MASocietyofCPAs's Page

MASocietyofCPAs

This member hasn't added any personal information yet.


Leave MASocietyofCPAs a message to find out more.

All Recent Activity

  • Forum Post: Ask a CPA 2014

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

    In response to Toto2005's comment: [QUOTE] 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 enti more »

  • Forum Post: Ask a CPA 2014

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

    In response to Forte77's comment: [QUOTE] 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. Howe 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: [QUOTE] 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 ea 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 »

  • 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 »

  • 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 »

  • 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 »

  • 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 »

  • 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 »

  • 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 »

  • Posted 04/10/2013 06:34:16 EDT

    In response to Knead2no's comment: The taxpayer received a 1099-C related to rental property that was taken by the mortgage holder for non payment on the mortgage.  The rental house was worth less tha more »

  • Forum Post: SEP IRA

    Posted 04/03/2013 06:27:55 EDT

    In response to Maldenlady's comment: [ My boss started an IRA for me.  I'm not sure how to report that on my 1040.  I'm just putting that money directly into the IRA "for the benefit of Maldenlady".  more »

Share