Accountant Forums

software

phansen42@gmail.com — Fri, 24 May 2013 17:05:07 GMT

Has anyone had any experience with OLTpro software?

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2011) - All rights reserved. >>
<< ------------------------------------------------------- >>

Recording a Trucking Co.'s Deposit

Gypsy125 — Fri, 24 May 2013 16:48:05 GMT

I receive deposits for a trucking company, however, I am having problems with entering one and need advise. This particular deposit the owner used his Company Debit card for fuel instead of his cash advance. So here is how we enter his deposit.

Income - 4,800.00
Fuel Exp - (1600.00)
Scale Fees - (1,000.00)
Fuel Exp - (500.00) - used Company Debit Card instead of Cash advance from load
Owner Draw (300.00) - No receipts given for missing cash expenses
Total Deposit in Bank = 1,400.00

So my question is when I receive the bank statement, the above 500.00 fuel expense will be on it as a Debit Withdrawal. How do I enter that into my register without doubling the fuel expense?

Help me to solve a study problem

Devin — Fri, 24 May 2013 11:20:49 GMT

Joseph Forbes is the owner of his own business. On December 31, Forbes� assets, liabilities, revenues and expenses were:

Insurance Expenses $3,000_______Accounts Payable $4,000
Miscellaneous Expenses 900______Accounts Receivable 5,000
Rent Expenses 2,500____________Cash 14,000
Salaries Expense 19,000_________Equipment 11,000
Supplies Expense 1,200__________Notes Payable 4,600
Services Performed 45,000________Supplies on hand 700

On December 31, if net income equals $15,000 and the ending owner�s equity is $20,000,
and Forbes invested an additional $2,600 in his business, while withdrawing $6,000
during the year, the beginning owner�s equity for this year was:
------------
The answer should be 8400, but my one differ from it. So that I understand I've made a mistake somewhere. don't want to show my erroneous computation.
Could you explain me how to calculate beginning owner's equity correctly?
Help me, please!

Hai all

suryakishorebabu — Fri, 24 May 2013 06:51:02 GMT

Hello this is surya from India with lots of smiles and doubts.:):rolleyes:

Rental property loan interest & fees

Ian Pilcher — Fri, 24 May 2013 04:10:37 GMT

On Thursday, May 23, 2013 9:10:37 PM UTC-7, Ian Pilcher wrote:
> My wife and I just purchased our first rental property. >
>
> Are these fees deductible?
>

Ian, you are now in the rental business and should seek more authoritative tax advice than you will find on this board. But for starters, you will become familiar with Schedule E where you will report income and all qualified expenses, including depreciation, related to your new property every year that it is yours.

You may get general ideas here, but you need to get professional guidance from someone who understands your unique situation.

In the meantime, save all your receipts.

Jay Wiedwald
Oakland, CA

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2011) - All rights reserved. >>
<< ------------------------------------------------------- >>

Qualifying Widow(er) VS Surviving Spouse re Standard Deduction

Retired — Thu, 23 May 2013 17:55:33 GMT

On 5/23/13 9:09 PM, Mark Bole wrote:
> On 2013-05-23 10:55, Retired wrote:
>> While looking for the tax year 2013 adjusted items, I came across
>> "Internal Revenue Bulletin: 2013-5 " at
>> http://www.irs.gov/irb/2013-05_IRB/ar06.html
>>
>> In the various Tables, it appears that the wording for "Qualifying
>> Widow(er)" has been changed to "Surviving Spouse". It has been my
>> understanding that a QW had to have dependent children. Has this
>> changed
>> to allow an unremarried spouse, with OR without dependent children, to
>> now take advantage of MFJ status ??
>>
>> I could not find a Pub 501 for 2013.
>>
>
> The short answer to your question, as implied by other replies, is
> that no, the tax law has not changed, regardless of the appellation used.
>
> As previously mentioned, 2013 pubs such as 501 are not normally
> available this early in the year.
>
> QW is a transition from MFJ to Head of Household. In other words, if
> you meet the HoH rules but were recently widowed, you get to keep
> using MFJ rates for two additional years, then you move to HoH rates.
>
> One other difference: for HoH, the qualifying child need only live
> with you for at least half of the taxable year. For QW, the child
> must live with you the entire year.
>

Thanks to Alan, Art & Mark for the responses.
As a Surviving Spouse with no dependents, I knew it would be too good
to be true that I could now use MFJ.

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2011) - All rights reserved. >>
<< ------------------------------------------------------- >>

C-Corp returns with zero taxable income not filed for ten years, willthere be interest on the late filing penalties?

caj11 — Thu, 23 May 2013 15:35:58 GMT

On 5/23/2013 12:29 PM, paultry wrote:
> On 5/23/2013 10:35, caj11 wrote:
>> Hi there,
>>
>> Client of mine is the sole shareholder of a C-Corp and did not file
>> returns for the past ten years. In seven of those years, the C-Corp
>> has posted a loss. In the other three years, loss carry-forwards are
>> sufficient to zero out the profits. So net income was always zero and
>> tax due was always zero.
>>
>> I looked in the instructions for the Form 1120 for the various years,
>> and it appears that if a corporate return is more than 60 days late
>> and the taxpayer owes no tax, there is a fixed penalty, which is $100
>> for the earlier years and then $135 for the later years.
>>
>> My question is, does the IRS charge interest on this unpaid penalty?
>> The instructions don't indicate anything about this and the IRS
>> website is no help.
>>
>> Thanks,
>>
>> Chris Johnson, EA
>>
>
> The way I remember it, and what I'm reading in the 2012 1120
> instructions is, "The minimum penalty for a return that is over 60 days
> late is the smaller of the tax due or $135." Zero tax due is smaller
> than $135, thus the failure to file penalty will be zero.
>
I agree. No tax due means no penalty. You would get a completely
different answer if it was an S Corp.

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2011) - All rights reserved. >>
<< ------------------------------------------------------- >>

Van and fuel benefit

Fredxx — Thu, 23 May 2013 14:30:01 GMT

Question asked before on uk.finance but no replies.

The Van benefit costs tax and NI of �3,000 for an employee.

Normally the fuel benefit is �564.

What happens if an employee has their own van, can they ask the company
to pay for all their fuel and only have the penalty of paying Income Tax
and NI on �564?

How do I value year end inventory as Amazon FBA Seller

jmk909er — Thu, 23 May 2013 13:41:19 GMT

Greetings, I am an Amazon FBA (Fulfilled by Amazon) seller and just found an accountant that is very knowledgeable and helpful to help me with the accounting end that I know nothing about.

Hopefully there are people on this forum that are familiar with Amazon sellers because I think it requires some unique accounting expertise.

My accountant was asking me how do value my year end inventory at Amazon?
Amazon has the pricing that I set for selling but not what I paid for it, so how do you place a value on the year end inventory?

(Side note: as an Amazon FBA seller I send everything in to Amazon and they store it in there warehouse until it is sold and Amazon is responsible for packing and shipping to the customer.)

Thanks, Joe

Hello from San Diego!

jmk909er — Thu, 23 May 2013 13:25:07 GMT

Hi All, I came to this forum because I am an Amazon FBA seller and need some general accounting questions answered. Hopefully there are some accounting wizards that are knowledgeable about Amazon selling.

Vehicle Depreciation

sandra173 — Thu, 23 May 2013 09:49:11 GMT

Hi,
I have just started back after several years and need some clarifiaction on vehicle purchases.
If a company buys a vehicle costing �15000 with a trade in of �2500 should it be the �15000 (less the VAT) that I put through my motor vehicle account or should I also deduct the trade in value.
The employee previous to myself deducted the trade in value but I think this is incorrect.
thanks,
Sandra

Form 1065 for a foreign company

Hannah Tran — Thu, 23 May 2013 05:02:09 GMT

Hi,

IRS sent us a letter asking for lodgement of form 1065 Partnership return. Is there any reason why we are classified as a partnership?

Our background is:
- We are an Australian company
- We have received some income from US source
- We have applied for an EIN and lodged from W8-BEN

I have tried to complete the form, but the principal is not very right for two reasons:
- The partnership can't have only one partner
- After completing the partnership tax return, another return at the partner level should also be completed - which form should we complete at the partner level then? Is it duplicated?

One Step Update Summary Error?

charliec@email.com — Thu, 23 May 2013 04:10:51 GMT

For some reason, when I download transactions from a financial site,
the download works with no problem, but the "One Step Update Summary"
page appears at the end with a "Quicken.com" error at the bottom. The
error is:

-------------------------------------
A red circle with a "!" in the Center and Quicken.com as the title

Expanding the item and I see the following:

"Portfolio Sync You need to select accounts to Export"
--------------------------------------

What is the cause of this and how do I correct it?

Thanks
charliec

States starting to escheat unannuitized VAs?

Rich Carreiro — Wed, 22 May 2013 19:54:22 GMT

On 5/24/13 1:35 PM, Pico Rico wrote:
> it only applies in the same manner it applies to bank accounts. If they
> don't have "activity" for a period of time. But that "activity" can just be
> communication from you, such as a response to their letter saying "are you
> still there?"

Does an online visit to the account count as activity?

Use of 1040-ES to Supplement 1099-R Withholding?

njoracle — Wed, 22 May 2013 17:45:31 GMT

Don Priebe wrote:
> This whole thread is about how to increase your withholding to cover the
> tax on some large stock sales. The title says 1099-R withholding, so we
> assume that the stocks are in a retirement plan. As such, there is NO
> tax impact when they are sold. There are no capital gains taxes to be
> paid - EVER. It's all going to be ordinary income, WHEN YOU WITHDRAW
> IT, not when the sales are made.
>
> Don EA in Upstate NY
>

These stocks are NOT in a retirement plan so there is a tax impact.
Hopefully, some of the sales can be held off until the long term capital
gains rate applies.

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2011) - All rights reserved. >>
<< ------------------------------------------------------- >>