was to pay $165,076 in restitution, which was the amount of taxes still owed. •The owner of a Rhode Island staffing agency was sentenced to two years in prison, three years of supervised release, and restitution for failing to report wages paid and tax withheld. The owner of the company withheld federal taxes from employees’ pay, but did not report about $4.3 million in wages paid to the IRS. The company evaded paying about $1.3 million in withheld taxes and employer contributions. •A co-owner of 11 Massachusetts restaurants was sentenced to 30 months in prison for a scheme to avoid paying income and employment taxes, the IRS said. Employees of the restaurants were paid in cash, and federal employment taxes were not withheld or paid to the IRS, the agency said. The employers misrepresented the number of employees working at the restaurants and the wages they were paid, and did not file Forms W-2, the IRS said. Additionally, the restaurants’ income and wages paid were misrepresented to tax preparers, leading to the filing of false tax returns, the IRS said. The restaurants’ payroll was also understated to workers’ compensation providers, reducing premiums owed. The co-owner of the restaurants was to pay $2.3 million in restitution to the IRS. •The owner of an Illinois scrap-iron refining company was sentenced to one year in prison, one year of supervised release, and restitution for concealing from the IRS wages paid to employees. The owner of the company paid at least $11.6 million in cash wages to at least 50 employees and did not withhold taxes under the Federal Insurance Contributions Act and Medicare. The owner was to pay $1.3 million in restitution. •The owner of a Nevada home-care provider was sentenced to a year and a day in prison and restitution for evading payment of withheld employment taxes and penalties. The employees of the provider had employment taxes withheld from their pay, but the taxes were not paid to the IRS. The agency assessed penalties against the provider’s owner, but the owner attempted to avoid paying the penalties or taxes owed, including by changing the name of the business. The owner was to pay $1.2 million in restitution, the IRS said. •The owner of a Missouri school bus provider was sentenced to three years in prison and restitution for failing to pay about $1.7 million in withheld employment taxes to the IRS. The owner of the company did not deposit withheld income, FICA, or Medicare taxes, and did not pay the FICA employer contribution, the Justice Department said in a news release. The company operated under three names, and each of the company’s identities accumulated unpaid employment taxes, the department said. The owner was to pay restitution of $1.7 million. •The chief executive officer of a Virginia software company was sentenced to 21 months in prison, three years of supervised release, and restitution for failing to pay withheld employment taxes to the IRS. The CEO and vice president of finance of the company paid some employees by manually bypassing the company’s payroll and accounting systems. The employees received the correct amount of pay, including taxes deducted, but the taxes were not paid to the IRS. The company in turn reported incorrect amounts of tax owed on Forms 941, Employer’s Quarterly Federal Tax Return. Additionally, the company did not pay all of employees’ voluntary retirement contributions to the company retirement plan. The CEO and vice president were to pay more than $1.8 million in restitution for the unpaid taxes. It warms my heart to see these scoundrels pay for their idiocy!
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