KEYWEST_RICKS

would you file a form 14039 on this?  also contact credit bureau?

someone came in this week... i have not seen this before..... original loan was 200,000.       received a 1099 c for 270,000 of debt cancelled and a 1098 for 70,000 of mortgage interest paid???

no refi or anything like that ....the $200,000 was to purchase the home.  but penalties and interest have been added over the last four years.

still non tax due to primary residence???????

IS ANYONE ELSE WITH ME THAT NOTICE 2015-17 ISSUED TODAY SOLVES THIS PROBLEM IN THE SHORT TERM AND REIMBURSEMENTS ARE NOT AN ISSUE NOW

WOOOOOO HOOOOOO!!!!!!!!!!!!!!!!!!!

good for you bob!!!!!!!    keep us posted!   you can do it!!!!!!!!

Bob,   I would have loved to met you down there !!!! I did the kw half also.   great for you on finishing.    hope you had a good time in paradise.

jeff

i would think there will be huge errors on this issue.   along with the elections related to rotable parts, expensing amounts under $500 etc.

this almost seems like something the irs will use this years down the line as a slam dunk to hit any client under audit.

so michaelmars..... would the above post from the dept of labor cause you concern you then?    i am not so worried about the IRS but i believe the dept of labor is saying this is a violation.  

and again....$100 per day per employee gets my attention big time.

jeff

jack,  i am not sure i agree with you based on the following:

According to the Q & A, an employer cannot give an employee cash to purchase insurance coverage on the individual market, even if the employer treats the cash as wages, withholding income tax and FICA/FUTA taxes. Essentially, the Department has directed employers to stay out of the health insurance arena completely unless purchasing group health plans for their employees. Notice 2013-54 had specified that employers could forward post-tax payments to private health insurance companies at the request of their employees for the purchase of the employees' individual health insurance. The Notice referred to this as a "payroll practice" that was still acceptable. The most recent Q & A (reprinted here) clarifies that this "payroll practice" exception is very narrow.

From what i have seen in print and at seminars........

a company cannot say to an employee....... i will pay you $10 per hour for your hourly wage that is subject to withholding and fica and i will also pay you $2080 per year... or $1 per hour.... for you to use for health insurance if you wish.  even if this is also post tax and  subject to withholding and fica.

so you have a total gross wage of $22,880

that due to aca... if you have more than one employee you cannot do the above and you would be subject to $100 per day per employee penalty.

can i not, though, just simply say i am paying you $11 per hour????????    total gross wage of $22,880 all subject to withholding and fica  and you do whatever you want to do with the $11 per hour???

i think i am really missing something here on this issue.

jeff

for the record... i do a 1065 in this situation.

however, i asked this question at a seminar a few years ago and right in the middle of the presentation, with the whole group of 200 or so CPA's, the presenter stated to me..."that is the dumbest question i have ever received in my history of giving seminars".......and then never answered my question.

i swear i will never forget this as long as i live.

Believe it or not.... I actually get the same error when I download from the web site.

I still have the problem and now need to put a phone call into tech support......

Hopefully it will be resolved soon

customer support got back to me very quickly and it appears that there is a "guid" that need to be removed from my download file on my hard drive.    i hope this works and thanks to atx for the very quick email

well this is not off to a good start.... has anyone else received an error..

"failed to extract a file while staging"

I receive this with the download from the web page and from the disk??

am I the only lucky one on this?  I don't find it anywhere listed on the knowledge base

thanks

jeff

Is anyone else feel real comfortable with all the new depreciation rules? 

I have been to one seminar this year and he mentioned nothing about Form 3115 form to change your accounting method for depreciation

however i have seen articles which state that every business will basically be required to file a Form 3115 since their prior method was not a permitted method.

i know there was a thread about this a few months ago but as we get closer to year end i am bringing it up again.

thanks for  any imput

jeff

i always thought i understood this but now i am doubting myself.

my client married someone in 2013.     he owes back taxes from roughly 5 years ago.

2013 was the first year they filed joint return

i included an injured spouse form with the return.

she still has not received her refund and she claims to me that during a phone call she had with the IRS .... they informed her that she should not have filed injured spouse form with her return..... that she had to complete an innocent spouse return and submitt to the irs.

i dont believe that what the IRS told her is correct....... or am i the one missing the boat here

a fully depreciated business truck was traded in on a new leased vehicle.

the dealership gave them $10,000 trade in credit against the new 36 month lease. the lease does not have a bargain purchase at the end so therefore is not a capital lease

am i correct that this would be a taxable event and not a tax free 1031 exchange since they are not actually receiving replacement property.

and therefore, unfortunately, they would have sold the fully depreciated truck for 10K and must recognize gain on this transaction.

additionally the new truck is a lease and the lease payments will be deducted as paid instead of having accelarated depreciation on the cost of the truck

am i wrong on this???

i am on a stand alone also and am happy i stayed with it. i was on the fence last fall

jeff

all of my Indiana returns are going through. This is just a guess but are all of your states updating when you update forms or is it possible that you have it checked to only update KY state returns??

taxpayer received a form 1099a for 2012. I excluded the income on debt forgiveness with a form 982 on his 2012 return.

then for 2013 the taxpayer receives a form 1099 c on the same property.

i believe this should have been reported as a sale of personal residence in 2012. He would not have a gain on the sale.

then cancellation of debt would have to be dealt with on the 2013 return and treated appropriately.

which i believe means an amended 2012 return.

does anyone on here agree with me??

thanks

jeff

we for sure see some employers who dont withhold the correct county tax or any at all. it causes the taxpayer to have an amount due at the end of the year. remember that it is based on the county of residence as of 1/1/2013

i have used Sage and have not had problems with it

Indiana is bringing up this issue and taking it one step further.....if an employee doesnt receive a credit due to the fact that it is a federal exchange and not a state exchange... then an Indiana employer does not owe a penalty.

The last time i saw any response to this it was..."well thats what the law says... but that is not congressional intent"

This would be huge for employers in Indiana...

If the corp sold all of the assets to a new owner then i believe there would be tax on that transaction. sales price vs basis in assets

if the corp then liquidated and distributed cash to the shareholder in exchange for the shares then i believe there would be tax on that transaction also. distribution amount vs basis in shares

maybe section 1202 applies for small business stock

Double taxation with a c corp though right??

If the owner simply sold his shares in the c corp to another then i would think only one level of tax.

Jeff

maybe he hasnt already deducted thoses losses from prior years. is it possible that he had a basis limitation and has carryforward losses?