ILLMAS

Pretty awesome

There was small expenses he paid from corporation which are being deducted already, but the big expenses were paid by the other partners. This arrangement is so confusing, now to break the news to the TP, thanks everyone.

Scenario: TP was invited as a partner for a one time event, if the event had a profit he would get 1/3, unfortunately the event had a loss. TP only invested his time and access to his connections in the entertainment industry, how does one account for this? There is no formal K-1, he only received a spreadsheet of the revenue and expenses for the event, TP operates a corporation, all the promotion was made on behalf of his company website. Thanks MAS

Good post, let's not forget hardship exemption: If any of the following circumstances apply to you, you may qualify for a “hardship” exemption from the penalty: You were homeless You were evicted in the past 6 months or were facing eviction or foreclosure You received a shut-off notice from a utility company You recently experienced domestic violence You recently experienced the death of a close family member You experienced a fire, flood, or other natural or human-caused disaster that caused substantial damage to your property You filed for bankruptcy in the last 6 months You had medical expenses you couldn’t pay in the last 24 months that resulted in substantial debt You experienced unexpected increases in necessary expenses due to caring for an ill, disabled, or aging family member You expect to claim a child as a tax dependent who’s been denied coverage in Medicaid and CHIP, and another person is required by court order to give medical support to the child. In this case, you don't have the pay the penalty for the child. As a result of an eligibility appeals decision, you’re eligible for enrollment in a qualified health plan (QHP) through the Marketplace, lower costs on your monthly premiums, or cost-sharing reductions for a time period when you weren’t enrolled in a QHP through the Marketplace You were determined ineligible for Medicaid because your state didn’t expand eligibility for Medicaid under the Affordable Care Act Your individual insurance plan was cancelled and you believe other Marketplace plans are unaffordable You experienced another hardship in obtaining health insurance Applying for a hardship exemption To apply for a hardship exemption, use this exemption form: Individuals who experience hardships (PDF). See instructions to help you fill out an exemption application (PDF). How long a hardship exemption lasts Hardship exemptions are usually provided for the month before the hardship, the months of the hardship, and the month after the hardship. However, the Marketplace may provide the exemption for additional months after the hardship, including up to a full calendar year. For a hardship exemption based on affordability, the exemption will be granted for the remaining months in the coverage year. For people ineligible for Medicaid only because a state hasn’t expanded Medicaid coverage, the hardship exemption will be granted for the whole calendar year. For people eligible for Indian Health Services, the hardship exemption will be granted on a continuing basis. It may be kept for future years without having to submit another application. This is true as long as there are no changes to your membership in a tribe or eligibility for services from an Indian health care provider.

If the baby daddy find out he is also supporting Carmelo, he is going to want to put him as a dependent to.

25. You must like math.

This is the cost of doing business, I bet everyone here hates having to shell out $$$ to buy next year tax program.

20. You are not a cannibal tax accountant right? So you won't charge an arm and a leg right?

8. Go to this place, they get you more money back. 9. If you fill out a 1040A you'll get more money back.

Great, thanks everyone.

I am thinking of putting in a slip of paper in my client's W-2 envelope for 2014 to remind them to bring/request their Form 1095-A, B, and C when they see their tax preparer. This is what I am thinking of putting in: Don't forget to bring in or request Form 1095 from the Marketplace, Employer or Private Insurance Company. Form 1095-A (Health Insurance Marketplace Statement) will be provided by the Marketplace if you bought insurance through them. Form 1095-B (Health Coverage) will be provided by employer or private insurance company. Form 1095-C (Employer-Provided Health Insurance Offer and Coverage) will be provided by marketplace, employer or insurance company. Medicaid recipients will should request Form 1095 if not provided. Don't have insurance coverage, you might be subject to a penalty * Contact your employer, marketplace or health insurance provider for more information or * make an appointment with your tax preparer. What do you think? MAS

Buy a tablet.

Has anyone here know about section 125 plans combined with non-employer sponsored premium/non-expected FSA accounts work? It appears this plan allows employers to reimburse (pre-tax) employees who bought private insurance for their premiums. Here are some example of third party companies that offer this plan: http://www.paychex.com/insurance/section-125.aspx https://www.tasconline.com/biz-resource-center/plans/section-125-cafeteria-plan/ http://tasccapitalconnection.com/2014/07/30/tascs-response-to-2013-54-compliance-bulletin-10-2/ Your thoughts? MAS

8825 = Sch E equivalent

I like everyone here

I tend to use my iPhone or iPad to visit this site, when I try clicking on the topic, I end up clicking on the members name lol. For the record I am not looking at your profile, I blame my tubby fingers.

This is good, great job!!!

Have an attorney write it up

Would making the site only available to sign-in members prevent from other people taking a look at the discussions and deter them from spamming or creating an account?

Read first: http://www.sibson.com/publications/HCRI/march2013HRAs.pdf Scenario Let's say Sue is covered individually by the market place, Sue's employer provided an HRA which is tax fee to her, however Sue is a healthy individual and did not have any medical expenses in 2014 or 2015. Questions 1. Can Sue use this HRA to cover her ACA premium? 2. What other benefits do you see to the employee besides it carrying over to the next year? (in Sue's case) Thanks MAS

That's correct, the "Affordable Care Act in the Real World" CPE training gives you a couple of examples of people that purchased health insurance through the market place, employer provided and no health insurance (how to calculate the penalty) or how to calculate premium assistance credit PAC. Recommended if you already have the theory but want some hands on training. MAS

From ATX: http://go.cchsfs.com/l/17842/2014-12-11/g3nmy

Allen vs U.S. http://fund-taxation.com/real-estate-investor-argument-continuing-travails-in-allen-v-u-s

Bobrow vs Commissioner http://www.h-jcpa.com/news-updates/2014/irs-reverses-long-standing-position-one-rollover-y/

Roj Carl Snellman vs IRS http://www.bizactions.com/showopp.cfm/spid/1005/art/2338/