[Anonymous]

1) If an employee is required to live in a building for his job how is his rent handled? Is it deductible on Schedule A?

2) If a corp, partnership, trust, estate is not on a calendar year when is the return due? 3.5 or 4.5 months from fiscal year end?

3) I read that extensions are only 5 months for some entities, but I can’t remember which ones. Was it maybe trusts and estates?

[Anonymous]

I'm going to bump this thread because I have no idea what the answer is to your questions. I don't even understand the first question. How can someone be required to live in a building by their employer? I guess if you worked for Yahoo or Google and they have some sort of dorm set up, but I would think they wouldn't require you to pay rent in that situation. I have no idea. As for the other two questions try irs.gov. I'm sure you will find the answers to those two questions there.

[Anonymous]

I'm going to bump this thread because I have no idea what the answer is to your questions. I don't even understand the first question. How can someone be required to live in a building by their employer? I guess if you worked for Yahoo or Google and they have some sort of dorm set up, but I would think they wouldn't require you to pay rent in that situation. I have no idea. As for the other two questions try irs.gov. I'm sure you will find the answers to those two questions there.

[005]

someone please correct me if I'm wrong:

for question 1, If it is a requirement in order to have the job and for the convenience of the employer; like you have mentioned; then it is deductible for AGI on Schedule C. I do not believe it gets itemized on Schedule A.

as for the 5 month extension, that's for partnerships and LLCs that file a 1065, I think…

as you can tell, I'm not as prepared as I would have like to been for this REG exam in a few days.. lol

I hope someone can chime in and confirm

BEC - ✔
REG - ✔
AUD - ✔
FAR - 11/29/14

CPAExcel, Ninja MCQs, and a sh*t ton of coffee

[005]

someone please correct me if I'm wrong:

for question 1, If it is a requirement in order to have the job and for the convenience of the employer; like you have mentioned; then it is deductible for AGI on Schedule C. I do not believe it gets itemized on Schedule A.

as for the 5 month extension, that's for partnerships and LLCs that file a 1065, I think…

as you can tell, I'm not as prepared as I would have like to been for this REG exam in a few days.. lol

I hope someone can chime in and confirm

BEC - ✔
REG - ✔
AUD - ✔
FAR - 11/29/14

CPAExcel, Ninja MCQs, and a sh*t ton of coffee

[Tncincy]

005, I think that if an employee is required to stay on the premises then either the employer pays the rent as part of the salary or the employee allowed to use schedule a because he is not reimbursed by the employer. there is no reason to file a schedule c that I know of…… You didn't give the choices to the questions. where did this question come from?

Well you will have to look up the entities and their due dates to find out when they are diue and the amount of time an extension is allowed.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Tncincy]

005, I think that if an employee is required to stay on the premises then either the employer pays the rent as part of the salary or the employee allowed to use schedule a because he is not reimbursed by the employer. there is no reason to file a schedule c that I know of…… You didn't give the choices to the questions. where did this question come from?

Well you will have to look up the entities and their due dates to find out when they are diue and the amount of time an extension is allowed.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[005]

Yeah you're prob right; crap, I remember reading about this too, just can't find it in my materials.

BEC - ✔
REG - ✔
AUD - ✔
FAR - 11/29/14

CPAExcel, Ninja MCQs, and a sh*t ton of coffee

[005]

Yeah you're prob right; crap, I remember reading about this too, just can't find it in my materials.

BEC - ✔
REG - ✔
AUD - ✔
FAR - 11/29/14

CPAExcel, Ninja MCQs, and a sh*t ton of coffee

[Tncincy]

entity extensions and due dates should be in a quick summary

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Tncincy]

entity extensions and due dates should be in a quick summary

It begins with a 75
Been here too long as a cheerleader....ready to pass

[005]

You're right, and here it is:

Partnerships and Trusts can receive the 5 month extension

Tax-Exempt Organizations 3 months (or 3 more if approved)

Everyone else, 6 month extension

BEC - ✔
REG - ✔
AUD - ✔
FAR - 11/29/14

CPAExcel, Ninja MCQs, and a sh*t ton of coffee

[005]

You're right, and here it is:

Partnerships and Trusts can receive the 5 month extension

Tax-Exempt Organizations 3 months (or 3 more if approved)

Everyone else, 6 month extension

BEC - ✔
REG - ✔
AUD - ✔
FAR - 11/29/14

CPAExcel, Ninja MCQs, and a sh*t ton of coffee

[h0wdyus]

@005

When partnership elects a tax year other than a required year they must make a required payment, which is intended to compensate the govt for the revenue lost as a result of tax deferral. this payment needs is due on May 15th each year.

FAR - 81 29th Aug 2013
AUD - 84
REG - 82
BEC - 89 29th Aug 2014
Using Yager

FROM NJ

[h0wdyus]

@005

When partnership elects a tax year other than a required year they must make a required payment, which is intended to compensate the govt for the revenue lost as a result of tax deferral. this payment needs is due on May 15th each year.

FAR - 81 29th Aug 2013
AUD - 84
REG - 82
BEC - 89 29th Aug 2014
Using Yager

FROM NJ

[Author]

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