michaelmars

I still have 6 for 9/15 and 40 for 10/15 in my side practice and 114 business and 234 individuals on the main practice. 3 other accounting firms in the building have been working weekends for 2 weeks now as have we. I am so surprised how few tax issues are being posted. We will be receiving k-1's from other firms probably up to the 14th or 15th. we have so many multi-tiered llc's with outside entities that its just impossible to get the stuff out the door.

that's why we need a political forum, to keep the "snarkiness" out of the general forum.

YOU will probably have to add them back to income on the state return as an adjustment. As for the M-1 adjustment for federal tax, there is a line item as to where to enter it. Other common M-1 adjustments are for excess contributions, and 50% of entertainment expenses

I don't see the harm of preparing it since unless very obvious, you need to compile the info anyway just to see if it applies. Same as schedule B, I always print it for client and my copy so it is easy to see if all accounts were included.

Depends if its the quantity or quality of the posts!!! [just kidding Jack] [i mean /s/s/s/s/s/s]

I GOT it now....thanks for the great answers. I can now explain how it works.

I Know nothing about parsonage. in this case his pay will be less than his rent. I don't know if the pay goes on line 7 and gets excluded somewhere else or if it goes on 7 and a credit is given. If on line 7 and since it will be less than his rent, does he lose the dependent care credit? I am going to give this return to someone else but I would like to have a basic understanding. This is for my Admin's son.

all you experts in the clergy, I just got my first questions on this in over 30 years. Husband is getting a job teaching and they told him the pay qualifies as parsonage. I don't know the ins and outs of fica on this money and does it qualify as pay for the couple to claim the child care credit. Last year he was a student so they couldn't claim the credit for their baby. The pay will be about $1k per month.

http://www.zinnerco.com/Portals/141641/docs/selling_a_decedents_personal_residence-feb2012(1).pdf see if this article is of any help!!

i see you like the post count idea but you know the level will be set at 4,000 so you have some more postings to do!!!! /s/s/s/s/s/s/s/s/s/s/s Actually Catherine, your n/t posts are some of my favorite.

CAN I make that my signature?? /s

perhaps it was located on lois lerners computer

I know It got out of hand many many times but I did learn a lot by reading the posts!

FIRST OF ALL THE term is 4/2/13-3/31/14. Unless you choose a calendar year. if the expenses were incurred in 2014 then file a none return for 2013 and put the expenses on 2014 filing as a calendar year return. Otherwise you can do as you say and file now for the fiscal period claiming the expenses.

I just got my decision in my NY tax case involving my client being innocent. The hearing officer agreed with us and cancelled all assessments against my client. this was for sales tax and the spouse put the business in her name since he had partners in his main business and wasn't allowed to own another company in a similar field.

I keep yelling at my interns [our only hourly people] that I don't want to see 4:55 or 9:10, on their time sheets, Just go to the nearest 15 minutes or 1/2 hour...I never question time and if I did I bet most don't take the hour lunch or 2 breaks they are entitled to in NY. As KC said even if they get an extra 1/2 pay a day, its very insignificant to most businesses and I wouldn't want someone not to finish a return because the clock stuck 5, being generous with employees makes them better employees.

Deb is right, this started in January or February with clients getting these calls. One of our clients left his home and drove around for 3 hours until he reached our offices. He was afraid to stay home and get arrested and this was a young professional, not an older person.

in my case I will still have college age kids when my term runs out so I need a lot of whole life but I had the foresight to take it out at a very young age.

I agree with this but again you need to consider other issues and whether or not you would need the insurance after the term expires.

first I would get a supervisor involved. Maybe show on a sample of shipments that back up his unusual profitability. I would also get them to back up the 40% number with demographics. I think you are in a rural area, and as such your drivers may work for 1/2 the amount a NYC area driver might. Is the owner one of the drivers and only drawing a small salary from his new business? What is he hauling, I may be wrong in this but does BMW pay more than KIA to haul their cars? Many issues to fight with. I would also be a bit indigent that he is accusing the client of tax fraud by paying off the books. [even if true], never hurts to get your back up a bit. There are 3 auditors in my area and probably 2 times a week one is in our office since we have so many payrolls. One was so nasty to staff that after his 4th time I called the company and said he is no longer allowed in our offices, they can switch the auditor or we can change insurance companies. They switched auditors. I know this isn't an answer to your issue but after you get done with the above audit, keep in mind that if someone is using arbitrary numbers to raise the premium, you can get rid of him. A war story that I love: My client owner/manager of a lot of residential real estate in NYC. the agent wanted to add the value of the supers apartment to the income based on FMV. Well in many nyc buildings, the apartment designated as a supers apartment is a basement apt which doesn't get an official C of O. thus the apt have no FMV for anyone except a super. After the agent did research he agreed with me and we purely negotiated to charge a studio apt rate to each super. Cost my client a minimal amount, didn't have to involved in appeals and set a president for all future audits. We figured out that since some supers with families actually get a "real" apt this would all average out. My point is you can negotiate some issues with a reasonable agent.

i like whole life in many cases. What is your age, do you have children, how are you at savings, etc. Many people can't save money but do pay bills when they get them. In this case whole life is a forced savings. When term runs out at age 65 or so, would you have enough savings at age 66 to support your wife, minor children etc? $88 sounds cheap but what is the guaranteed rate of return? how fast will cash value build up? Right after my second was born and spent a month in intensive care, I lost a whole tax season. Now my wife needed a bigger car, I borrowed out $20k from the cash value and had free money to buy a car. Also when applying for college aid, life insurance doesn't count. My policy is old with a guaranteed rate of 6% so not only is it a good rate, after about 7-8 years of payments it became self paying and I no longer had to pay premiums. I know all the arguments that you can make more with proper investing but one month you need new tires and skip the investment, the next month your pool needs a new liner and you miss the investment. But getting an invoice in the mail gets paid.

the reason the awards take so long is because they have to wait till all statuatory time frames for appeals are over.

have you been deducting the real estate taxes and other expenses as you would for any other investment property? or adding them to basis?

thanks for the info, going to look into the sharing available.

anyone know if kindle has family plans????