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MASocietyofCPAs's Forum Posts

  • Forum Post: Ask a CPA 2014

    Posted 02/25/2015 02:41:16 EST

    In response to Walter57's comment: I have received a notice of an audit from the Mass.  DOR.  They are auditing me for meALS expenses I claimed and also for Form 2106 line 4 deductions (job related ex more »

  • Forum Post: Ask a CPA 2014

    Posted 02/25/2015 02:39:17 EST

    In response to willman37777's comment: I just filed my MA state tax return. I owe MA about $1000 because the State doesn't think I had health insurance in 2012. However, I did have health insurance in more »

  • Forum Post: Ask a CPA 2014

    Posted 04/30/2014 07:36:45 EDT

    In response to Toto2005's comment: Hello, We are expecting our first child in November/December 2014. When it comes time to report our 2014 taxes, are we able to claim a dependent for the entire year more »

  • Forum Post: Ask a CPA 2014

    Posted 04/30/2014 07:33:47 EDT

    In response to Forte77's comment: I received a cp2000 form the IRS re:my 2012 1040 return. It said I owed money because I did not report a 1099R. I did not contest it and paid the amount. However, whi more »

  • Forum Post: Ask a CPA 2014

    Posted 04/15/2014 07:05:51 EDT

  • Forum Post: Ask a CPA 2014

    Posted 04/14/2014 06:46:33 EDT

    In response to badesh's comment: Please help with ambigious instructions on Form 8938 Line 2. Foreign Account Reporting on Form 8938 Line 2 says " Report the total of all maximum values for each of th more »

  • Forum Post: Ask a CPA 2014

    Posted 04/13/2014 07:08:52 EDT

    In response to taxpayer99's comment: Are Qualified dividends taxed differently from ordinary under MA State tax for year 2013? In other words, can Qualified dividends be included on Line 6 of Schedule more »

  • Forum Post: Ask a CPA 2014

    Posted 03/30/2014 08:04:48 EDT

    In response to slr2's comment: Hello, I received $47.95 in 2013 as part of a settlement in a class action lawsuit against Banco Popular. The plaintiffs in this suit alleged that the bank failed to dis more »

  • Forum Post: Ask a CPA 2014

    Posted 03/27/2014 01:11:11 EDT

    In response to Toto2005's comment: Hello, I'm hoping to seek some guidance regarding my calculation for the net investment income tax. I understand that in calculating net investment income some deduc more »

  • Forum Post: Ask a CPA 2014

    Posted 03/23/2014 11:30:06 EDT

    In response to slr2's comment: Hi, I received something new this year on one mof my 1099-DIV where there was a value for Box 3 - Nondividend Distributions. From reading Publication 550, it looks like more »

  • Forum Post: Ask a CPA 2014

    Posted 03/20/2014 08:04:53 EDT

    In response to rhrouse's comment: for 3 years I have been putting $500 (after tax money) a month into a traditional IRA and then immidiately converting it to a Roth IRA (read: no earnings in the Tradi more »

  • Forum Post: Ask a CPA 2014

    Posted 03/18/2014 06:48:43 EDT

    In response to badesh's comment: [QUOTE] Dear CPA, I have a joint bank account overseas with another member of my family and we file separate tax returns.  They are also MA residents.  What is the tre more »

  • Forum Post: Multi Level Marketing

    Posted 03/07/2014 06:49:13 EST

    In response to dehcpa's comment: [QUOTE] Taxpayer is involved in a MLM company where commissions are earned on what people below her buy,  however commissions will not be paid to the taxpayer unless s more »

  • Forum Post: Ask a CPA 2014

    Posted 03/01/2014 07:38:31 EST

    In response to willman37777's comment: [QUOTE] I just filed my MA state tax return. I owe MA about $1000 because the State doesn't think I had health insurance in 2012. However, I did have health insu more »

  • Forum Post: Sale of Business

    Posted 09/25/2013 07:07:03 EDT

    In response to rvd71's comment: In response to MASocietyofCPAs's comment: In response to rvd71's comment: Thank you.  Should the buyer obtain a new Employer Identification Number?  What about the curr more »

  • Forum Post: Capital Gains and Gift Taxes

    Posted 09/25/2013 07:01:23 EDT

    In response to bodo71's comment: Grandparents gift condominium to son, with fair market value of $290000, cost of $200000, Mortgage balance of $125000.  Son assumes the mortgage.  Have grandparents ma more »

  • Forum Post: Sale of Business

    Posted 08/07/2013 06:15:05 EDT

    In response to rvd71's comment: Thank you.  Should the buyer obtain a new Employer Identification Number?  What about the current year corporate tax return.  Are separate returns filed for the seller' more »

  • Forum Post: Sale of Business

    Posted 08/06/2013 06:58:49 EDT

    In response to rvd71's comment: [QUOTE] Single member limited liability company with proper election to be taxed as a C-Corporation is selling 100% of the business to an unrelated party.  The buyer an more »

  • Forum Post: Statute of limitations

    Posted 06/26/2013 06:21:27 EDT

    In response to dehcpa's comment: [QUOTE] Good Day: Are you aware of a way to go back more than 3 years to claim a refund?  Taxpayer made significant bookeeping errors for 10 years essentially doubling more »

  • Forum Post: Reduce Tax liability

    Posted 06/14/2013 06:25:54 EDT

    In response to jjames555's comment: [QUOTE] We are a family for 4 and our income last year was 175k. We paid a total tax of 51k  ( fed+ State + SS )as we have nothing much to deduct.  We are renting a more »

  • Forum Post: Kiddie Tax

    Posted 05/07/2013 07:30:37 EDT

    In response to Forte77's comment: For his 2011 return, my 14 year old paid $1500 in Mass state tax because of interest, dividends and cap gain income from an account given to him by his grandfather. O more »

  • Forum Post: Energy Star Home Credit

    Posted 04/12/2013 06:08:55 EDT

    In response to Randomposter's comment: I am purchasing a home soon and am looking into buying new construction.  The properties nowadays have either an energy star rating or use so many energy efficie more »

  • Forum Post: Rental property - depreciation

    Posted 04/11/2013 07:51:45 EDT

    In response to CP321's comment: Situation - I own a  rental property which I acquired in 2006. Accountant at the time started depreciation using a 27 year useful life S/L method reported on Form 4952 more »

  • Forum Post: Bankruptcy

    Posted 04/10/2013 12:23:48 EDT

    In response to rvd71's comment: Thank you. Follow up: Does the $60K 1099C income reduce the basis of the abandoned rental property?  Dear rvd71: Sorry, but the reference in my answer, above should be more »

  • Forum Post: Bankruptcy

    Posted 04/10/2013 06:41:12 EDT

    In response to rvd71's comment: Taxpayer owns rental real estate with adjusted basis of $185,000. Taxpayer has first and second mortgages secured by this real estate discharged in Chapter 11 bankruptc more »

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