joanmcq

Also, be sure that the 283K is included on the W-2 as wages. RSUs don't necessarily have to be on the W-2, although if stock was sold to cover taxes I'm thinking it will be. There may not be any federal w/h though; the taxes may only be SS depending on the type of award.

If 1099s were issued to the salespeople, that should suffice for the payment of the commissions UNLESS they are fishing for payroll/employee issues. Do you do the returns of the shareholders? I would get the bank statements and do a cash analysis before the auditors get there and research any discrepancies you may find; also look for anything personal that may have been paid. the huge number paid for subcontracted work was probably a big flag.

And an injury that between the two, appears to have been covered 100%.

Yeah, and I just called ATX and contrary to the 'validated by EFC' status, it appears they shut down the efile center on the 20th. NY got two rejects one for the above mentioned problem and the second was for a 'computational error for fed AGI on line 18'. Added it by hand, no problem. Was there any kind of systemic problem with NY efiles like I remember for MA, or is this just my bad luck. Already sent paper copy by efile to client last night. But I'd really like to figure out what the screwup was. And the thing getting stuck in IRS validated for months didn't help.

Client's return keeps rejecting from NY; code 509 - withholding (NY state, NY City or Yonker) shall not be greater than or equal to the total on lines 1-3, 5-8, 10, 13-15 (a & of the 1099-Misc. There is no withholding on any of the 1099-Miscs. There is a lot of withholding on the W-2s. Does anyone have a clue what to do? I keep having to sychronize to even get an ack status and the return is due tomorrow. My client is in NY & I am in CA. Help!!!!! Atx was no help when I called yesterday.

Called ATX....& now its rejected by agency. Some screwy thing. deleted an unneeded 1099-Misc (reject code 509) since the reject had to do with withholding being more than income on the 1099 except that there is no withholding on the 1099-misc, its all on the W-2s. Sending it again, hope it goes through. The pissy thing is that it was held up for so damn long by ATX in agency cleared. Granted I should have called earlier, but I don't have much experience with piggy back states (CA accepts 'em within hours sometimes). Never had a state reject before.

I originally filed this return in August. The NY return was piggybacked onto the federal, and was in IRS cleared status since then. The fed was accepted in June. I tried synchronizing several times, but it just stayed like that. Since I don't do a lot of piggybacks, I figured that was just the way it was. I synchronized Wednesday night, and it suddenly changed to EFC rejected, so I hurriedly recreated the file (updating forms etc) and sent it as a state only. Got acks last night...and it is in IRS cleared again. Anyone from NY know what the *&^% is going on?

I just transmitted & mine say validated by EFC. which has always in the past meant a timely file. Now I had a piggyback NY return stuck in validated by IRS since June...& when I synchronized nothing happened. So I synchronized a few minutes ago, and it comes up rejected by EFC. recreated, & retransmitted with 4 minutes to spare if going by EDT.

charge the big bucks if you are deposed. I charge extra any time I have to put on a suit. Something like a $50 per hour surcharge on my normal per hour rates.

I delivered pizzas for awhile, and I was an employee (Round Table Pizza). Wages + tips.

I lost a case because of the wording of a reciept; the lack of the 'no goods or services' line on a payroll deduction when the taxpayer had the paystub, had the acknowledgement, but the acknowledgement didn't have the requisite phrasing. No doubt as to the donation, no doubt as to the recipient organizations (it was like a united way payroll thing, where several organizations got donations, but wasn't united way) and all were disallowed.

Well, IRAs are easy; FMV on date of cancellation. I'm not sure if accounts that cannot be liquidated, ie a defined benefit pension, are counted towards insolvency.

...till the man burns! I'm off to the desert tomorrow...

I have a client in this situation too. I have been waiting for a copy of the police report though; I want 'proof' the withdrawals were not made by the client due to the new preparer penalties.

And bigdadder is right about the blueberries; I'm going gaga over the little morsels. Tom, if they can grow blueberries in Fresno, I'm sure I can grow them up here? Got any idea what variety is grown down there?

Chinese takeout is made with peanut oil which does not include trans fats. Actually, peanut oil is monounsaturated so its a 'good fat'. Eat away. Chicken nuggets can be fried quite easily without trans fat (any liquid oil doesn't contain them). So you are panicking for nothing. Twinkies may have to be imported, however. NY banned trans fats some time ago, and except for pastries, most users didn't have a problem switching. What did people do before Crisco and margarine were invented? You guessed it....butter and lard and other animal products. Don't worry, no trans. lots of saturated fat, but no trans.

If mom set up custodial account, didn't daughter own the account? How did mom cash daughter's account? But aside from that, simply explaining two names were on the account should be enough...you should not have to get a copy of mom's return, just give the SSN it was reported under.

God help us.

Does anyone else have a comment on this??? I am trying to advise this guy, but I can't figure if the whole plan is now whacked or if he can move the overcontribution to 2008 and save the rest.

yea, just what was he doing when he went out for those cream puffs? Walt does nice stuff....one I was particularly drawn to...not sure if it would fit in the office but would go with the decor! really nice to finally meet you!

I'll stop in....2nd Saturday gains a foothold in Tahoe Park!!!

He is the only person; its a solo 401(k) for a Sch C. He tweaked the program calculation to fit what he thought was the max he could contribute, but overccontributed to the er portion by 5%. Highly compensated isn't the issue; the fact is he used the employee percentage of contribution instead of the SE rate, and didn't subtract the SE tax deduction from the net income to calculate the max contribution either. So he's got about 7K extra and its been in there since 4/15/07 for tax year 2006. What happens?

SP did his own calculation for his solo 401(k) (thought software was calculating it wrong) and we found this out when audited for another issue. Overcontributed for 2006 for about 7K. I am reading that if an overcontribution is not fixed within a year, the plan is disqualified for the year the overcontribution was made and remains so until the overcontribution is removed. However, the only info I could find was on overcontributions due to highly compensated employees, and not in regards to a solo K. Does the whole deduction become taxable (we are talking over 42K here), or does he get a penalty or both? He also has a SEP, but did not contribute to the SEP in 2006. He did not contribute to the 401K in 2007 or so far in 2008. Does having two retirement plans concurrently pose any problems?

Another reason I'm happy to be a tax geek with no desire to do financial statements!

He is ordained. In fact I'm invited to his 25th aniversary of his ordination this summer. His order split from a larger one (I can't remember which one it is) due to disagreements over homosexuality. I've also been asked for consultation regarding their finances and how to structure the various chapterhouses, etc to benefit them.