Posts by Brenda Chase3

Nicole Lee6 said:Well, if you ask me, that’s exactly how it should be calculated, though it would probably be wise to let Brenda Chase3 weigh in and confirm 😉

Pardonček, I missed the question earlier, but here goes my confirmation. Sales tax is 7.5%.👍

Nicole Lee6 said:Alright, thanks so much!

Could someone else weigh in here? 😬
I’m dealing with a specific scenario where I’m selling a personal vehicle. When I originally bought it, we didn't claim any sales tax credits; instead, it was just rolled into the acquisition cost and we took a 70% deduction. Now that I'm selling it, we aren't charging the standard 25% sales tax because we're citing Section 40, Paragraph 2 of the Tax Code. So, here's my dilemma:
- In which column of the IRA ledger should this transaction be recorded—is it Column 16, "Other Exemptions," or somewhere else?
- And where does this go on the sales tax return? I'm assuming it falls under I. neoporeziv, but which specific box should I be checking?

For the IRA ledger, you'll put it under Column 16, "Other Exemptions." On the sales tax return, it goes under section I, specifically in box I/10, "Other Exemptions."

Nicole Lee6 said:I could really use a little guidance here—is my understanding of the following correct?
1. If I buy a personal vehicle from an individual (we have a bill of sale, and the 5% sales tax was already settled), does a 25% sales tax apply when I eventually sell it?
2. If I purchase a personal vehicle from a corporation (I have an invoice showing sales tax that was claimed as an input credit because the car was used for a rental business), does a 25% sales tax apply upon resale?
3. If I buy a personal vehicle from a corporation (there's an invoice showing sales tax, but instead of claiming the full credit, it was treated as a business expense with a 70% deduction), then during the sale, no 25% sales tax should be applied, citing Section 40, Paragraph 2 of the Tax Code. (Quick side question: which specific box in the QuickBooks ledger or the later tax filing is this reported in, or is it omitted from the tax return entirely?)

I actually spent some time digging into this very topic today, and everything you laid out is spot on. Great job, Nicole Lee6! 👏 😉

Michelle Sullivan2 said:Hey everyone!
I had that portal app installed about a year ago, but since I switched computers, it’s totally gone. Now I can't find it anywhere, and honestly, I don't even remember how I downloaded it in the first place. I wouldn't even need it if Medicare hadn't decided that updates have to be sent in manually—like, enrollment and cancellations are fine online, but for changes, we have to mail in paperwork... Anyway, does anyone know where I can grab that Super Bowl Client again?
.

You actually can't use the old application anymore because they've migrated everything to a new system. There's an announcement about it right on their official website.

http://www.medicare.gov/digital-health/

Larry Edwards3 said:I had a quick question for anyone who has been submitting their GFI public disclosures through the e-fine portal lately. When you go back to review the documentation you've already sent off and you happen to open one of those non-standard files, does the actual PDF show up without a signature on the document itself? I was wondering if that's actually how it’s supposed to look, or if maybe I've missed a step somewhere.

Yes, it’s unsigned, and that is perfectly fine. When you are submitting non-standard documentation, the instructions explicitly state that you shouldn't scan a hard copy that has been physically signed; instead, you just upload the digital PDF as is. Once you have the authorization to electronically sign GFI filings, that digital credential applies to all your other documentation as well.

Robin Kern76 said:So, I called the legal department over at the National Oceanic and Atmospheric Administration, and this super nice lady told me to just submit the M4-P form. I attached a little note explaining everything along with the form, and just like that, it was all sorted out. But now that I think about it... do I need to report this or change anything with Medicare & Medicaid Services?

You don't need to change anything with Medicare & Medicaid Services. They don't actually require you to specify whether an employee is on a contract basis or permanent; that kind of detail is really only relevant to the National Oceanic and Atmospheric Administration.

Robin Kern76 said:So, does anyone actually need to attach any paperwork—like an employment contract or whatever—when you're registering a new employee through Medicare? Because looking at the required documentation section on the Medicare portal, it doesn't list anything besides the eM-1p insurance start notice. Is it really that simple? Or am I missing something obvious here?

No, you don't need to provide anything else for the registration process.

Robin Kern76 said:Help me out here, please. A company offered an employee a permanent contract back on February 1st, 2015—just to stop paying those extra payroll taxes—after they'd been on a fixed-term deal. So, now I’m wondering... was I actually supposed to update their Medicare status for someone under 30?
Honestly, it didn't even cross my mind. Everyone always says you just sign the contract with the worker, keep the paperwork on file at the office, and that's the end of it. Simple, right?
But then, almost a year later, I finally logged into the NOAA portal and saw this message sitting in my unread notifications about changing the insurance base. 😲
If this change is actually required, is the system even going to let me backdate it to February 1st?
Has anyone actually dealt with this before? 🙂

I distinctly remember calling NOAA over a year ago to ask if we had to report it when a contract gets extended. The lady on the phone told me no—just sign the new contract and call it a day. 😢

If I were in your shoes, I would reach out directly via phone or email using the contact info provided in the app to explain the whole situation. In my experience, their customer service is quite reliable; they respond quickly and have even called me back. It's better to hear the facts straight from them. They'll tell you exactly how to fix it, and you might just need to upload a scanned letter explaining that it was a simple oversight, and then it's all settled.

Sandra Wells5 said:An employee was offboarded from his previous company on March 31st and started with us on April 1st. In my rush to meet the filing deadline, I processed him as a fixed-term employee based solely on his termination notice, completely unaware his boss had actually signed him for a permanent position. Since the filing hasn't been processed yet, how should I fix this? Should I just wait until it clears and then send an amendment via the portal?

Since the paperwork hasn't been processed yet, you should try sending them an email immediately; there’s a chance they can correct it on the spot. You can find the list of contact emails right there on the portal while you're working on the electronic filing. If that doesn't work, your last resort would be to submit an amended report once the initial one is finalized.

Exactly. Even if there’s no actual cash changing hands, you still have to draft a formal lease agreement. It doesn't matter if the space is being used by his wife or a neighbor; the rental value has to be documented. Even if he’s just letting his business use his own garage, they need to execute a lease between himself and the LLC. From the IRS's perspective, whether money actually moves from one pocket to another isn't the deciding factor. They are going to calculate the tax based on the fair market rental value, and that's what his spouse will ultimately be liable for to the government.

Paul Campbell3 said:My bad, I misspoke: I meant repair services, not sales. Total brain fart there. 😁
I definitely know retail and food service are off the table for this setup.

In that case, you could opt for a simplified tax filing structure. You'll just need to draft a lease agreement between the garage owner and the business entity (or if you own both the house and the garage, then an agreement between yourself and the business). That contract needs to be submitted to the IRS, among other places, so they can properly calculate the rental taxes and surcharges.
As for the actual registration process, perhaps someone else on this forum could walk through the steps? It would be great to hear from someone who has recently navigated the paperwork so you can get some firsthand insight.

Paul Campbell3 said:Hey there!
Quick question: can I run a bike repair and sales shop as a sole proprietorship? What kind of paperwork am I looking at—do I need any specific certifications or permits since I'll be running everything out of my home garage?
Thanks!

If my memory serves me right, you can't register retail or hospitality businesses under a simple sole proprietorship setup. Since selling bikes falls under retail, the IRS and local licensing boards likely won't let you go that route. Maybe someone else here who runs a small business can weigh in and confirm.

Justin Torres34 said:Quick question here,

If I’m running my own side business while also working a regular 9-to-5 at a company, does the IRS combine both incomes when calculating my tax bracket? Also, can I use net operating losses carried over from previous years to offset my self-employment income dating back to 2014?

Yes, they do. When you file your tax return, you’ll report your W-2 earnings from your employer under one section, and then list your self-employment income separately under the appropriate schedule.
If you reported a net operating loss on your previous year's filing, you can certainly apply that carryover to reduce your current taxable income.

http://www.obracun-placa.com/index.p...invaliditetom/

This is the notice of classification according to NKD regarding fees for failing to hire individuals with disabilities. To put it simply, companies that are legally required to hire people with disabilities but choose not to must pay $303 per individual they failed to employ into this specific account.

Matthew Mendoza9 said:Hey everyone, I could really use some guidance here regarding fuel entries—our company owns a heavy-duty truck that we write off at 100%, but the owner also uses his personal car sometimes. He’ll occasionally use the company card to fill up with diesel, though since those instances are pretty rare, I just end up booking everything under the truck.

The tricky part is when he uses the company account to grab gasoline for his other vehicle, which is strictly a personal gas car. Since I’m already pulling a massive stack of ATM withdrawal logs to cover the cash needs for that private vehicle, I’m totally stuck on how to properly reconcile those specific gas receipts in the ledger.

Thanks!

You simply cannot book those expenses because that vehicle isn't registered to the business.

Robin Cook4 said:Hey, quick question—I just dropped off my paperwork at the clinic and Social Security. Any idea if I'll get a confirmation via email, or is there usually a wait? I really need to get an employee registered ASAP.

Social Security usually gets you set up almost immediately once they receive the files; you can just log into the app and handle the filing right then and there. However, Medicare tends to be incredibly sluggish with this kind of thing—you might be looking at a wait of up to a month, though they will eventually send you an email notifying you that your registration is complete. If you need a processed form from Medicare in the meantime, you'll likely have to physically bring it in until they fully register you in the system. Once that registration goes through, you won't even need to deal with Medicare manually anymore because everything is automated now; they just email the processed forms to everyone who is registered. In my opinion, there's no need for you to visit the Medicare office in person; they'll process the application based on the NOAA report, but you won't see that official processed paperwork until you are fully integrated into their system.

I’m not going to claim someone might find a specific clause in the Internal Revenue Code, but I still firmly believe this shouldn't be an issue. Think about it: if I pay my mom's ConEd bill using my own checking account, as long as I include the correct account number, they process it without a second thought. The bill gets cleared, her service stays on, and nobody sends a late notice just because Person X paid instead of Person Y. If you can explain why that works, then you’ve got your answer. My logic follows how all the major corporations operate—they track payments based on those reference numbers. If the number didn't matter, they wouldn't bother having it. Why not just put a clear note on the invoice stating that the reference number must be included, otherwise the payment won't be credited to the account? That’s exactly how all the big players handle it. If massive utility companies function this way when paying monthly bills, I don't see why it should be a problem for smaller businesses.

The invoice should be issued to the actual consumer, regardless of who ends up footing the bill. My logic is pretty straightforward: the invoice belongs to the person actually consuming the service. Who physically swipes the card or transfers the funds isn't really the issue, provided you have a solid tracking system in place. Think about it this way—if your mom gets a phone bill or an electric bill from ConEd, and you just pay it out of your checking account instead of hers, the bill is settled once the payment hits that specific account number. It doesn't matter that you were the one who paid; the utility company doesn't suddenly view the transaction as invalid or refuse to credit the account. The only time things get messy is when there’s no clear link, like a missing account number or a vague reference, because then how would a massive corporation like Walmart or JPMorgan Chase know which customer actually cleared their debt? But as long as there is a reliable way to track the payment back to the specific account, there shouldn't be any issues at all.

rapidcanyon5 said:Thanks for the heads up... I assume the specific steps are laid out on the paperwork sent by the agency.

Does anyone happen to know if an employer can apply for both tax credits and the hiring incentive for the long-term unemployed at the same time? Like, can they submit a request for the half-and-half measure and then also file for the other relief?
this one:
http://www.dol.gov/default.aspx?id=11800

Or are they strictly limited to choosing just one?

They can't do both; one option effectively rules out the other. It’s an "either-or" situation. An employer really needs to crunch the numbers to see which route offers the better financial advantage and then file for that specific one. They can't stack both solutions for the same employee.

Small business contribution rates for 2015 (noting they've climbed slightly compared to the 2014 figures):

http://www.chamberofcommerce.com/press/news/new_rates_for_2015