Creative Finances

[atlcomedy]

Originally Posted by Woody of TX

But were are the "Links" to verify such?

lmao

[johnnybax]

Just pay your taxes. The IRS is not one to try and fuck out of $$

[notdeadyet]

Originally Posted by WTF

Bottom line folks is if you don't have a good CPA....get one!

Actually, you should be very careful about saying anything to a CPA. There is no "CPA-client privilege" like the "attorney-client" privilege, and your CPA can be compelled to disclose conversations and communications with you to the IRS and anyone else.

[alamomike]

IRS rules for 2010:
The annual exclusion for gifts of present interests made to a donee during the calendar year remains at $13,000.

There is no tax if you make the gift to your spouse or charity.
If you make a gift to someone else, the gift tax usually does not apply until the
value of the gifts you give that person exceeds the annual
exclusion for the year. (now 13K)
Recipients:
Most gifts are not subject to the gift tax.
No tax payable by the person receiving your gift or
bequest. Generally, the person who receives your gift
will not have to pay any federal gift tax or
estate tax because of it. Also, that person will not have to
pay income tax on the value of the gift. (per IRS Publication 95, 2009)
Note the wording, gift.

[atlcomedy]

Originally Posted by alamomike

IRS rules for 2010:
The annual exclusion for gifts of present interests made to a donee during the calendar year remains at $13,000.

There is no tax if you make the gift to your spouse or charity.
If you make a gift to someone else, the gift tax usually does not apply until the
value of the gifts you give that person exceeds the annual
exclusion for the year. (now 13K)
Recipients:
Most gifts are not subject to the gift tax.
No tax payable by the person receiving your gift or
bequest. Generally, the person who receives your gift
will not have to pay any federal gift tax or
estate tax because of it. Also, that person will not have to
pay income tax on the value of the gift. (per IRS Publication 95, 2009)
Note the wording, gift.

.

[alamomike]

Originally Posted by notdeadyet

Actually, you should be very careful about saying anything to a CPA. There is no "CPA-client privilege" like the "attorney-client" privilege, and your CPA can be compelled to disclose conversations and communications with you to the IRS and anyone else.

The way around that is to have privileged communication with your attorney. Your attorney in turn would have privileged communication with the accountant. You talk to attorney, accountant talks with attorney. (personal experience with IRS audits)

[MrGiz]

PAY TAXES on a tractable , legit, TAXABLE INCOME !!

Giz

[Eliza]

Gee, ATL. That's a very large font.

[atlcomedy]

You know what they say about a man with a big font

[I'll reduce it shortly, kind of a commentary on our current advertising policy]

BTW, alamomike, I didn't mean to jump all over you, thanks for your counsel, I just wanted to use the "beating a dead horse" smilie on something....

[guest051510-1]

Originally Posted by alamomike

IRS rules for 2010:
The annual exclusion for gifts of present interests made to a donee during the calendar year remains at $13,000.

There is no tax if you make the gift to your spouse or charity.
.

OK, so now all clients that want to give me gifts higher than $13,000 will need to meet me in Las Vegas at the Little Wedding Chapel before handing me the white envelope. Annulment given at the conclusion of date.

Of course this only works with the unmarried clients. If I was high volume, I could break some world records on marriage.

[Camille]

Originally Posted by Ansley

I don't think I have received a double word on one of my smart ass comments.

Late to the party as usual but make it a triple

[Camille]

Originally Posted by SR Only

More for your smoking pleasure:

I will guesstimate that the popcorn icon comes in might handy at some point!

[Camille]

Originally Posted by atlcomedy

.Please Contact me for Tour Dates....if you need to screen me please do so before I arrive in your City

OMG..you are KILLING me here

[WTF]

Originally Posted by notdeadyet

Actually, you should be very careful about saying anything to a CPA. There is no "CPA-client privilege" like the "attorney-client" privilege, and your CPA can be compelled to disclose conversations and communications with you to the IRS and anyone else.

You are correct....Should have said Tax Attorney.