misc.taxes.moderated Google Group

Re: Are business donations to charities deductible?

2009-07-06T13:52:27Z

In article <d00d9a72-9634-471d-a265-4165d fb02...@24g2000yqm.googlegroup s.com>,
You can deduct the value of the advertising you get from it as a
business expense for advertising, and the rest as a charitable
contribution (subject to the usual limitations).
Seth

Re: Are business donations to charities deductible?

2009-07-06T12:14:26Z

First of all, you need to distingquish between a marketing or advertising
expense and a charitable donation. Presuming that you are talking about a
donation of cash (check) as opposed to a donation of inventory or other
property, it is generally deductible. Where it gets reported and
limitations that may apply depend on the form of your business. A sole

Re: Are business donations to charities deductible?

2009-07-05T21:23:22Z

In article <d00d9a72-9634-471d-a265-4165d fb02...@24g2000yqm.googlegroup s.com>,
Are you a sole proprietor, who files a schedule C? If so,
charitable contributions are reported on Schedule A not
Schedule C.
If you have another form of business, please add those details.

Re: Are business donations to charities deductible?

2009-07-05T21:23:09Z

In many cases, yes. How it is reported depends on the
type of entity. If you are an individual reporting business
activity on a Schedule C, your donation is reported on
your Schedule A, just as if it were an individual donation.
If your business is a corporation, it is reported on your
corporate tax return form 1120, line 19, and is limited to 10% of

Are business donations to charities deductible?

2009-07-05T21:14:59Z

If my business makes a donation to charity that is completely
unrelated to my business, is that tax deductible? I understand that if
your donation gives you some advertising, then you can deduct a
portion of it. But if the charity just take your money with a simple
thank you, is there anything you can deduct from that as a business

Re: Calif. source income

2009-07-05T06:03:53Z

Thanks. I am sure you are right and I was mistaken.
Steve

Re: 1120-S Late Filing

2009-07-05T05:11:22Z

Oh, I think you're quite right that the retroactivity of this penalty
is subject to challenge. I just don't think the current legislature
cares a nickel whether the penalty is constitutional or not. All they
cared about was getting the budget to balance on paper (at the time --
since then, as you probably have heard, we're about $26 billion in the

Re: Calif. source income

2009-07-05T05:00:31Z

snip
Steve, I agree with everything you've said in this discussion except
this last point. I don't believe there is any requirement, in
CAlifornia or anywhere else, that an LLC electing S treatment for
income tax purposes have officers, board meetings, issue stock, etc.
to the requirements of the LLC statute (Title 2.5 of the California

Re: Is this an installment sale?

2009-07-05T04:51:59Z

On Jun 11, 5:13 pm, "removeps-gro...@yahoo.com" <removeps-
I'm sorry, I didn't come back to see this at the time, so didn't
respond to your questions.
On the first point, generally if you elected out of installment
treatment for federal and state income tax purposes at the time of the
transaction, there would be no gain to recognize when the payment was

Re: Curious about charity running sweepstakes

2009-07-02T19:19:05Z

In article <lec_l.56162$qa.42...@bignews4 .bellsouth.net>,
My advice would be to sell it to a yacht dealer, and require a written
statement on letterhead that the price paid represented Fair Market
Value for a customer-to-dealer sale.
Why doesn't the usual definition of "Fair Market Value" apply?
Willing seller, willing buyer, neither forced to act?

Re: Liberty Tax penalized $1.16M in case over its advertising

2009-07-02T19:10:23Z

In article <h2iml2$10j...@adenine.netfron t.net>,
A good place to start would be to remove the Debt Indicator field
from the IRS Ack mssage.

Re: Liberty Tax penalized $1.16M in case over its advertising

2009-07-02T18:57:34Z

I would find it hard to fork over millions even if I had done it. Those
RALs should be illegal in the first place. It suckers in people who only
think of the refund they are getting regardless of the haircut the RAL
purveyors are trimming from the refund. It also promotes EIC fraud.

Re: Liberty Tax penalized $1.16M in case over its advertising

2009-07-02T15:29:15Z

"Bill Brown" <brow...@longwood.edu> wrote
Man. If I didn't do it, I'd find it hard to fork over millions of dollars.

CCH Tax News Headlines - July 2, 2009

2009-07-02T15:20:58Z

CCH Tax News Headlines - July 2, 2009
Federal Headlines: - [link]
7/2/2009 - CCN Addresses Handling of Equitable Innocent Spouse
Relief Requests Post-Porter (CC-2009-021)
7/2/2009 - IRS Did Not Fail to Properly Credit Checks Against
Married Couple's Tax Liability (Kovacevich, TCM)

Liberty Tax penalized $1.16M in case over its advertising

2009-07-02T12:30:22Z

"A California court imposed $1.16 million of civil penalties on
Liberty Tax Service, saying Liberty engaged in deceptive practices
when promoting its refund anticipation loans to tax-return filers."
[Source: [link]]
The article also includes, "California Attorney General Edmund G.