Tim_Chicago

I’m just here for the news and to watch you all act a fool.

[Tim_Chicago @Tim_Chicago]

@MPWambani @offdxan She most likely had additional taxes taken out for her reported tips

[Tim_Chicago @Tim_Chicago]

@rledbetterCPA Constructive receipt, even if cash basis.

[Tim_Chicago @Tim_Chicago]

@IraGilligan

[Tim_Chicago @Tim_Chicago]

@AB84

[Tim_Chicago @Tim_Chicago]

@SiegelMicha Nice! Would be great to get a look at that!

[Tim_Chicago @Tim_Chicago]

@rledbetterCPA @uptonaccounting PS - I hope you are never in this position again as well… Sorry you had this happen and appreciate you passing on your experience as a teachable moment.

[Tim_Chicago @Tim_Chicago]

@rledbetterCPA @uptonaccounting To take a step further, if it had been 20K or 25K, are you filing a gift tax return, or rethinking the position? I hope to never be in this position, but it’s a good thought experiment.

[Tim_Chicago @Tim_Chicago]

@rledbetterCPA @uptonaccounting If looking to deduct as a business expense, I would also wonder about classification of the deduction. It’s rooted in penalties, but not your penalties… Perhaps rebate of client fees paid until it burns off is the cleanest way to do it.

[Tim_Chicago @Tim_Chicago]

@rledbetterCPA @uptonaccounting I appreciate this transparent post and the back-and-forth. If taking the position that it’s a gift, how would you document? Just a well written email to the client stating that it’s a gift that is below the limit for a filing requirement?

[Tim_Chicago @Tim_Chicago]

@LoganGrafTax

[Tim_Chicago @Tim_Chicago]

@baldridgecpa What corporate structure did you elect? Setting up an LLC for one person is all about limiting liability, as it is disregarded for tax purposes. You can’t pay a salary, unless you make an election to be taxed as a corporation or an S corporation.

[Tim_Chicago @Tim_Chicago]

@Smack_Check @money_cruncher @theficouple @Tesla Good point, this is the tax effect of the NOL, not the NOL itself.

[Tim_Chicago @Tim_Chicago]

@money_cruncher @theficouple @Tesla I don’t know if it’s just me, but I see 8 fucking replies, every time I type something. This is I don’t tweet, or X whatever. I suck at this. Go Bears.

[Tim_Chicago @Tim_Chicago]

@money_cruncher @theficouple (1) @money_cruncher @theficouple @Tesla is sitting on $1.2B in Net Operating Loss carry forwards according to their 10k, which makes it very likely that they did not pay any Fed taxes in 2023 and may not in 2024 either once their tax returns are filed. So what.

[Tim_Chicago @Tim_Chicago]

@money_cruncher @theficouple @Tesla Also, less than half of their sales are in the US, so they are most likely paying a lot of income taxes outside of the US, as well as in certain states, all of which can help offset their federal taxes. This is most likely what the income taxes paid item is referring to.

[Tim_Chicago @Tim_Chicago]

@money_cruncher @theficouple @Tesla This is very common for companies that have been spending heavily on R&D in early years, and then start making money. this is not nefarious, this is how the US tax code works to incentivize companies to spend money on innovation.

[Tim_Chicago @Tim_Chicago]

@scar179nyc RIP JD

[Tim_Chicago @Tim_Chicago]

@woefuljest @TheRewatchables Blown Away with Jeff bridges and TL Jones

[Céspedes Family BBQ @CespedesBBQ]

19,890th player in MLB history: Elliot Soto

- 15th round pick by CHC in '10 out of Creighton (was teammates w/ Darin Ruf & Pat Venditte)
- traded to MIA in '15
- spent '16 w/ MIA, '17 w/ CHC, '18/'19 w/ COL; all in AAA!
- 867 MiLB games, mostly at SS
- holy shit, he made it!!!

[Los Angeles Angels @Angels]

After 10 years in the minors, Elliot Soto is making his Major League debut.

Welcome, Elliot!