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The most recent discussions

Fact checking political ad regarding taxes


October 31, 2014, 1:46 pm

I just saw an obviously politically motivated ad about tax changes that went into effect on January 1, 2014. It was allegedly distributed by a known CPA firm in my area. I intentionally left ou... Read more »

donating a house from an estate?


October 29, 2014, 9:10 pm

My wife's mother died a couple months ago. She and her brother are inheriting equally; the estate is small. There is a house. It is old and run down, and on a street where nothing is worth very mu... Read more »

definition of compensation for a SIMPLE plan


October 29, 2014, 3:12 pm

An employee who is participating in an employer's SIMPLE plan (IRC Section 408(p))has elected to contribute 6% of his pay each year. The employer contribution election says that the employer will con... Read more »

IRA question


October 27, 2014, 12:31 am

I am 59 1/2 years old. I understand that after 59 1/2 years of age one can withdraw from one's SEP IRA all the money one has without penalty. Now, what if I still continue to contribute to my SEP ... Read more »

IRS Information letter: Taxation of Green Card Holders


October 26, 2014, 6:27 pm

A recent tax court decision (Topsnik vs Comm'r, http://www.ustaxcourt.gov/InOpHistoric/TopsnikDiv.Halpern.TC.WPD.pdf) has triggered an information letter from the Office of the Chief Counsel on... Read more »

2015 gift tax exclusion?


October 26, 2014, 2:30 am

Does anyone know what the 2015 gift tax exclusion is for 2015? I checked at the http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Frequently-Asked-Questions-on-Gift-Taxes but didn't ... Read more »

CA tax question


October 25, 2014, 5:27 pm

I am a California resident, but am a shareholder of a S Corp in another state. The S Corp has Sec 179 deductions. Is it true that California has a cap on Sec 179 deductions of $25,000? Does the ex... Read more »

LLC question


October 24, 2014, 10:37 pm

I had a California LLC. Because of lack of business, I closed it by filling a form with the CA secretary of State. Now I might have some business again but I do not need to have a LLC anymore. Ca... Read more »

Sec 179 deduction


October 24, 2014, 8:15 pm

Re: Sec 179 deduction I am a share holder of a S Corp and I am told that this deduction flows thru to one's personal income tax (ie Sch E of 1040). I get a K1 every year. The Sec 179 balance is way... Read more »

Does the gift of real estate property to a family member have to be reporte...


October 24, 2014, 5:30 am

I gave my son property that was formerly my residence and rental. Is this taxable to either party? Also, does this have to be reported if negative? -- Read more »

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The best rated discussions

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Questions about Form 5471


------------------------------------- Hi! I have a question about Form 5471. Back in 2004, along with my mom, dad, sister, and brother, we all bought stocks in foreign company. Each owning about 6% o... Read more »

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CCH Tax News Headlines - November 10, 2010


CCH Tax News Headlines - November 10, 2010 Federal Headlines: 11/10/2010 - _Lawmakers Pledge 2010 AMT Relief _ (http://tax.cchgroup.com/downloads/files/news-headlines/2010/nws111010.htm#1)... Read more »

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appealing refund statute of limitations


After a long period of recovery I finally submitted my overdue returns in January. Eight years worth! In each of those 8 years I was overpaid between withheld and estimated taxes paid in. Plus I ha... Read more »

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Tax implications - Converting a rental house into a primary residence.


Need input on tax implications for converting rental house into primary residence. Facts Example: Owner has owned rental house since Nov 1999 and since then has rented the house until January 1, 20... Read more »

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Ohio Source Income


We had a TCE client yesterday who is a MD resident and the sole beneficiary of a testamentary trust managed in Ohio. The income is all from interest and annuities and is all paid out to the benefici... Read more »

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I want to report my former boos for tax evasion/fraud as I did all of his b...


file IRS Form 3949 A to report my former bossfor tax evasion/fraud. I did all of his bookkeeping, billing, banking, etc. He had me make large bank deposits with Comcheks from thousands of dollars he... Read more »

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Two W2 forms


I have Two W2 forms for year 2006.To calculate TAX is it a simple maths like ADD both the Gross and ADD both the Federal withholding ,to calculate TAX or there is other way. thnx jas Read more »

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Capital Gain / Depreciation Recapture Question


Hi, Suppose I have a Capital Gain Tax loss of $11,000 and I have a Depreciation Recapture Tax of $36,000 for the year I sell an Investment Property. Is the combined tax liability for this year $36,00... Read more »

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Qualified Charitable Distribution from IRA


Has anyone seen any details on how the mechanics of the QCD will work? The only thing I've seen is that the gross amount goes on 15a, the taxable (if any) on 15b, and QCD on the dotted line. Nothing ... Read more »

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Schedule M


Did we get $250 / $500 checks last year and I just forgot about it? Or perhaps a direct deposit? Or was there just a cumulative (small) reduction in payroll taxes? I honestly don't know if I'm ... Read more »