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Yardley CPA

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About Yardley CPA

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  1. Yardley CPA

    ATX 2018

    Someone posted this on the ATX Facebook Page. Is it true as I have yet to download ATX 2018.
  2. Yardley CPA

    Qualified Business Income Deduction

    Sitting through a webinar for Section 199A. I guess I didn't expect this provision to be as complicated as it is...silly me. Maybe my interpretation is misguided? The webinar speaks to a bunch of different provisions that surround 199A. Do you think ATX will incorporate any type of technology to assist us with this? Even through the "Check your Return" review? Has anyone found a straightforward guide that speaks to it?
  3. Yardley CPA

    Well, it's official

    Rita B is a Young Gun??? Really?
  4. Yardley CPA

    Well, it's official

    Congratulations! Wishing you the very best in your "retirement." May it be filled with good health and good cheer. Look forward to continuing to have your contributions on this forum. It wouldn't be the same without you.
  5. Yardley CPA

    What would you do?

    I don't know, Rich...sounds like a little fluff in that statement.
  6. Yardley CPA

    What would you do?

    It's so hard to comprehend 1.6 Billion. That's a crazy number. At one point last night the news indicated that 25% of combinations had yet to be played. How is that possible?? With all the states that play and all the individuals buying tickets, how can 25% still not have been played. Amazing. Anyway, it was nice to dream for a bit. Now any lottery that doesn't hit a billion will seem small.
  7. Yardley CPA

    LLC and Truck Expenses

    Thanks to all who replied. For arguments sake, assume you have three vehicles that are all mileage. If you purchase a fourth vehicle can it be depreciated conventionally or must you select mileage for the fourth? Based on the discussion in this post, I think you can choose mileage (since its less than five) or you can choose conventional depreciation? I recall you couldn't change the selection from year to year and if you pick mileage for a vehicle it stays mileage. However, you can choose conventional deprecation on a case by case basis for any NEW purchases. Again, keeping in mind that once you reach five vehicles, you can't use the mileage method for that fifth vehicle or any vehicle purchases that follow. I hope I haven't made this more confusing.
  8. Yardley CPA

    LLC and Truck Expenses

    It is my understanding that you have to use the same method for all your vehicles. Pacun...I recall that all vehicles needed to follow the same method as well. However, the LLC currently has four vehicles using the mileage method. In follow-up to Abby's comment about that you can't use mileage for 5 or more vehicles, I'm having a difficult time finding an opportunity to choose the mileage method for this fifth vehicle. Maybe ATX, following the regulations that Abby sites above and does not allow the mileage method as an option. I've added the vehicle to fixed asset manager and will depreciate it accordingly.
  9. Yardley CPA

    LLC and Truck Expenses

    A couple of questions pertaining to an LLC- Sole Proprietor. Landscape Business. Can the owner of the LLC sell the business his personal truck to be used by the business? Business currently has 3 business vehicles. In each case, it was more advantageous to utilize the mileage versus actual expense method in determining the amount to be included on the Schedule C as auto expense. None of the three vehicles are being depreciated in the true sense. It's my understanding the mileage method incorporates a component of deprecation? The owner has purchased a new business vehicle which he expects to have much lower mileage than the fleet he currently has. Can that new vehicle be depreciated versus using the mileage method?
  10. Yardley CPA

    Microsoft to charge monthly for Windows 7 updates

    What is meant by "Spataro confirmed these would only be offered to customers running Windows 7 Professional or Windows 7 Enterprise in Volume Licensing - aka large businesses." I run Windows 7 Pro on my stand alone desk top. I assume I'll still be charged a monthly fee? I plan on upgrading prior to this, but just curious.
  11. Yardley CPA

    Dell Computers - Good Bad or Indiferent

    I have a Dell T1700 that I purchased about three years ago. This will hopefully be my fourth tax season using the desktop. I normally replace my systems every three years but I'm going to see if I can get a fourth out of this one. Fingers crossed. It has treated me well. There have been no issues although I'm starting to detect a little slowness.
  12. Yardley CPA

    Children's Surrogate Account - Interest Income

    Thank you, All. The mother shared, the son is naturally born and received funds from an insurance company due to an accident settlement. The funds remain in this "surrogate" account until he is 18. My initial reaction was...It's taxable and I still feel that way. I appreciate everyone's input and thoughts. It's great to have this forum to turn to.
  13. Yardley CPA

    Children's Surrogate Account - Interest Income

    JKL...that's what I'm trying to determine. Not sure why she feels the "surrogate" impacts the taxability of the earnings. I asked her for additional info. I don't think that will make a difference but I would like to know more about the situation.
  14. Yardley CPA

    Children's Surrogate Account - Interest Income

    Thank you, Both. The 1099-INT is in the Childs SSN. Mother is listed under the child's name with GDN after her name. I assume that means "Guardian?" In any event, I've asked the mother for additional information on the specifics of the "surrogate account." I prepared the returns assuming all the children's income was taxable. The mother is questioning whether the surrogate account interest is taxable.
  15. Husband and wife filing MFJ. Their two children both have investment income in excess of $2,100 so I plan on preparing form 8615. One of the children has interest income from a bank that indicates it is a surrogate account. Should the amount from the surrogate account be included when determining the investment income?
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