mircpa

It is much better to use this board, we dont run the risk or getting unplugged in middle of tax season as done by official atx community forum last year

Does any one has a strategy to solve this issue, I even told them my client might have to report this issue to regulatory bodies, or issue a corrected 1098, because he never made those payments, they are not budging from their position

Hello everybody Follow up to earlier question, today i spoke to old lender, they said client was behind in interest payments, since client refinanced with another lender, this interest amount was been paid by new lender, she says "This interest amount was paid by new lender on behalf of your client, so it is your client who gets 1098 interest statement" I dont know if it sounds ok, my client does not have that income to support interest payment amount.

I strongly suspect they might have goofed up, My client when he spoke to current lender, they said, when the loan got transferred from old lender to them they paid some 20K interest on behalf of client to old lender, but client never paid this amount from his pocket. I am not filing return until this thing gets sorted out, my client is even ready to file complaint against current lender, come what it may

jainen There is no under stating of income from client's side, any way he is making an effort to dig deep and find out what is real story, i know he was telling me, he got loan transferred from previous lender to current lender, all the points and interest got transferred to new lender, my client is even arguing with with his defense of total accumulated cancelled loan payment checks (both interest and principal) he wrote to both lenders in 2007 does not come close to amount of interest

I have a client whose AGI is 78K, and Schedule A total is 81K, that includes interest & property taxes (principal home), High interest is because of reverse amortization of home loan and eventually transfer from one lender to another (This is what has been told to my client from old lender). My question does this looks odd to anybody, please share your thoughts thanks

Hello Everyone Have a client who gave 12k to his ex-wife towards child care support for his daughter, this was not court mandated but mutually agreed upon, my question, does he gets to take credit for this amount on his 1040, i dont see any line item on 1040 to deduct. Somebody please advice

He is regarded as independent contractor, providing professional services, due to this reason i intend to transfer this amount to Sch C, I did read the tax treaty between the other country (India) and US, and according to this, US is going to tax on this amount not India, I read publication 54 also

I mean 1116

No, Foreign taxes were withheld, not they are not SS taxes, that is why i am tilting towards Sch C Income. Can i attach 2116 and take credit ?

thanks Pacun I have one more follow up question, on this transaction, there were 18K foreign taxes withheld, i understand i need to attach form 1116 and take foreign tax credit, on top of 16K foreign income exclusion from 2555. thanks again

retroactively 24 months S election can be effective by following rev procedure 2003-43

Hello Everybody I have a client who is US citizen, provided professional services to a company outside US in amount of 125k, was outside US for 71 days to render this services, i try to fill out form 2555, part VIII, line 45 is coming to 16K, which i understand is prorating 85.7K maximum foreign income exclusion, based on days outside providing services, which is carrying to form 1040 line 22 as negative 16K, my question is this ok, does 125k needs to flow through 2555 to 1040 and end up as income at first place ?, also is this not regarded as self employment income showing up on Schedule C ? Client has W2 and other income reportable on 1040 I appreciate any help if somebody provides

jainen thanks, and to all who responded

If somebody could answer lion's question, i would get my answer too

issue a 1099-DIV ? I think i haven't explained the situation clearly. S corp (xxx) has two shareholders, one share holder took checks as part of k1 income on another of his S corp's name (yyy).

Have a client who has an S corp A with 2 shareholders, with client being one of them, total rev of 125k, net 80k, the issue here is one shareholder took his share of k1 income checks in one of his other S corp B's name, my question can i issue k1 in this S corp B's name ? My first thought is no k1 in corp's name, can somebody suggest any strategies to handle this situation.

I totally agree with pacun, clients are more smarter than us,

Hello everybody I have a client whose child was diagnosed with bipolar disorder and currently in state's (OH) custody due to violent attitude, question is can taxpayer claim him as dependent, my understanding is no, since all 12 months state provided the support, correct me if i am wrong, thanks to all who responds

Hello everybody I have an individual who is victim of a scam by an professional crook. This invididual loaned him 600k as investment in stock market, with a promise of 200% return within a year. It was too late when he found that this crook diverted money else where, who knows where he spend in gambling or cleared his previous debts, and lodged police/criminal complaint. Does any body has any idea, thought or throw some light on how to handle this situation in perspective with corporate tax filing, or direct me to IRS guidelines with regards this, individual loaned this money from corporate bank account and has cancelled checks, he is broke now, corporation has no money to pay taxes. thanks for your help

Hello Everyone I try to fill out Sch A form 940 for multi-state employer through irs website, part 2 says do not complete for 2007, my question is this form ready to use now or still awaiting approval to use it thanks

jainen Do you know any employment agencies close to St. Louis, MO

fredazcpa thanks for your comment, by any chance do know how his business would set up for pulling employee background reports before hiring, i mean does he have to contact federal govt or private investigators for authorization to pull employee background

Hello everyone I have a client who runs a gas station, one of his employee who worked hardly for more than a week stole money from cash register, employer has video tape recording of this, when he confronted with employee she agreed to reimburse employer stolen money and gave written statement, in that she requested employer not to run her paycheck and keep her paycheck money as restitution towards stolen money, i advised client to run paycheck make that deduction from her paycheck, can somebody please advise is this right approach to handle these situations ? Employer does not want to press charges against her

thanks pacun, it is more clear now