schirallicpa

I am confused as to whether the taxpayer is supposed to get more refund ($350) if they didn't get their check in the mail last fall? Has anyone dealt with this yet? I'm having a rough tax season already...................

So I fill out the worksheet on 8965 for shared responsibility. And the key to this calc seems to be the household income line. Following instructions, I fill in their combined household income, which is roughly 76000. They were married in late June and in July she was on his insurance. It doesn't seem right that the penalty is based on their combined household income when at the time of her being out of compliance her income was closer to 25K annually. I see on the premium credit that there is some consideration for becoming married during the year, but I do not see where there is any place on the penalty to consider getting married during the year. Am I missing something?

I have a couple of small businesses that use SAGE depreciation software, and they are paying about 1200 annually for these programs that are far more complex than they need. One business is a elderly home, and the other is a launderer. So we need to keep track of assets, and they both want book and tax modules. But looking for something more cost effective for the 10 or 15 new assets they add each year. any suggestions?

I found it mentioned a couple times in old threads here from 2013. Anyone using it now? Would be great for me dealing with the out of town clients that continue to screw up the checkbook. But wondering how well it works and if clients like it.

And............it's cold here.

right - i know he's not required to have ins. the question is - because he is offering to 2 , does he have to offer to all?

My client is a small contractor. Has 5 regular employees that have been there forever. 2 of those guys he's always paid for their insurance. the rest are on the spouses' plans. Forever, he's hired on and off a 6th guy. This 6th guy is never permanent, for whatever reason. He's kind of the extra to help thru heavy work seasons. These are the kinda guys that stay around of 6 - 12 months and then move or find another job. Anyway - he has been told that he must provide insurance for this extra guy since he pays insurance for his 2 other regular guys. I am far from expert in this area, having only recently taken some CPEs. I appreciate any help.

it is an S-corp. The commitment is signed. They are expecting downpayment/consideration within 2 weeks. I will contact the attorney to push for a firm date to close on the transaction and have that in writing. Good point Judy- on the making sure the sale date is reported by all the same way. thank you!!

accrual

Client is selling business. Calender year. We are into November next week. He has an offer on the table. He wants the sale to take place in 2014. If he has a commitment/ contract in writing by dec 31, but money doesn't exchange until January, can we take this on his 2014 return. I know when I was working in another firm, we did this. I don't think that has changed. Similar to buying an asset on credit at year end and taking the write off. Any thoughts on this out there?

very frustrating. I need some popcorn.... :pop:

file the election with the first year corp return, up to extension time, and they will accept it. state may be fussy. used to have to write long excuse why election didn't get in on time. Now, in first year, they will take it with return with minimal explanation. I've never had a problem with Feds with this. yes- you need to file 8832. why don't they just become a legally recognized corp? I'm not an LLC fan. I always encourage my clients just to go ahead and organize as a corp. Of course they don't always listen, then we have to fool around with these elections. In the long run, I still think corps are the safer bet. Just sayin'.... :pop:

waiting for 1040s to get accepted so I can feel safe sending the state. tempted to release the hold and just get out of here!!!!!! although I did go get my hair done. more grey than usual peeking thru this time..............wonder why. What a season. Oh yeh - need to get some popcorn. :pop:

still have a black nail from an earlier anvil event. can still eat my popcorn........... :pop:

ah-ha! forgot I could do that. It worked. Thank you!! :pop:

I have had a client that has not been accepted. The status is transmitted to EFC. has had that status date since april 2.

I was looking at the standing computer. thought I would have too many unorganized piles of paper to not be at the desk. besides, I need to be close to the popcorn!! :pop: "I am________________________hungry for popcorn.............................."

husband and wife only have w-2s. kids left last year. Told them in 2012 that next year - 2013 - they would lose kids and credits and would need to visit HR to up withholdings. In 2013 they owed $2500 and had fits. took money out of IRA - of course - to pay tax. Told them again - go to HR. Printed a W-4 for them. Get withholding changed.........yep........in 2014 they owed $4500. Withholdings went down....... They are letting everyone know that next year they are going somewhere else. good....

I hate it when they say that kind of stuff on TV. New headline: 17 out of 19 television reports are just bunk. :pop:

have considered a popcorn machine. I love popcorn. my 20 pound gain this winter would be more like 50!!!!!!!!!! :pop: Our bank - which is a credit union - has popcorn sometimes. So I go there frequently. :pop:

page 18 of the 2013 Pub 721. fully taxed until they reach 50. (my client is less than 50, so I happily moved on....) :pop:

Nevermind.......................got it. love this popcorn guy.........

Client doesn't seem to know, but she has been through a lot and that is partly why she's collecting disability. However, I am finding some literature indicating that NYC pays - infact pays a double load of dbl ins. But not finding anything definite. And google searching leads to tons of stuff about 9/11 scams, etc. Just wondered if anyone had dealt with such before.

The client's mother sold timber. Was going to be getting about $50000 for all of it. She was selling the timber with the intent to give the money to the 5 children. But she was afraid she'd have to pay tax so she had timber company write checks and give 1099 directly to 5 children. So my client has a 1099 for $10000. Anyway around this one?

gotta love people who pay thousands of dollars in investment fees, and then bawk at your bill.