User talk:Jdugancpa

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Contents 1 Comment for Jim? 2 S corp Home Office Deduction 3 "Certified" as Chronically Ill 4 LLC property/paying of note 5 Hey Jim! 6 solo 401(k) more than 1 employer 7 VKD 8 SEP-IRA S-CORP 9 JD 10 Not that dark of grey

Comment for Jim?

Hi. If you have a comment for me, I would much prefer to receive it by email than through this User Talk page. You can email me from my website: http://jdugancpa.com/deux.jsp?content=520&decider=jdugan (I would give out my email address, but before when it was listed directly on my website it resulted in tons and tons of spam.)

S corp Home Office Deduction

Hi, JD I just finished reading the home office PLR and 280A re home office. 280A seems to say no deduction for individual and S corp. Therefore S would not get a rent deduction. yes /no? bye WesR

"Certified" as Chronically Ill

I'm currently researching this issue(and surrounding issues) for a dementia patient in a Board and Care facility. I'm not sure this will help but I located a SAMPLE CERTIFICATION OF CHRONICALLY ILL INDIVIDUAL UNDER INTERNAL REVENUE CODE §7702B. See Alzheimer’s Association – serving Northern California and Northern Nevada. http://www.alznorcal.org/abtalz/chronicill.asp. Your client may be able to adapt/use this example to obtain a the doctor's certification.

The organization also provides additional discussion in "Are the Costs of Caring for A Person With Alzheimer's Disease Deductible?" http://www.alznorcal.org/abtalz/taxdeduct.asp. After researching this subject in a number of sources and not finding an exact answer, I was comforted with their statement: "This area of the tax law is unclear and very complex."....Ruthtx 18:04, 17 October 2006 (CDT)

LLC property/paying of note

am hoping you can answer this. 

Purchased a rental-got a personal loan that is unassumable. We formed a LLC and are contributing the property (filing a Quit claim deed). How do we pay the note that is our name? Do we personally pay and then get reimbursed by the LLC or can I just pay the note directly from the LLC? --Alice216 19:01, 3 December 2007 (CST)

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Hey Jim!

You and your son look just alike on your website! I'll have to wait a while for my sons to be as tall as me, just now 5 and 1! Anyway, thanks for the chat on TA, I'm learning a lot from you guys doing this twice as long as I have, see you around the Almanac pages!

Donnie

solo 401(k) more than 1 employer

Jim I read your response on the "ABC" and sideline XYZ consulting corp. The question is if ABC is owned 50% by EE and has a SIMPLE plan in effect can he have his own solo 401(k)plan in XYZ. And according to your response he would be able to contribute $5500 (max in the aggregate). However, can the XYZ still contribute 25% towards p/s for EE? Thanks for your assistance in understanding this very technical areana. WayneC

VKD

Thank you for your response. Obviously, this plan must be considered an asset to the particpant, not the employer. Thanks again.

Thank you for your response. I didn't know you could do both.

Lily

SEP-IRA S-CORP

Hi Jim,

I am asking you a direct question since you seem to be very knowledgable.

I asked the question on the forum but didn't get any response.

I setup S Corp beginning of 2006 and started contributing to SEP-IRA. I am paying myself salary through S CORP and sending a S COPR company check for 25% to my SEP-IRA account. The SEP-IRA account is my name and not company's. The SEP-IRA company told me they cannot keep it on company name.

I have been showing the amount paid into SEP-IRA on 1120S as pention and retirement plans.

These are not shown on Schedule K1 or on my personal taxes anywhere.

However the payroll company that does my payroll (i.e. pays me salary and produces W2) doesn't show it on the W2, like W2 for people who contribute for 401K show the contribution on their W2.

Is this ok? Is there any other paperwork I may be missing?

Thanks in adavance.

--Nitin Naik

JD

I am seriously considering bringing this post in tommorrow to show around at the Juvenile CLE seminar. I guess it is possible to anticipate a kid with a tax fraud case in this increasingly insane world in which we live! I do remember working a lot harder during my summers off school to come up with $800, don't you? CrowJD 23:13, 28 May 2008 (CDT)

Not that dark of grey

It may be a new take on the law, but not that grey. Plumbers do construction. The statute says "construction". In the right case, I'd have no problem at least presenting a case before a judge. That's what we pay judges to do: make factual and legal decisions. CrowJD 15:05, 16 June 2008 (CDT)