BulldogTom

Thanks Elrod, I read that. But it is too generic for what I am looking for. Appreciate the post. Tom Hollister, CA

It is actually a tax thing. For GAAP, you must use the Percentage of Completion method for your books. Not a problem there. I have always understood that. However, if you are a small contractor (generally under 10MM revenue for last three years), you can use the completed contract method for your tax returns for long term contracts. There is an exception for large contractors working on "residential" property. They can use the completed contract method as well. I need to know what the legal definition (case law) of "residential property". The generic definition is a building with 4 or less dwelling units. I need to know the legal definition of a "building" and a dwelling unit (again, tax case law). I have also found that AMT kicks in for using the Completed Contract Method. You have to calculate profit based on Percentage of Completion and make an AMT adjustment if you use Completed Contract and are a large contractor. I need to know more about case law on this point as well. There is also some kind of funky hybrid method that I need to take a look at. Thanks for the post, but I don't think it helps much. But I do appreciate you chiming in. Tom Hollister, CA

Do any of you have a good reference guide for using Completed Contract method of accounting for a Corp Tax Return? I know very little about it and I need to get educated in a hurry. Thanks in advance. Tom Hollister, CA

Thanks Catherine. He interviews tonight at 5:20PM. According to the blogs Elrod provided, the acceptace rate for those who interview is 12.5%. For those who don't it is 2.8%. I think he has to do the interview to even have a chance. Appreciate your time and input. Tom Hollister, CA

Is the Brookhaven OIC office closed during the slimdown? I have an offer in that the agent asked for documentation by a certain date. I provided the requested documents, but I have not heard back. Made a call to the agent's direct line and got a generic "I am on the phone or away from my office" answering machine. I left a message. Just wondering if anyone knows the status of this IRS unit. Thanks, Tom Hollister, CA

Thanks Elrod. Those are good blogs.

Catherine, My son has his interview set up for this week. Any tips you can give him about what to expect in the interview? Will there be questions like "If you could be any animal, what would it be?" Just wondering how he should prep for this interview? Thanks for your time. You have been invaluable as a resouce on MIT. Tom Hollister, CA

Can I block a moderator? Tom Hollister, CA

I really don't care what you do Eric. Since I found I can block the source of my irritation, I don't get pissed off at anyone anymore. I don't post much anymore for reasons that most people know about on the board, but I will start contributing again now that I don't see anything from the one person, IMHO, who has been the cause of all of this consternation. We had a civil, respectful, sometimes rowdy board for a long time here. Jack from Ohio was never seen as a problem until "someone" showed up and became the most posted newbie in history. But now that I don't see that "someone" on the board because of the blocking feature, I am certain that things will return to the way they were. One big happy family without "someone" screwing it all up. Thanks for creating the blocking feature Eric. It has made the board readable and enjoyable again. Tom Hollister, CA

Thanks, did not think to look in the Payroll program for the form. But unfortunately, I am looking for the forms for my day job. Try to keep my tax and work business separate. I could do it for them from my tax software, but would rather just get the forms. Tom Hollister, CA

Hi all, Do any of you have a source for forms 1099C? I have to complete one this year for my company and I don't see them listed on any of my vendors. Thanks Tom Hollister, CA

Thanks. Patrick left a message for him at his office.

I got an e-mail from my "account manager". Here is the transcript of our exchange. I think this means that renewing will get all of us a $995 price for Max. At least that is their opening offer. Seems like a pretty good deal. Mr. Carlson, What I can tell you is that you can expect a far better program for 2013 filings versus what we had for you in the 2012 season. It does not matter when you place your order, I have your ATX MAX package priced at $995, instead of the retail $1249 minus 10%. Also, I’ve added an additional $49 discount to that as well. Your final price, with processing and sales tax included, is $1,101.28. Simply give me a call when you are ready to order. Thank you for all of the years of using ATX and, hopefully, the opportunity for ATX to regain your trust next season. Have a great Thursday! Will Van Kleef Account Manager CCH Small Firm Services, a Wolters Kluwer business 225 Chastain Meadows Court NW Suite 200 Kennesaw, GA 30144 (PH) 1-800-495-4626 ext. 1223 [email protected] From: Thomas R. Carlson, EA [mailto:[email protected]] Sent: Friday, September 27, 2013 10:13 PM To: Will Van Kleef Subject: RE: Hello from your ATX Acct Mgr What are you offering for a discount to keep me after that disaster of a software package you unloaded on us last year? And if you come back with 10% if I sign up early, I am going to be very insulted. I have been a client since 2001. Lets see how much you value me. Thomas R. Carlson, MST, EA

Cool like that man! I can't even imagine when I will hear the same thing from my sons. They are too wrapped up in calculus and physics and engineering and SAT's and scholarships and applications for scholarships and college applications. Hopefully when they finish school they will notice that female companionship is pretty cool. Tom Hollister, CA

Catherine, Do you know a David Morales? He is supposed to do the interview with my son. Patrick has e-mailed him twice but not gotten a response for a scheduled date for the interview. MIT has lots of grads, and not really expecting that you would know one from the West Coast, but I just thought I would ask. Thanks Tom

Wow, did not know you could block people that you don't want to read or even see. What a great feature. Thanks Eric. This is the coolest thing since sliced bread. Tom Hollister, CA

A dark day in the history of this country.

Sure, send it along. It can't hurt. Patrick is currently waiting for his interview to be scheduled. He is on pins and needles because the interviewer has not gotten back to him yet. Still keeping our fingers crossed. Step one, get him accepted. Step two, find the money. Not sure which one will be harder to accomplish. Thanks for the kind words.

Catherine, You and I have spoken several times about my son's desire to attend MIT. Attached is the recommendation letter he recieved from his intership at NASA this past summer. Yes, I am bragging, isn't that what parents are supposed to do. Ignore the date, he corrected it to 2013 on a later e-mail. Tom Recommendation Patrick Carlson.pdf

I would like to see them. [email protected]

Actually, there is a tax case of a professional bowler who won in Tax Court by closing her business. Don't know the name, but the lady traveled all over the south living in hotels and entering tournaments. She went to different tours and locations for about 7 years. Never made a profit and had huge sch C losses. The IRS audits and disallows as a hobby. Tax court disagreed. The books were immaculent, and the taxpayer had a business plan. The 2 major deciding factors for the court was that the taxpayer tried several different methods to earn a profit, and that when they didn't work, SHE CLOSED THE BUSINESS.

Well, the client went back to the offices of the financial advisor, asked why she had not gotten her confirmation, stood in front of him while he got her on a conference call to the main office, and told her not to worry, everything was fine and they would take care of it. A week later, she called back, he wouldn't take her call. A week later, he would not take her call. A week later, she called the main office and they never heard of her. Two days later the check was cut and sent to her. They never asked for anything else after she initially signed up. I see in the letter they say their are outstanding requirements on the application and so are returning the money. However, it was a direct trustee to trustee transfer when done. She never got the money until they sent it back to her. What do you think. They are covering their rear ends because the broker screwed up. Or do you think my client somehow did something wrong and it was her fault? She tells me she stood in his office and they never asked for anything else. Just told her it would all work out. Tom Hollister, CA

Jainen, I have a client who left her job and requested a rollover of her retirement plan. The old company made the transfer to the new financial institution, but the new institution did not create the account nor deposit the money on her behalf. They sent her a check after the 60 days had expired. Reading Rev Proc. 2003-16 it looks like the automatic approval of the waiver of the 60 day rule is applicable. How do I file the return to show that the rev proc applies. In the old days, I would have hand written "REV PROC 2003-16" on the top of the form and mailed that sucker in. How do we go about it in the electronic age. Thanks for your help. It might help if I read the instructions, but I haven't been chewed out by you in a while so I thought I would ask. Really, I just want to know if the Rev Proc is still in effect. Thanks. Tom Hollister, CA

HV Ken, There is a difference between a bond and retentions. I am in CA and not CT, but I would guess the general rules are the same. BTW - my day job is controller for a construction company, General Contractor. Retentions should be addressed in the contract with the General. Look at that and see if there is language relating to retentions and when they will be released. Our contract with our subs says upon payment by the owner, we will pay within 7 days. Different contracts have different language. If the general has been paid the retentions, but not paid his subs, the sub can file a lien on the property. The owner will then be notified that the general has not paid all the subs and probably contact the general to get the payments made. Send me a PM on the side and we can go into much more depth if you want. I will give you my phone number if you want to talk about the subject. Tom Hollister, CA

If you will confine that crazy woman "Taxed" to that forum only, I am all for it. Sorry for posting after saying I wouldn't for a while, but any chance to put that woman out of the mainstream forum and into a political fantasy land is something I have to advocate for. Back to my hibernation. Maybe will see you all in January. Tom Hollister, CA