TAXMAN

Tp owes about 3k on 2008, 44k on 2007, 5k on 2013. 07 is the only one in collection and under lein. 4 years to statute death for 07. Would you advise tp to pay 08 and 13 and deal with the 07 by itself. Financial status indicates tp may only be able to pay at most $400 per month. BTW 07 was about 24k in tax rest is FTP penalty. TP has no borrowing capability. $ for 08 and 13 comming from grand parents.

I passed the EA test about 20 years ago. Somehow I never got to register. My father was having a double heart transplant during the registering time and I failed to get it done. Is there any help for me except to retake? I hate to take that test again.

So if I read this right. Employer with less than 50 employees is rules as always was. or am I dreadfully wrong?

Ok I have on 1098 stmt beginng balance 24811.96 2013. amount paid 4306.51 ending balance 20505.45. Int paid 619.66 monthly pymts 69.66. No escrows at all. On the 1099-c I have box 2 debt discharge $4190.18 0 in box 3 box 4 says mortgage box 7 fmv of property $.00 Box 5 is checked. TP has no idea what was done. This is all with same lender. This was and still is a line of credit for the business(sch c) that tp owns. Any ideas on how to properly handle this?

Will look at it. Does it work for farmers who pay the ss & mt for the worker to get the year end to come up right. Anyway thanks for the form.

I have been using Tax Tools for about 6 years now. Price is reasonable for all the things it can do. Plus if you set up the client base as you go all the stuff rolls over to next year.

Kinda what I thought. But you know how it is getting info from cheif cook and bottle washer. Thanks all.

Any body in the insurance busines. I cannot answer TP's question. TP is 83 years young already in a nursing home with reasonably good health. Wants to buy Long term Care policy. Insurance people can you give me heads up on this. Someone at NH told him he should get this. Thanks

Has anybody seen the prices yet?

My landscaper buddy keeps his trucks and equipment at his home where his shop is. Dad comes in at night, cleans all, sharpens all and repairs all things busted that day. Next morning drivers get keys from office and are gone. I see this as no problem.

Virginia has a due date of 11-03-2014. Thats why I was asking. Also on some of these returns they have refunds. Small though because of how close the extension was was.

Any body seen or heard what the renewal prices will be? If you take this discount can you wait till Feb to actually pay?

Has anybody heard when IRS will turn off the Efile for this year. Last year it was in November. Have some clients request 30 day ext and was granted.

I believe bonus depreciation is subject to recapture rules like the 179 recapture is? Am I correct?This was bonus on farm equipment.

Let me see if I can explain this. Business has 2 locations about 30 miles apart city A and city B. Business(S corp) actually owns vehicle. TP lives in city C about 40 miles from office A. TP drives vehicle home each night. Some nights TP has to go by city B location and then drive the 10 miles to home. Most mornings TP just drives to city A location to work. Some days tp only works in city B. Question is how do you come up with a reasonable amount to charge TP for personal use. OR what could be considered a fringe benefit(not taxable). Am I really confused or is this a mute issue. TP asked the question and I could not give a very definite answer. I did learn that business pays all expenses of the vehicle including GAS. Thank you if you can shed light.

What is this first time penalty abatement I keep reading about?

Just a question? I do 10 returns for family members living in Maryland. Does anyone know if I have to take their test or be certified? Thanks No I am not a MD resident.

Hi all. TP borrowed $ in 2012 to buy equipment and fix building. TP paid int in 2012 but did not get business open untill 2013. Can I deduct int in 2012 or must I allocate the int to the building and equipment for dep in 2013 or amortize the int starting in 2013? my brain is in a fog this am. Manny thanks. Business was not open in 2012.

TP's are Virginia Residents. They seperated in April 2013. He stayed in the house she left and took the kid. As I see a possible mFS for him and HH for her. Problem now is can He take all the mortgage interest? Note and deed in both names. She continued to help pay the mortgage so as not to go into default. They make about 90k each. Or do I have to allocate based on income? I can seperate every thing else on schedule A however it appears her standard is higher than her Schedule A. Some thoughts on this please. Thanks

Do I understand this? TP put $ in roth at age 65. In fact tp made contribution on 09-18-2009. TP took distribution 12-09-2013. I believe tp owes tax on earnings but no penalty. Do you agree?

OK Have a tp who worked many years in the summer as a teacher at a Paris school. Reported all income on personal returns. However tp has a self and school contributed retirement plan through a broker. Does he need to report this under the fbar rules. Amount in account now in US $ is about 38k. Thanks guys

Just seeing if someone knows?

Will look closer at the partnership return. First look looks like they included in the income number going to sch e then se tax from k-1 looks like they left it in to be subject to se. I will put personal return on hold till I figure this one out. Anybody got a quick way to tell?

Partner ship pays health insurance for partner(1065). Is being included in income on Sch e and a deduction on front of 1040. Why would it also be subject to SS tax? My head won't wrap around this.

Lets get back to the Maryland thing. I do 7 family returns in Maryland. Collect no fees. Am I supposed to pay Maryland $100 and be tested for these 7 returns?