Latest threads in Taxes General Forumshow only best voted threads

Subject Author Posted Replies
 
CCH TAX NEWS HEADLINES - OCTOBER 4, 2O11
CCH TAX NEWS HEADLINES - OCTOBER 4, 2O11 _Settlement Proceeds Predicated on Lost Profits and Punitive Damages Were Ordinary Income to Partnership; Agreement Allocation Not Determinative;...
 
CCH Tax News Headlines - October 3, 2011
CCH Tax News Headlines - October 3, 2011 _IRS Updates Rules on Using Per Diem Rates to Substantiate Expenses Incurred Away from Home (Rev. Proc. 2011-47)_ ( Posted on _10/03/2011_ ( by _CCH_ ( The IRS...
 
US Supreme Court Docket for Tax Cases
There are 3 tax cases granted certiorari for the coming term. One addresses the split among circuits on whether an overstatement of basis triggers a large enough understatememt of income to trigger...
 
Line 39a and the Standard Deduction Worksheet
Hi everyone - As you know I deal with a lot of tax matters, but don't do returns. A question has come up and I would appreciate any insights you may have. A client is doing the tax return for her 90...
6
6
 
CCH TAX NEWS HEADLINES - September 30, 2011
CCH TAX NEWS HEADLINES - September 30, 2011 _Guidance Released on Portability Election (IR-201197; Notice 2011-92)_ ( Posted on _09/30/2011_ ( by _CCH_ ( Guidance on the Code Sec. 2010(c)(5)...
 
Are "special assessments" added to home's cost basis?
My California property tax bill (for a single-family residence) is divided into three parts: 1) assessed value rate 2) land & improvements rate 3) special assessments The "special assessments" section...
22
22
 
Twist on renting 2nd home
A client who resides in Wisconsin purchased a 2nd home in Florida and rented it at FMV to my daughter. He also spends 5 months in the Florida home during the winter. She set aside a large bedroom for...
9
9
 
"liquifying" Annuity with annuitizing
I have a Jackson Perspective L Series Fixed & Variable Annuity. I'm age 65. Wanted to annuitize so I can start withdrawing money each year but agent told me annuitizing right now with low interest...
 
Simplest Way to Do Accounting for Employee Use Vehicle
I am trying to understand what is the simplest way for an S-Corporation to do the accounting for a vehicle that is used by an employee who is a 2%+ shareholder of the corporation. Assume the vehicle...
1
1
 
Changing an Inherited IRA
My 92 year old mother inherited an IRA from her husband 3 years ago. It was titled Fbo "Mothers Name" INHERITED IRA, AS BENE OF "husbands name"IRA. She wants to change it to her own IRA. The reason...
3
3
 
CA FTB Audit of Cancellation of Debt Income & 1099-C
The latest newsletter from the CA FTB provides information on an audit they performed on the reporting of CODI by CA taxpayers. The item I found of interest was that more than 50% of the taxpayers had...
 
Schedule L--2010 ..Does IRS Permit Standard Deductions PLUS Real Estate Taxes?
I just want to be certain that the law as to Schedule L (permitting Standard Deduction PLUS state/local real estate taxes for 2009 tax year, but apparently NOT for 2010 tax year) has in fact been...
1
1
 
CCH Tax News Headlines - September 29, 2011
CCH Tax News Headlines - September 29, 2011 _Individuals Did Not Have Cancellation of Indebtedness Income for Tax Year at Issue; They Were Not Liable for Accuracy-Related Penalty (Kleber, TCM)_ (...
 
Standing to claim asset
I was sure that I knew the answer to this question, but was told by a CPA that I was wrong. Please help: Situation 1: Developer builds commercial building which is divided into multiple units....
 
Self Employed Health Care Deduction--Are Payments for Medicare Included?
For 2010 the instruction book for Form 1040 (at page 29 for Form 1040 Line 29) clearly says Premiums paid for Part B Medicare ARE included for purposes of the Self Employed Health Care Deduction. For...
8
8