CPA'S??

[Loren]

I have a question can some tax savvy person plz pm me...Im thinking Farrah but i dont remember, i need helppppp like before 8 am, k thanks buhbye

[Draft Dodger]

<-- wishes he was a tax savvy person

[sovereignstar]

I don't know if I'd ever be able to resist you in a chatroom-type setting.

[Loren]

Originally Posted by sovereignstar

I don't know if I'd ever be able to resist you in a chatroom-type setting.

buttt you could chatroom stalk meee

[Philliesfan980]

CPA here

Edit:

Don't focus on tax, but know enough to answer most questions.

[kiwiLB57]

CA (not CPA) here.

Not tax focussed either, and not overly familiar with American tax. In actual fact I am probably of no use to you at all, but figured that we C(P)A's get no love so I would jump on the I am a C(P)A bandwagon.

What was the question again?

[Desnudo]

Originally Posted by Philliesfan980

CPA here

Edit:

Don't focus on tax, but know enough to answer most questions.

What is the average air speed velocity of an unladden sparrow?

[bryce]

I'm also a CPA, but I'm also not focused in tax, but I can take a stab at it..

[kiwiLB57]

Originally Posted by Desnudo

What is the average air speed velocity of an unladden sparrow?

African Swallow or European Swallow?

[BuffaloHuskey]

CPA here, but just like the others don't focus in tax, but have a solid knowledge of personal income tax. PM me if you need help

[Farrah Whitworth-Rahn]

Someone called? My ears were burning.

[Farrah Whitworth-Rahn]

Dola - sorry I didn't make it before your deadline. Was at the Grand Canyon.

[Raiders Army]

Originally Posted by Farrah Whitworth-Rahn

Dola - sorry I didn't make it before your deadline. Was at the Grand Canyon.

Must...resist...comment....

[Farrah Whitworth-Rahn]

Originally Posted by Raiders Army

Must...resist...comment....

What comment? Seriously I've been sitting here trying to figure out what you could possibly say to that. I got nothing.

[Desnudo]

Originally Posted by kiwiLB57

African Swallow or European Swallow?

I...don't know

[MrBigglesworth]

Originally Posted by Farrah Whitworth-Rahn

What comment? Seriously I've been sitting here trying to figure out what you could possibly say to that. I got nothing.

When in doubt, try the Urban Dictionary:

hxxp://www.urbandictionary.com/define.php?term=Grand+Canyon

[cartman]

Tip:

For big tax questions, use a Tax Attorney. You are then protected by attorney/client privilege. The IRS is known to give bounties to CPAs who turn in clients for tax code violations.

Don't ask me how I found this out, lemme just say it was the hard way.

[MrBigglesworth]

Originally Posted by cartman

Tip:

For big tax questions, use a Tax Attorney. You are then protected by attorney/client privilege. The IRS is known to give bounties to CPAs who turn in clients for tax code violations.

Don't ask me how I found this out, lemme just say it was the hard way.

A good CPA will save you money LEGALLY. Sure there are gray areas to play around in, but if you go into it attempting to brazenly break the law, then I think you should get what's coming to you.

[cartman]

Originally Posted by MrBigglesworth

A good CPA will save you money LEGALLY. Sure there are gray areas to play around in, but if you go into it attempting to brazenly break the law, then I think you should get what's coming to you.

Unless the CPA gives you bad information on purpose, so they can turn you in and get the bounty. That's what really pissed me off.

[Loren]

geez all i wanted to know was if i was a full time employee getting normal wages w/ taxes taken out, i know thst all goes on my W-2 but i also got $500 with no taxes taken out and my boss labeled it "contract labor", if i could just add that onto my w-2 or if i had to get a w-2(normal pay) AND a 1099($500), and also what do i do with the money she gaves us as a xmas gift, andd the 200 she gave me under "mileage"..do i hafta put that somewhere or what ps. i hate my boss
and is the grand canyon code for ass or vaginer? im thinking it could go either way, no?

[duckman]

Originally Posted by Raiders Army

Must...resist...comment....

You shouldn't be talking about my ex-wife like that.

[Draft Dodger]

Grand Canyon would be a new one to me

[MrBigglesworth]

Originally Posted by cartman

Unless the CPA gives you bad information on purpose, so they can turn you in and get the bounty. That's what really pissed me off.

Yeah, that definitely sucks. Was it bad enough where you could sue the CPA?

[kiwiLB57]

Originally Posted by Desnudo

I...don't know

Estimating the Airspeed Velocity of an Unladen Swallow

[Farrah Whitworth-Rahn]

Originally Posted by MrBigglesworth

A good CPA will save you money LEGALLY.

Yep. By exploiting every possible loophole availabile in the 10,000 pages plus tax code.

[Farrah Whitworth-Rahn]

Originally Posted by Loren

geez all i wanted to know was if i was a full time employee getting normal wages w/ taxes taken out, i know thst all goes on my W-2 but i also got $500 with no taxes taken out and my boss labeled it "contract labor", if i could just add that onto my w-2 or if i had to get a w-2(normal pay) AND a 1099($500), and also what do i do with the money she gaves us as a xmas gift, andd the 200 she gave me under "mileage"..do i hafta put that somewhere or what ps. i hate my boss
and is the grand canyon code for ass or vaginer? im thinking it could go either way, no?

Ok, usual disclaimer here - this is not tax advice and you should see your tax professional to address your particular tax situation.

IN GENERAL - amounts reimbursed to employees for mileage are not taxable and should not be included in their W-2 amounts.

Any bonuses you received should be included in taxable wages on your W-2. If the bonus was given to you "under the table" and is not included in your W-2, it is your responsiblilty to report it on your 1040 as 'other income'.

It's odd you received a 1099 for only $500. That's below the threshhold for reporting contractor income. So I'm wondering what else that might be for. But in any case, from what you are describing, it sounds like the income reported on the 1099 MISC was for something other than your normal employment. Did you switch from an employee to a sub-contractor during the year? There are different reasons for reporting income on a 1099, and various tax treatments at the individual level based on what type of income that is. It is taxable, and may also be subject to self-employment tax.

[BuffaloHuskey]

Originally Posted by cartman

Tip:

For big tax questions, use a Tax Attorney. You are then protected by attorney/client privilege. The IRS is known to give bounties to CPAs who turn in clients for tax code violations.

Don't ask me how I found this out, lemme just say it was the hard way.

Actually, CPA's have the equivalent of attorney/client privlege in most instances. I work on highly confidential projects, and share the same confidentiality provisions as an attorney.

Also, I have never heard of CPAs given bounties to turn in clients for tax code violations. If, and I say if this happens, the CPA would lose its clients. Word travels fast in the service industry. The CPA has the right to refuse to sign the return but I am pretty sure a CPA is forbidden from reporting tax code violations to the IRS under AICPA guidelines.

[BuffaloHuskey]

Originally Posted by Loren

i also got $500 with no taxes taken out and my boss labeled it "contract labor"

I also must disclaim that I am not providing tax advice, but rather making some observations about your situtation. You should consult your tax advisor for tax advice.

This is pretty shady on your employer's part unless you switched from employee to contractor.

The IRS has developed a list of 20 factors it uses to determine employee or subcontractor status. I have listed only a few.

Does the business require the worker to follow their instructions on how work is to be performed? This will generally indicate an employee; an independent contractor makes their own decisions on how best to complete a task or project.

Does the business provide training to the worker? An independent contractor generally provides their own training and/or certification.

Are the worker’s services a substantial or integral part of the business? If yes, it suggests the business maintains control and direction over the worker, making them an employee.

Does the business require the worker to perform all services personally? An independent contractor should have the option of subcontracting out portions of a job to others, or of having their own employees perform various tasks.

Does the business set the worker’s schedule and hours? Independent contractors set their own work schedules.

Does the business require the worker full-time? This suggests the worker is an employee because the business controls their work and prevents them taking on other clients.

Does the business pay by the hour, week or month? This will suggest someone is an employee; independent contractors are often paid a flat rate for completion of a specific project.

From what I am guessing the $500 you were paid was improperly exlcuded from your paycheck, and your employer did it to skip out on paying taxes.

This would concern me if I were you, as it may be a sign of financial struggles for your employer. I would consider talking with some others from your group and see if the employer did the same thing with them.

The next time your employer tries to give you a check like that, I consider asking him to run it through payroll. In all honestly, I doubt that the IRS would ever come after you about it, since you are reporting on your 1040, but it is likely they would be all over your employer if they found out.