Latest threads in Taxes General Forumshow only best voted threads
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Does built in gains tax apply to a S Corporation that converts back to C Corp?
If the entity converts back to a C Corporation does the recognition period continue until the 7 years expire? or, Does the entity have to pay built in gains tax as of the date of conversion back to a...
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11 years ago
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10 Reasons Reagan Could Cut The Top Tax Rate To 28%, But Romney Can't
From Forbes... published today, the 26th anniversary of the Tax Reform Act of 1986. On the 26th anniversary of its signing, the Tax Reform Act of 1986 demonstrates the wide gulf between the...
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11 years ago
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deduction for HSA on CA employer tax return
For federal purposes individuals can take a deduction for HSA contributions on their 1040, but the deduction is not allowed for CA. I was wondering what happens on the employer's tax return for...
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11 years ago
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California resident with out of state rental loss
How is this reported on the California resident income tax return? Just treat it as any other rental property? There is no refund from the other state due to the loss .
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11 years ago
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Filing 1120X for last year and 1120 for this year
I made a mistake on last years 1120 form (Deductions for Pension plan). Note: we have a fiscal year starting 2/1. We inadvertantly included the prior years pension contribution with the current years...
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11 years ago
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IRS PTIN System now accepting renewals.
Title says it all. URL:
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11 years ago
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How many years is a tax preparer held liable for errros or omissions?
This is specifically asking about errors and omissions by the tax preparer (not the person they are serving)
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11 years ago
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Are these kosher?
Kosher question #1. Every year, I rollover my state income tax refund to be applied to the following tax year. I never declare the refund as income (on 1040 line 10) or as a deduction on schedule A....
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11 years ago
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IRS address needed
Taxpayer received a notice from the "Large Business and INternational" division of the IRS a few months ago. The taxpayer is a nonresident alien who files a Schedule C for only the portion of her...
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11 years ago
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Taxes on stocks acquired through Stock option
Hi I have a question about taxation of stocks acquired through incentive stock plan based stock options. I acquired some stock option on Dec 15, 2011 as I was leaving my past job. At that time the...
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11 years ago
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Limitations on Maximum Solo 401K Contribution for Low Wage Earners
I am studying Solo 401K plans for corporations with a single employee and shareholder. The rules allow an employee over 50 to elect to defer $22.5K in 2012. In addition, the rules seem to allow the...
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11 years ago
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Medicare & Medigap Premiums
Are Medicare Parts B/D and Medigap premiums deductible as a self-employment health insurance expense on Schedule C? Nancy
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11 years ago
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Passive Loss
I think I know this one but just checking. Assume AGI is above limit for deducting passive losses. 2012: Gross income $10,000, expenses $5,000, depreciation $6000 2013: Gross income $10,000, expenses...
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11 years ago
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sale of primary residence which used to be a rental home
We purchased a home in California in 1995 for $250k mainly for a rental income. I have rented it out since 1995. Now the house is vacant. We are thinking of moving into this rental home and converting...
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11 years ago
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Leglly Blind vs Vision Impaired
On form 1040 you get an exemption for being Legally Blind. My left eye meets that description. I cannot read with it because of central vision loss. My right is is not quite that bad because I can...
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11 years ago
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