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Recent tax questions
Can a 501c7 receive a donation form a c3 to help beautify our
can a 501c7 receive a donation form a c3 to help beautify our exterior of our retirement commun ity who does not have the money to do soJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: the c3 benefit a primary fto help residents wants to donate money for a few trees and some burning bushes around our grounds to make it more appealing as some residents use that area for relkaxing during the day.JA: Is there anything else the Accountant should be aware of?Customer: noJA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.
Husband had student loan debt discharge in 2014 because of
Husband had student loan debt discharge in 2014 because of total and permanent disability (service-connected). We've not relieved a 1099C from 'anyone.' Tax man said we may not because the discharge was based on total/permanent disability. I can't find anything to substantiate that, and I don't want to shake any bushes.Nelnet (for Dept. of Ed)letter states they are reporting to IRS, I called and now they state the 1099C comes from the provider. My stomach is in knots.
Tax advisor and Enrolled Agent
I have a questions related to tax implications of stock options.
I have a questions related to tax implications of stock options. The company I work for owed me approximately $60,000 in commissions. Instead of paying me the cash we agreed that they would grant me stock, not options, at $0.20 per share. When the stock grant was issued, the stock value was listed in the paperwork at $0.01 per share. From my perspective that should allow me to file a capital loss of $0.19 per share. Please note this is a private company not public. I recently saw a line on my pay stub of Imputed Income Stock for $2,985.00. When speaking with my HR staff they said that I had to be taxed on it because the stock was "given" to me and that I cannot file a capital loss because no money actually exchanged hands. To me that seems to be a loophole. So my questions are: Can I in fact take this as a capital loss? Also, why should I have to be taxed on the $2,985 when I already forewent the $60,000?
I am having trouble trying to decide whether to take a 1031
question for taxmanrog, I am having trouble trying to decide whether to take a 1031 exchange or just pay the taxes on the rental property sale I have asked you about before. The property is being sold for let's say 200k and I have a basis of 70k. I have 100 k in capital losses I'm carrying and want to sell a residence which will have a 50k profit above the exclusion . I am wondering whether I would be doing myself a favor if the capital gains taxes are increased again in the future or if leaving the funds in the bank is a great idea.
I am trying to find the law that George W. Bush signed saying
I am trying to find the law that George W. Bush signed saying that none of the benefits the dependents received are taxed. I am yet again faced with the same problem I had six years ago but I had a stroked and misplaced the paperwork that I had with the correct information on it. My husband was a police officer killed in the line of duty and they are trying again to tax on the money. Help:)
I MADE A LOT OF MONEY IN 2009 AND 2010. I ALSO SOLD A BUSINESS
I MADE A LOT OF MONEY IN 2009 AND 2010. I ALSO SOLD A BUSINESS IN 2009 AND 2 BUSINESSES IN 2010. I STARTED A BUSINESS IN MARCH 2011. IT WAS FAILING AND COSTING LOTS OF MONEY TO KEEP GOING. IT SHUT DOWN IN 2013...WELL ALMOST...JUST CLEANING UP THE LOANS AND MESS CAUSED BY THE MANAGER/PRESIDENT. MY QUESTION IS CAN I GO BACK 2 YEARS FROM 2011 AND TAKE LOSSES TO 2009 AND LOSSES FROM 2012 TO 2010 AND NOT TAKE THE CAPITAL GAINS INCOME AGAINST MY ORDINARY LOSSES AND ONLY TAKE ORDINARY LOSSES AGAINST ORDINARY INCOME...SEGREGATING CAPITAL GAINS FROM ORDINARY GAINS TO TAKE THE LOSSES BACK? I HAVE ASKED BOTH MY CPA"S AND THEY DON'T KNOW.
Vocational, Technical or Trade School
I want to understand something. Here is a toy example:
AssumeView more tax questions
I want to understand something. Here is a toy example:Assume an s corp that keeps accrual books but files 1120s on cashbasis and reports schedule L as per books, i.e., accrual, and recordsbook to tax adjustments on schedule M-1. Further, assume accrualincome of $1000, BOY A/R of $60 and EOY A/R of $75, BOY Employee FICAPayable of $274 and EOY Employee FICA payable of $56.50. Assume A/Rand A/P book to tax adjustments on M-1 are listed separately viaattached statements (provided by tax software) per client request.Pretend that there are no other M-1 adjustments, e.g., like book totax depreciation differences, etc..These numbers, of course, wouldn't require Schedule L and M-1 to befilled out, but I want to understand the process since I can't seem tofind any book or resource to learn this particular approach to 1120S.a) What value would be entered on 1120s line 1a? $1000 or$1000+$60-$75=$985. I am guessing the latter.b) What values for A/R and A/P adjustments would be entered on ScheduleM-1?My guess:M-1 line 2: BOY A/R $60M-1 line 5a: EOY A/R $75M-1 line 3: EOY FICA Payable $56.50M-1 line 6: BOY FICA Payable $274c) Now, I am guessing I need to add BOY FICA Payable to line 12, taxesand licenses, and subtract EOY FICA Payable from line 12 so thatexpenses are calculated on cash-basis. Is that correct? And, is that agood place to put it since it is taxes payable?As you can see I am wanting the exact process for reporting ScheduleL, as per client's books, i.e., accrual, while reporting income oncash basis for cash basis taxpayer. I feel pretty solid about grossreeipts and A/R (I think my guesses above for those are correct), justnot as sure on A/P (Fica Payable). Please anywhere that is incorrectin the assumptions too. It is really one question with three distinctparts: a, b, c.Lastly, what is a solid book resource for book to tax adjustments ofthis kind? Thomson Reuters Quickfinder? TMI Quickfinder? Or?
Sr Financial & Tax Consultant