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Lee B

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Everything posted by Lee B

  1. Just skimmed thru some guidance, you have a number of tricky issues to deal with. If it was my client, I would either refer them to someone else or pay an expert to provide detailed guidance.
  2. Just curious, who was the fiduciary for the 401 K ?
  3. When I bought my house in the early 80s, I was excited because I go a state VA mortgage at 10.5 %. I had an 11 % CD from Lincoln Saving & Loan. I was able get 19% interest on overnight repurchase agreements on the surplus funds at the wholesaler where I was the controller.
  4. My understanding is that the recipient processor issues the 1099Ks. I know that this exception has reduced the number of 1099 NECs that I have to issue for my clients.
  5. "Form 1099-K. Payments made with a credit card or payment card and certain other types of payments, including third-party network transactions, must be reported on Form 1099-K by the payment settlement entity under section 6050W and are not subject to reporting on Form 1099-NEC." Perhaps this exception applies to your situation?
  6. How would Quickbooks know whether to send a 1099 MISC or a 1099NEC? In addition, the vendors may receive a 1099K from there payment processor.
  7. Just think of all of the unemployed attorneys and accountants
  8. Perhaps you should ask to see a copy of the invoice which should tell you what was done?
  9. 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.
  10. For that amount it sounds like a repair and maintenance
  11. Here you go: https://www.atxcommunity.com/topic/34151-cyber-insurance/#comment-207714 https://www.atxcommunity.com/topic/33964-e-o-ins/#comment-206815
  12. 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?
  13. Just scroll back to that date in General Chat
  14. Hopefully this will help: https://www.thetaxadviser.com/issues/2008/oct/terminationofapartnershipinterest.html
  15. There were two discussion threads about this, the first on November 14th and the second on January 16th.
  16. 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.
  17. Once again it just shows that out Tax Law is complex and that knowledgeable people can arrive at different conclusions.
  18. 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.
  19. 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.
  20. In Drake it's a software worksheet calculation
  21. "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."
  22. I would really like to see free efiling of 941s. Of course they will probably run it through IRIS like the 1099s
  23. 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.
  24. POA s expire when someone is deceased.
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