BulldogTom

ILLMAS - this relates to your other post from a couple days ago? I was wondering if you did not check the box on the E when you posted that. My suggestion is to amend the 2016 return. If it creates an NOL in 2016, you are going to have to carry it back to 2014 and 2015, since you missed the timeline to elect to carry forward. Tom Modesto, CA

Start with 2014. The statute on refunds runs on that one April 17th. If they can get you all the info for that return, and there is a refund, you might be a hero. Then call the IRS and ask them what years they want. They may not have you file all the years, or they may want more years than the client is telling you about. Regardless, you won't know until you call. And if there is collection activity, you can probably get it put on hold while you start working on the other years. I have found the PPL is pretty good about working with you when you are trying to bring a long-time non-filer into compliance. I have done a couple of these. Tom Modesto, CA

Your chances are 'bout as good as Trump winning the state in the next election. Penalties are a revenue item in CA. They don't give them back very often. Tom Modesto, CA

Happy to help. Tom Modesto, CA

Have any of you been exposed to Deltek Vision? I think Deltek is most known for its Government Contracting Accounting product, Crosspoint, but they also have Vision, which is supposed to be tailored to Engineers and Architects. I have been approached by an Engineering firm to look at possible replacement software and I ran across Deltek Vision doing google searches. If any of you have any input on that product, I would be appreciative. I am not having any luck finding out how much it costs, so that would be a very good thing to know as well. Maybe @Edsel would find it interesting as well. Not sure what industry his client is in, but Vision is supposed to be a robust job costing platform. Thanks Tom Modesto, CA

Wouldn't that be like giving the referee the super bowl MVP trophy? Not saying Judy isn't brilliant, helpful and awesome, because she is. But....she is the scorekeeper. Tom Modesto, CA

Actually the IRS position makes sense. Only 3K of Child Care expense is allowed for the credit per child, regardless of how much you actually pay. That is pretty clear in the rules. Since the employer provided care was not taxable, you can't deduct the amount of the 3K in allowed expense that was not taxable, or you would have a double dip. Allowing you to apply the employer reimbursement to the amounts above 3K would mean you got to blow past the statutory limit. "Fair" is a very bad term to use in the context of tax. It all depends on the point of view. Tom Modesto, CA

It would be helpful to know the times of the year when the TP lived in CA and when he lived in other states. Your OP makes it seem like he was a resident of NV to start the year, but it does not say that explicitly. I am going to assume he was domiciled in NV at the beginning of the year for some part, earned income in NV for that period of time, and then lived in NV but worked in CA for some period of time, and then moved his domicile to CA and finished the year there? Is that correct? Based on the above assumptions, he would file as a PY resident in CA and claim all the income he earned in CA for this year. The NV income earned while domiciled in NV would not be taxable to CA. FYI, CA taxes the worldwide income of all domiciled residents, and gives credit for taxes paid to other states. If there is no tax paid to the other state (like in NV), there is no credit. That is why documenting the period of time that he was not a domiciled resident in CA is so important. If the TP was never domiciled in CA, but earned income in the state, he would file a NR and pay income tax on the CA source income. Domicile is key for you to figure out what needs to be filed and what is taxable in CA. Tom Modesto, CA

Isn't that the name of Rita's back 40? Just saying @RitaB Tom Modesto, CA

Job Cost Module sounds like it might be construction accounting? Any chance that has to do with Certified Payroll as well? If so, check out Computer Ease. Pretty simple to use once it is set up. Not the cheapest. Not the most expensive. I have used in the past and I like it, but I was using it on a 25MM construction company. If revenue is above 5MM and construction company, this would be a good choice. Tom Modesto, CA

You could try running the property through one of the realtor sites. I think it is Zillow (could be Redfin or Realtor.com) will show a history of the properties including sale dates and amounts when the property has changed hands in the past. Type in the address to the properties on those sites and see if it will make your life a little easier. Tom Modesto, CA

That is a great sentiment. But like Ronald Reagan said "Trust but Verify". I trust a lot of people on this board to point me in the right direction. But I do my own research and I reach my own conclusions. After all, it is my signature on the bottom of that return, not Eric. Tom Modesto, CA

Form 1116 beats 8283 all day long. Just saying.....it is not even a fair fight. Tom Modesto, CA

I think you are on to something there.... I would look for court cases or regulations to support that position. It looks like there was definitely a threat of condemnation, and the fact pattern may fit with regs. Tom Modesto, CA

@Edsel - not the situation at all. Both are good kids. The first only got a two year degree and went into law enforcement. Was his dream to be a public servant in the fire department but was too skinny, so he became a cop instead. Even in CA, community college is cheap (except for books). Second kid is smart, and is attending a state college. When he is done, there will be money left over in the 529 plan. They saved too much. They are wonderful parents, the kids are good, and there is no drug use before they go to church every Sunday. These kids are not heathens. Keep your generalizations away from my clients, especially ones that I have known for over 15 years. That is probably more than you cared to read either. I do agree with your financial planning points. But it is too late now. Tom Modesto, CA

Yeah...What DANRVAN said. At least that was what I was thinking. If it was arm's length and FMV, why would not the IRS want the gain on the sale? On the other hand, the member who it was sold to may want non-recognition of their portion, but I don't think they can do that. I have nightmares about §704 when I think about it, but I am pretty sure it is a straight transaction reported like any other sale of an asset. Tom Modesto, CA

Thank you all for confirming. What I was hoping to hear is that at a certain age (59 1/2?) they could make non-penalty withdrawals - but I did not find that answer. Parents are going into retirement. Perhaps they will want to take some classes, but what they really want is to use the funds in retirement. Thanks again for your comments. Tom Modesto, CA

Parents set up 529 plan many years ago. Oldest did not use much, youngest is not going to use it all. No grandkids as of now. Are there any options for the parents to take the money without incurring 10% penalty on the earnings? I have been looking but all I see is that withdrawals made for other than education expenses incurs the 10% penalty. Am I missing anything? Thanks Tom Modesto, CA

@jklcpa You are killing me with those tears.... Tom Modesto, CA

I am not taking the bait and telling you that I know how obviously brilliant you are and how giving of your time you are for the betterment of all on this board and how wonderful it is to have you here and how much better all of us are because you exist (takes breath). As true as that statement is, I would never lower myself to sucking up to get a gold star. No sir....not me. I would not try to fool that brilliant mind of yours in any way or try to gain any type of favors from you because you are way too smart and would see right through the attempt because you are so smart and brilliant and wonderful. Besides, I don't have a great story this week, and I don't want to go up against a ninja paper cutter. Tom Modesto, CA

Suck ups! You are just trying to get the gold star this week. Tom Modesto, CA

We just figured out that our vacation coincides with the royal wedding. We planned our trip before the date was announced. So we will be at Windsor Castle the day after the wedding. I hope the world is not excited about this wedding and don't flood London while we are there. We are also planning to see Dover and Canterbury while we are there. My biggest disappointment when we went last time was Stonehenge. If you have been to Yosemite, the rocks at Stonehenge just are not that impressive compared to El Capitan and Half Dome. Just my opinion. Wishing you a wonderful trip Bonnie. Tom Modesto, CA

This will be my second trip. Non-stop from SF, economy (uh!). You must see the Tower of London. The Crown Jewels are amazing. St. Paul's Cathedral is awe inspiring. If you can get to Bath, the Roman history is something to behold (and geek out over if you are a history buff). If you are into music memorabilia, dinner at the Hard Rock Cafe should be on your list. I hope to see the British Museum this time. Our hotel was right across the street and we still did not have time to get there. I hope you have as memorable time as we did 27 years ago. Tom Modesto, CA

This is going to lead to more regulation. The IRS will blame the tax preparer community for the vast amounts of refund fraud and make us all get certification that our systems meet their regulations. HRB security systems will be the model for the regulations. Cynical? YES! But it isn't paranoia if they really are after you...... is it? Tom Modesto, CA

Me too.....son is graduating from Berkeley this year, we are going to London for his graduation gift. 10 days. My wife is going to find that site. Thanks for posting that picture. Tom Modesto, CA