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Corduroy Frog

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About Corduroy Frog

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  1. This came up in a seminar a couple weeks ago, and no one could wrap their arms around it. The presenter spoke confidently but was not successful imparting anything clear. Even my multiple choices above are all over the map.
  2. I don't know how to ask this question quickly without creating a test sample: BarryCross,Surveyor joins a real estate development partnership, and brings with him all his assets, including $40,000 of unamortized goodwill. Eight years later the partnership is sold for a substantial gain, and during the eight years the unamortized goodwill has dropped to $28,000. Which of the following, if any, best describes the treatment. Barry's K-1 should indicate his proportionate share of the gain, his basis includes the $28,000 of unamortized goodwill. Barry's K-1 should indicate his
  3. Max, if you've followed me, you know I'm outspoken. I will not hesitate to present something fuzzy if it invites clarity. So in this situation, thank you for your opinion, and presentation of factual information.
  4. This has been the general rule for a long time, but just Wednesday, on IRS notice 2020-240, confirmed that expenses covered with PPP loan forgiveness are not deductible, since the proceeds were not taxable. There are plenty of people waiting on Congress to act and allow deductions for said expenses. And many people think it will happen but at this point it has not. By nature of the subject, this should be captioned under the Coronavirus heading, but I thought the subject matter should be brought to the attention of as many as possible. Move if you wish.
  5. i have a hard time dealing with people who give me whatever information suits them the best at the time. Facts don't change if the times don't.
  6. In many cases, I didn't have a thing to do with my clients receiving this free money, they worked it out with the banker. However, now comes the time to apply forgiveness application, and the banks all-of-a-sudden want nothing to do with it. I have a few clients who are banging on me to apply because their hero banker doesn't want anything to do with it. Are we stuck with the 3508S instead of having the loans automatically forgiven without application? I thought congress and the SBA were going to go down that road.
  7. Yes Gail - they are looking for ironclad documentation that will save the egg on their face if something doesn't work. Even if there is no possibility of that happening. One of the things that has surfaced in the last 10-12 years in Tennessee is the idea of a "medallion notary." Whereas the signature of a notary would be sufficient, now this "medallion" notary is bonded, insured, and has to large fees to cover liability insurance and other increased costs. Compared to 30 years ago, administrative work is five times as more necessary, staffed by low-paid personnel who are not accountabl
  8. Success. Finally Googled the question and got great answers. Thanks so much to all of you.
  9. You are all great help. I'm back after an absence of a couple days. Reddit was promising and I was able to post. But then a moderator removed my post because the title "failed to state the problem". Didn't know I was supposed to put 150 words into a title. I'm not going back. Some people think they are supposed to be Gabriel guarding the gates of Heaven with a flaming sword. Forget it - people like that need to take a good look in the mirror. A couple other sites want to add personal information to login credentials. Prerequisites to setting up an "account" which is required b
  10. Thanks to Lion and Judy for helping. All I want is a blog where I can enter a question and receive advice from other fellow users - skill level can vary. Most of the links promote their own courses and topics - even though most of them are free, it is hard to simply ask a question from their website. I will keep searching, though, from the links you have sent me. Thanks again.
  11. My excel problems are deep into the programming and complex. Can anyone recommend a blog where I can get input from others who have dealt with the same problems? Thanx in advance -
  12. The Alabama resident will be in Missouri 90 days hiring and managing 30 employees until turning the management over to a local. Employer already has employees working in Missouri, but has no physical location.
  13. An Alabama client is going to send one of their Alabama residents to Missouri for 90 days. How long can he stay in Missouri without having Missouri SIT to begin? If he has MO SIT withheld it won't affect his state taxes because he will have a credit to apply as an Alabama resident. However, there is administrative cost for the client as well as the guy will have to file a Missouri non-resident return.
  14. I'm sure I am not. 9 years ago, somebody probably covered that in a Seminar. If you can provide a citation I will read it. Notices usually begin with the year #.
  15. After reading the responses, and looking at the Reg, it seems like the regular monthly stipend would make this taxable. Has more to do with the periodicity than the amount. Thanks to all.
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