Recent content by Drmdcpa

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    USA Old Accounts Payables

    Either create the invoice or journal entry it to retained earnings. Did not the accountant provide an adjusting journal entry?
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    USA Car as property tax

    While you are at it how about putting your groceries as medical expenses? Only the ad valorem tax charged by some states when renewing your vehicle registration is deductible on the Federal return. But I like the idea of deducting laundry expenses as mortgage interest.
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    USA Capitilizing Utilities?

    I saw a CPA firm capitalize operating costs once. This firm advertises a specialization in real estate. Real boneheads if you ask me. Their reasoning was that the property was temporarily vacant. It was available for rent and the owners were actually in negotiation with a prospective new...
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    USA Define "true-up" journal entries

    I hate that term. They are used to set accounts, particularly balance sheet accounts, to known figures. For example, if the balance of a note shows on the books for $100 but it is known to actually be $110, a credit would go to the loan account. The debit can be a variety of things depending on...
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    USA ACA penalty when dependent children are insured by noncustodial parent

    Your problem is that you are using TurboTax. I would not have this problem even though it is complex.
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    USA How to calculate labor markup

    Labor $15 OH and profit $35 You would need to charge $50 to cover cost of labor, OH and profit. That is very low labor and very high materials costs. No wonder your customer is asking that question. Average ratio is 30/30/30/10; direct labor/direct materials/OH/profit
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    USA Form 1041- can allocate administrative expense deduction against dividends?

    If the 1098 (sic) is in the EIN of the estate/trust, they go on the 1041. The 1041 would be required because income is greater than $600. Deductions are allowed.
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    USA Reading financial statements

    1,696,162,900,000 yes.
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    USA 8582s not filed for more than three years

    Why do you need an 8582? Why are the losses suspended? If you have no other income in the US, the rental losses are not suspended so 8582 is not going to allow you to suspend them. If you only have rental losses, you do not have a filing requirement. The losses are gone, not suspended.
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    Audit of Inventory

    What Steve said is correct. The inventory audits I have been involved in often wound up counting way too many samples. You have to check both sides of the coin. Some items you count will be to see if they agree with what is reported. You then have to flip that to test if what is reported...
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    USA Contract for Deed, Capital Loss, and Taxes

    If there is no gain, no capital transaction is needed. You might want to report the sale on Schedule D especially if a 1099S was issued but report the loss as Non deductible principle residence (personal) loss. The interest gets reported on Schedule B. You should also be providing the buyer...
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    401k rollover to ira immediately

    You can do a direct or indirect rollover. If you choose indirect, 401k will want to withhold taxes. You have 60 days to put into an IRA any amount you do not want taxed and penalized. You can only do indirect once every 12 months. If you do a direct, you can immediately take out any amount on...
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    India What is Management Accounting ?

    It is the course that separates the accountants from the bookkeepers. It is sometimes referred to as cost accounting. Generally starting from the introduction and moving on to chapter one is an appropriate path.
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    USA Expenses related to a closed business

    If you know the answer, and deny other responses, why do you ask the question? I would propose these are not personal expenses and thus do not go on schedule A since your were not an employee. I would further propose if you were a sole prop, they are schedule C expenses, if a corporation -...
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    USA Expenses related to a closed business

    They are not Schedule A. They are either C or D.
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