Latest threads in Taxes General Forumshow only best voted threads

Subject Author Posted Replies
 
Test for depreciating as part of structure vs. standalone?
For residential rental real estate, what's the test for determining whether an asset is depreciated over 27.5yrs as part of the structure vs. depreciated as a "standalone" asset? For example, I'd...
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Starting a photography business Deductions
Hello Everyone! I am starting a photography business this year, though I will most likely not actually charge anyone till next year. (I've been shooting for friends for free to build a portfolio) I am...
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Is Filing Back Returns A Good Idea?
I have a new client that has not filed a return since 2004. He has correspondence from the IRS asking him to file his 2005 - 2009 tax returns. They sent along income information for each year. The...
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CCH Tax News Headlines - June 22, 2011
CCH Tax News Headlines - June 22, 2011 Federal Headlines: 6/22/2011 - _Filing Requirements Suspended While Foreign-Asset-Related Forms Are Revised (Notice 2011-55)_ ( 6/22/2011 - _Ten-Year Statute of...
 
CCH Tax News Headlines - June 21, 2011
CCH Tax News Headlines - June 21, 2011 Federal Headlines: 6/21/2011 - _Individual Failed to Meet Requirements for Whistleblower Award (Cooper III, TC)_ ( 6/21/2011 - _Personal Expenses Not Deductible...
 
How do you get the IRS to tell you what was changed after you filed?
I ordered a transcript from the IRS to try to figure out why they changed my Schedule H (before I figured it out myself). The transcript arrived today. It says on the cover letter, "The transcript,...
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Foreign Earned Income/No taxes paid by corporation.
Man I would really appreciate some help on this one. I have lived in a foreign country for several years and haven't been in the states since 1996 only for 20 days vacation. I have claimed Foreign...
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CCH Tax News Headlines - June 20, 2011
CCH Tax News Headlines - June 20, 2011 Federal Headlines: 6/20/2011 - _Officers and Employees of Investment Advisors Registered with SEC Granted Extension for FBAR Filing to June 30, 2012 (FinCEN...
 
2011 Calif tax rates?
I thought the 2011 Calif tax rate table would not be determined before August as usual(?); that is, some time after the budget is passed, which is usually later than its June 30 deadline. Right? And...
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Income tax refund recoveries.
I hadn't noticed this, and maybe some of you haven't either. Traditionally, for a recovery (including state income tax refunds), we're used to thinking that if a [cash basis*] taxpayer got a tax...
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CCH Tax News Headlines - June 13, 2011
CCH Tax News Headlines - June 13, 2011 Federal Headlines: 6/17/2011 - _Deadline for Filing FBAR for Persons Having Signature Authority over Foreign Financial Account for Calendar Years 2009 or Earlier...
 
Bad Debts Expense
Can a cash basis sole prop take a deduction for bad debts? My understanding is that "bad debts" only applies to organizations that use accrual accounting and have therefore already accrued income...
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Charitable Deduction when self employed?
I am a self-employed web developer. Can I take a charitable deduction for either of the following?: 1. I perform regular web maintenance/development for a 501-c(3) charity at no cost. There are no...
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Tax ramifications...
Son/DIL in cash flow problem owing to new g'daughter w/ some medical issues and lower income from less dil work time, etc., ... Med coverage is excellent so the medical bills are mostly taken care of...
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CCH Tax News Headlines - June 15, 2011
CCH Tax News Headlines - June 15, 2011 Federal Headlines: 6/15/2011 - _Senate Rejects Repeal of Ethanol Tax Credit_ ( 6/15/2011 - _Statistics of Income Bulletin for Spring 2011 Available (IR-2011-67)_...