lsowers

I think it's spam. Somebody hacked their listserve. If you look at the domain, it's cchaa.com

KC,

Can you point me to the wording that authorizes this? There is a good chance I will have to claim one with this situation and want to make sure it is allowed.

Not that I am questioning your knowledge, I have learned alot from your posts , I just want to have something in my files.

I don't know if anyone else has thought about if this qualifies, I don't think so, but figured I would throw it out there for your comments.

If a t/p replaces a mobile home (real property, not tangible) with another mobile home or stick home on the same property, assuming they meet the 5 out of 8 year requirement, could that qualify them for the $6500 credit? There will be another closing, since they are purchasing another home, however the property address will remain the same.

Thank you,

Lori

Thank you Taxbilly and Catherine.

I thank everyone for the information and knowledge I obtain from this site. :spaz:

All items shipped outside of NY are not subject to collection on the NY sales tax. All items shipped inside NY are subject to sales tax. Don't forget about all of the different tax rates within NY.

Fujitsu does have scanners that are TWAIN. Just not the scansnap ones.

Let me just add about the pdf feature in ATX. It creates much bigger (more disk space) pdf files than printing to a pdf printer like adobe or pdf995. One problem, though, is some returns (I think with EIC) have to use the ATX pdf to create an electronic copy.

Another suggestion about scanners, buy one that is TWAIN compliant. That way you can use the scanner with any document software and not just the software that came with the scanner.

I struggled with the same situation this year. I decided to file based on the info I currently have and amend when the audit is complete. I also didn't want to risk any late filing penalties.

The firm I used to work for did quite a few OTR tax returns. We never used standard mileage, always actual expenses. From the Rev Proc listed below, you should find justification for that position. In section 4, notice it does not state trucks or tractors, only panel trucks. Also in section 5, an OTR truck is for hire. Also from section 5, you stated that the tractor was fully depreciated, if it was depreciated other than S/L, that would disqualify it from standard mileage.

From Kleinrock:

IRS Revenue Procedures

2007-70, 2007-50 I.R.B. 1162

SECTION 4. DEFINITIONS

.01 Standard mileage rate. The term "standard mileage rate" means the applicable amount provided by the Service for optional use by employees or self-employed individuals in computing the deductible costs of operating automobiles (including vans, pickups, or panel trucks) they own or lease for business purposes, or by taxpayers in computing the deductible costs of operating automobiles for charitable, medical, or moving expense purposes.

SECTION 5. BUSINESS STANDARD MILEAGE RATE

.06 Limitations.

(1) The business standard mileage rate may not be used to compute the deductible expenses of (a) automobiles used for hire, such as taxicabs, or ( five or more automobiles owned or leased by a taxpayer and used simultaneously (such as in fleet operations).

(3) The business standard mileage rate may not be used to compute the deductible expenses of an automobile for which the taxpayer has (a) claimed depreciation using a method other than straight-line for its estimated useful life, ( claimed a §179 deduction, (c ) claimed the special depreciation allowance under §168(k), or (d) used the Accelerated Cost Recovery System (ACRS) under former §168 or the Modified Accelerated Cost Recovery System (MACRS) under current §168. By using the business standard mileage rate, the taxpayer has elected to exclude the automobile (if owned) from MACRS pursuant to §168(f)(1). If, after using the business standard mileage rate, the taxpayer uses actual costs, the taxpayer must use straight-line depreciation for the automobile's remaining estimated useful life (subject to the applicable depreciation deduction limitations under §280F).

She's correct. Read Notice 2008-51.

I have a colleague that is considering switching to ATX. She is on dial-up with no plans for high-speed internet. Do the updates run smoothly, especially during tax season?

Thanks for any info.

Lori

I took the EA exam before it was computerized. I used Gleim for the review and passed the first time. I also used Gleim for the CPA exam in 2006, I only had to retake 2 of the sections. The CPA exam is computerized and I would think the EA exam is now given in a similar format. I was very happy with Gleim for both exams. I think their study material really gets you ready for the exam. The support was great and the prices were very competitive.

Good luck on your exam.

Sorry, I completely missed the part about the dates. I guess that's why there are several of us on this forum, so we can catch each others dumb mistakes.

From the 2008 Quickfinder pg. 5-5 - "In addition to the table amounts, the taxpayer can deduct additional sales tax amounts from purchases of motor vehicles (including leased vehicles)."

Is that picture a Mallard duck?

Yes, it was taken at Disney right next to a table where we were sitting.

Very rarely

g.a. This was previously discussed. Use this link to go to the post or search for firefighter meal

http://www.atxcommunity.com/index.php?showtopic=1496&hl=

New client received a CP2000 for 2007. The original return self-prepared by client only qualified them for $300. If the return had been filed with all income they would have qualified for $600. The 2008 return does not have enough income to qualify for the additional $300. Has anyone tried or looked into whether one could claim the remaining $300 recovery rebate credit with the adjustments to the CP2000? If the return had been done properly the first time, she would have gotten the full $600.

Thanks

I know this may be a stretch, but I figured it may be worth asking.

A truck driver client now has to wear hearing aids to pass the DOT physical. Could those qualify as an ordinary and necessary business expense under Sect 67(d)?

Thanks,

Lori

On the 1120S pg 1 on the line that says pension plans. Make sure they don't exceed the contribution limit.

There are a couple of cases - if you have Quickfinder or the Tax Book, they explain the situations.

Code Sec 72(t) does not allow a first-time homebuyer exception for a distribution from a 401(k). It only allows for a distribution from an IRA.

<<Wow, we transmit the .asc file>>

I have always done the zip file, I don't have state W2s. The instructions on BSO say to send the zip file.

transmit the zip file

All of the corp's income is derived from engineering services for real property construction projects in FL. I understand that much about the deduction.

I am asking for assistance in what gets reported on the K-1 to the shareholder. Since the S-Corp averages less than 5 million, do they qualify for the small business simplified overall method, which means I calculate the QPAI? There is other wording that makes me think I just pass through the DPGR, costs, and W2 wages since it is a closely-held S Corp.

The preparer last year only reported the DPGR and the engineer's wages (not the secretary's). I don't think that is correct, so I don't have a good example to follow.

If someone with experience with dealing with this deduction for a small, closely-held S Corp, I would appreciate some direction. I don't think my reference materials do a good job of explaining it for pass-through entities.

Thanks

He is a civil engineer