Recent content by bklynboy

  1. bklynboy

    USA Tax advice for a client

    Does the person itemize? If yes increase Charity and Take a second mortgage? Buy LTC policy depending on medical expense deduction? HSA contributions? 529 account? Buy Real Estate if making under 150K to deduct losses? Is wages eligible for deferred comp so she doesnt have to take it in...
  2. bklynboy

    USA Real estate taxing in the US for dummies

    Not so fast. That is your income. Then you deduct standard deduction (for most people)and whatever other credits/items you are entitled to. After you net all those items then you determine the tax rate to apply against that net result. Compare this against whatever was withheld through the...
  3. bklynboy

    USA Real estate taxing in the US for dummies

    Simply put for most people you take gross rent less what you spend to maintain the property (repairs, advertising, utilities, mortgage interest, legal costs, etc) and also take a deduction for depreciation. As long as your AGI is under 100K you can deduct up to 25K in losses. As you make more...
  4. bklynboy

    Software implementation - intangible asset US GAAP

    We implemented SAP a few years back and consultants work as well as internal labor were capitalized. Travel qualified if those people were needed to help with coding and not just oversight. Roughly speaking its those costs to get the system ready - exclude training and scoping costs and...
  5. bklynboy

    USA Opening Balance Sheet of newly acquired company - Retained Earnings

    Why would it be 0? The company still exists but just rolls up to a new parent. If you get rid of RE how does the balance sheet balance (whats the offsetting entry in your mind?
  6. bklynboy

    USA Bookkeeper didn't set up health insur premium as pretax

    Why would OP be reprimanded for identifying an issue in past withholdings? I would think just the opposite that management would appreciate knowing this and this may open them open to fines and would like to rectify to make their employees whole. When I find issues (and believe me there have...
  7. bklynboy

    Ireland Unit linked accounting in group financial statement

    Insurance product? What are your questions?
  8. bklynboy

    USA “Waive association dues” is a tax fraud?

    Don't waive the dues then until they accept that the waiver will result in income to her and require a W-9.
  9. bklynboy

    USA Cash Flow Projection

    Its a bit unclear but since you have a 2M budget you need to capture 2M throughout the year. 1M we know goes in Jan and the other 1M - thats where you need to understand how they plan on spending.
  10. bklynboy

    USA HSA and 401K withdrawal tax calculations

    Based on tax rate you fall into
  11. bklynboy

    How much profit do I make here?

    If you can get 9% in a CD - sign me up.
  12. bklynboy

    USA Rental Property Corporation Taxes/protection etc.

    Get a financial advisor and tax attorney here. Rules have been adjusted over time and yes there are some favorable treatments allowed but not the loopholes as in the 80's You need to understand what to expect from a seasoned pro. In any structure you can deduct costs of running that business...
  13. bklynboy

    USA How to create JEs from given IS/BS/ and Trial Balance reports

    I dont think so. The report has all the data you need. We get something similar from our foreign subs and has all the pieces. Hardest part is converting ledger numbers as they have a different system than the parent in US. But just book the changes and that should work. Once a year you need...
  14. bklynboy

    USA Accounting principles

    Dont know most common as depends on size, complexity, cost and other factors each company weighs. At my firm we use SAP for GL but have downstream systems to handle customer data, AR/AP, travel, Payroll, Banking, Investments, etc. SO there is no one system and in fact we use some thing like 15...