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About Catherine

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    ATX Supreme Guru

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    http://www.grant-financial.com & www.constitutiondecoded.com
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    competitive target shooting, fiddle playing (Scottish style), dancing, gardening, reading

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  1. Catherine

    4797 - Capital Gains Portion

    Yes. All remaining loss is taken in the year of disposition.
  2. Catherine

    Clergy exempt from SE Tax

    I think one is Korean.
  3. Catherine


    It keeps getting harder and harder to advocate for our clients. They are also going to have to extend the response time, if it will take weeks to get a POA on file!
  4. The only other thing I can think of (since it's a bit LATE to do a retroactive payroll for 2017; why do our clients do this stuff to us?), is to write up the explanation now of why, for this one year, he didn't take a salary when obviously there were funds to pay him. Don't send it in yet - but write it up when it's fresh, so that when (not if) you get the letter from the IRS about it, all you'll have to do is tweak it a bit, fix the date, and send it. 'Cuz otherwise by the time the letter shows up all the details will be foggy. For both you and your client.
  5. Catherine


    When you have to be passenger, not driver?
  6. Catherine


    I used to love roller coasters myself. Stopped loving them when they put in the over-the-shoulder harness contraptions. They always hit me mid-head level and by the time I'm off the ride I have bruises behind my ears from my glasses getting trapped and bashed. Grrr. Give me one of the old wooden coasters with a lap-holder and I'll ride all day long!
  7. Catherine

    Penalty abatment

    I've had really good success with the first-time penalty abatement request. Try it!
  8. Catherine


    With you!!! I have one who lists "reimbursements" as INCOME in his business. But they're not reimbursements at all. They are payments to him from insurance companies for covered services to their insureds. Those are separate from "reimburse" which is when he reimburses himself for stuff he bought for the business on his own dime instead of the business dime. Ten years and I haven't been able to get through to him. So we just up-charge him for the time to straighten it all out.
  9. Catherine


    He said it wasn't. And he's not here to ask for more details.
  10. Catherine


    @Max W - you don't want a Lamborghini anyway. My husband got to ride in one once. long ago, he said it was like siting in a recliner, three inches above the highway, going 90mph. Not fun.
  11. Catherine

    Power of Attorney

    It changes when he hires himself out to non-related parties to do the same work. A friend, many years ago, spent several years unemployed while living with and caring for his grandparents (keeping a promise he'd made as a teen). Once both were gone, he discovered a new profession: elder care advocate and consultant. But he wasn't taking care of his grandparents for profit as a job.
  12. Catherine

    Power of Attorney

    Good. Then my comment served its purpose, to draw people back to this being taxable income. Line 21; the guy's not in the business of doing this for profit.
  13. Catherine

    Advice please - Collections and IRS Rev Officer

    Else it's called "retirement" which I hear actually works for some people. No one I know! All the retirees are busier than ever.
  14. Catherine

    Proof of 1099-MISC payments

    Then call it "as good as it's gonna get" and tell the client he's lucky that's all that was dis-allowed. He learned a lesson not nearly as pricey as it could have been. (And yes, I knew the IRS wouldn't - note the use of the conditional. "Should" and not "will." But there are lots of places where we see clearly what they *should* - but don't - do; we talk about those all the time here on the forum.)
  15. Catherine

    Partner Buyout and Balance Sheets

    For these folks, I would NOT recommend "filing *something*" just to get it done by 9/17 with the intent to amend later. Once the pressure (of monthly penalties) is off, you won't see them again until 9/1/2019.