jklcpa

How did you become a CPA without having any experience in tax? That is one of the requirements, to have a certain % of time devoted to the area of tax. Did you gain your experience elsewhere after that?

Congratulations on the new addition. Does he have a name yet? You shoulda known that cat was coming home with the first texts and pictures of him with the kids. Love it! You should call him "Borg" because your resistance was futile.

Eric, I thought your tone was fine and was amused at your descriptions of interactions on Facebook. It's funny because it's true a lot of the time.

Edsel, it wasn't your post or our discussion specifically that caused the TOU to be spelled out, only that it was the latest in a series. The moderating team had talked a few times before about whether to have a more formal statement, and I asked again because the initial PM I'd sent to you was almost an exact copy of a cut & paste I'd used in the past when a post or topic was hidden, but that gets kind of old to have to continue to contact people. I asked Eric if we could have a statement in the help section that would eliminate this repetitive task, but I like the TOU better because it is required reading and includes the statement that this site is not the officical ATX forum too.

Eric, I do have a question about the TOU page. Will it be possible to view that page again after acceptance, or could that text also be posted in the help section?

Thank you, Eric, for everything. The postings also occur with new people using ATX that find us each season and that may not notice the small subtitles that were under the headings of General Chat and the Off-Topic that said "no politics" or political threads will be locked or removed. This is better than having to try to explain with each occurrence separately in PMs, and it is fair to all without me using any judgement that could be construed as showing bias or favoritism for or against a particular view, party, or individual member here.

Uh, sorry, I wasn't disagreeing with you and think your argument might be with Randall? I was only providing the code sec you asked for that defines compensation for purposes of the SEP, and basically I agree with you.

The rest of that email from Malwarebytes after "you're hosed" that cbslee posted said this:

https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-seps-compensation What compensation is included in determining SEP contributions for an employee? For an individual who is not self-employed, compensation included in determining SEP contributions includes: wages, tips, and other compensation from the employer subject to income tax withholding under section 3401(a), amounts described in Internal Revenue Code Section 6051(a)(8), including elective contributions made under a SIMPLE IRA plan, and compensation deferred under a 457 plan. Compensation doesn’t include amounts deferred under a Section 125 cafeteria plan. Compensation is limited to $270,000 in 2017 and $265,000 in 2015 and 2016. What compensation is included in determining SEP contributions for a self-employed individual? For purposes of the SEP plan rules, a self-employed individual’s compensation means net earnings from self-employment determined under Internal Revenue Code section 1402(a).

A SEP is supposed to be set up at the employer level with contributions from only the employer, in this case the S corp. https://www.irs.gov/retirement-plans/choosing-a-retirement-plan-sep The line for SEP contributions on the 1040 is for a sole proprietor owner's share while the Sch C employees' share goes on Sch C, or for the partner's share of the contribution while the employees' portion of the SEP is on the Form 1065.

It goes on the 1120S return.

As long as they are married and filing MFJ in the year of the first sale, AND they both meet all the other requirements for gain exclusion, they qualify for the full $500K exclusion. Then depending on when the second one sells, they may not be able to exclude that gain if they've already excluded a gain within the 2-year period ending on the date of that second home's sale. The parts of Pub 523 that actually cover this:

Right, I looked at that too. No-charge PTINs are for new applications and renewals for the 2017 season according to the IRS site. Who hasn't renewed for 2017 yet?! Personally I think that the PTIN should be as it was originally intended, to be as a replacement for our SSNs so that those aren't shown on the returns we prepare. I also think that regulating tax preparers without other credentials (those without JD, EA or CPA) should be handled at the state level as part of states' professional licensing and regulation.

From Accounting Today this article is quoted below in its entirety and says that IRS has reopened the PTIN system, issuing and renewing for the 2017 season at no charge, and is working with the DOJ on how to proceed.

I had a reject of form 7004 last Aug when I filed it for a 5/31 C corp that had used that fiscal year since its incorporation in 1946! When I called in to the practitioner priority line, the rep told me that the IRS had updated one of its systems and that most of the companies having this issue were older companies that were missing an entity code in the IRS' database and making the system want to default to calendar year filing. I paper-filed the extension, and I do not recall how the client and I decided it had been resolved. The rep took down all of the information that she passed on to the IRS entity division for correction and said that it might take 30 days or more to correct. By the time we filed the return in mid-Nov, the e-filed form 1120 was accepted without any troubles at all. Here's that post with more details and a couple of other members that had similar troubles:

These credits ultimately flow to the form 3800 and, as such, they should have a 20-year carryforward under sec 38(b). I think that is where you will find your answer. Code sec 41(a) covers this credit and refers back to sec 38 and its limitations, specifically sec 38(b)(4) for this R&D-related credit.

"Hello" is a word that activates the robot to put the call through to their live call center. Answering with "good morning/afternoon" leads to a lot of dead air.

https://www.irs.gov/uac/newsroom/irs-warns-of-phone-scam https://www.irs.gov/uac/report-phishing

AH, you might think about printing as a pdf file and then rearrange the pages within that file to your liking. Print paper copies from that one file.

Easytax, thanks for pointing out that it was a DOL determination. I know, I know, it was in the original post but by the time I got back to this and answered, I didn't go back to look at Catherine's original post Sorry, Catherine. I don't have anything else to add to what Ed posted.

I have never dealt with this issue when the DOL made the determination or for an employee that was notified of the reclass. I briefly searched and found this page on the IRS site, 2nd to the last item seems to cover the situation. Check this out and form 8919 too. This IRS page has similar info too.

David, are you sure that all of your input is correct and complete? Is there another limitation that is kicking this deduction out? Have you input all of the data to correctly calculate basis, and is basis sufficient to allow the deduction?

sec 1.179-2(c)(1): and then as it pertains to the above regarding wages considered to be from the active conduct as trade or business income of the individual, that is covered in 1.179-2(c)(6)(iv): # 7 under that same section states that if a joint return is filed, the spouse's w-2 income also is included for calculating the limitation at the individual level. Save link to Cornell Law for this section: https://www.law.cornell.edu/cfr/text/26/1.179-2

Lynn, that is awesome. Congratulations! Sorry I'm late to the party.

Be sure to scroll down to see entire description: https://www.cchsfs.com/professional-tax-software/atx-max.aspx