WSJ Annual meeting of the Association

sachia007 · Nov 24, 2015

Has anyone gone to this before? Does it make sense to attend?

ANNUAL MEETING

The 2016 annual meeting of the Association will be held on February 22 at the resort. If you will be at the resort that week, we encourage you to attend and ask questions. Information will be sent out in advance of the meeting.

Sincerely,

Philip G. Schrag
phil.schrag@gmail.com Robert H. Werbel
robert.werbel@yahoo.com

DavidnRobin · Nov 24, 2015

I would go if I were on StJ on Feb22.
If you do - I may have questions to ask.

sachia007 · Nov 25, 2015

David,

We will be there at that time and am thinking of attending.

Let me know what questions you have.

Scott & Laura · Nov 25, 2015

Accountants weigh in here

If my understanding is correct--if you go to owners meeting travel expenses are deductible on Taxes

You must attend and from my understanding be willing to document and prove you attended if you are audited.

Scott

sachia007 · Dec 3, 2015

Wow, if that is true, that's amazing. Anyone know?

DavidnRobin · Dec 3, 2015

I could see the write off for a BOD member, but would surprise me if for any Owner that just wanted to attend HOA meeting.

Jason245 · Dec 3, 2015

Scott & Laura said:
Accountants weigh in here

If my understanding is correct--if you go to owners meeting travel expenses are deductible on Taxes

You must attend and from my understanding be willing to document and prove you attended if you are audited.

Scott

False, unless you are a paid member of the board or an employee of the board required to attend.

It is possibly a deduction against rental income for your intervals at the property (see passive income deduction rules for rental property ), but can not exceed rental income.

The above should not be considered tax advise. Consult your paid cpa for a definative answer related to your circumstances.

Sent from my SAMSUNG-SM-N910A using Tapatalk

Helios · Dec 3, 2015

Scott & Laura said:
Accountants weigh in here

If my understanding is correct--if you go to owners meeting travel expenses are deductible on Taxes

You must attend and from my understanding be willing to document and prove you attended if you are audited.

Scott

Wouldn't that be sweet, I would love to travel on a subsidized trip by Uncle Sam.

Jason245 · Dec 3, 2015

moto x said:
Wouldn't that be sweet, I would love to travel on a subsidized trip by Uncle Sam.

There are ways to do it.. like attend a professional conference. . They are all over the world. ..

Above should not be considered tax advise..

Sent from my SAMSUNG-SM-N910A using Tapatalk

Helios · Dec 3, 2015

Jason245 said:
There are ways to do it.. like attend a professional conference. . They are all over the world. ..

Above should not be considered tax advise..

Sent from my SAMSUNG-SM-N910A using Tapatalk

Really, I can attend a professional conference in say Germany and deduct a portion of it. What kind of back up is required?

Jason245 · Dec 4, 2015

moto x said:
Really, I can attend a professional conference in say Germany and deduct a portion of it. What kind of back up is required?

I would talk to your cpa. As an example, I know of a scientist who attended a conference that was not reimbursed by employer. That conference became an unreimbursed business expense as it related to their profession (those fall under misc deduction with first 2 percent of agi being excluded ).

Above should not be considered tax advise. Talk to your paid cpa for your individual circumstances.

Sent from my SAMSUNG-SM-N910A using Tapatalk

DavidnRobin · Dec 4, 2015

and bring a kleenex for your CPA to wipe away the tears after they stop laughing...

Ken555 · Dec 4, 2015

moto x said:
Really, I can attend a professional conference in say Germany and deduct a portion of it. What kind of back up is required?

Happens all the time. Ask your CPA for exact documentation requirements (likely just a copy of the conference registration).

Sent from my iPad

Helios · Dec 4, 2015

Ken555 said:
Happens all the time. Ask your CPA for exact documentation requirements (likely just a copy of the conference registration).

Sent from my iPad

Anyone knows if rules may be different for S Corp owners who are also employees of the S Corp. In many ways, these individuals are treated as owners but in many other ways they are treated as owners.

I'll check with my corporate/personal CPA. And ask why they didn't mention this...

I'll mention I learned this at TUG and will give you credit...

Jason245 · Dec 4, 2015

moto x said:
Anyone knows if rules may be different for S Corp owners who are also employees of the S Corp. In many ways, these individuals are treated as owners but in many other ways they are treated as owners.

I'll check with my corporate/personal CPA. And ask why they didn't mention this...

I'll mention I learned this at TUG and will give you credit...

Are you paying for return prep or tax planning?

Sent from my SAMSUNG-SM-N910A using Tapatalk

Helios · Dec 4, 2015

Yes. I actually just switched firms. They are doing the whole package for the S Corp and personal.

Jason245 · Dec 4, 2015

moto x said:
Yes. I actually just switched firms. They are doing the whole package for the S Corp and personal.

That doesn't sound like tax planning. . Just return prep

Sent from my SAMSUNG-SM-N910A using Tapatalk

Helios · Dec 4, 2015

Jason245 said:
That doesn't sound like tax planning. . Just return prep

Sent from my SAMSUNG-SM-N910A using Tapatalk

They are doing tax planning. They run multiple scenarios to make sure the Corporate overhead, Corp taxes, and personal taxes produce the optimal result. There are about six meetings per year to make sure there are no surprises at the end of the year. Corporate OH is a key issue for us so we have to maintain a balance between it and taxes.

At least I call that tax planning...

Helios · Dec 4, 2015

BTW - Sorry for hijacking the thread.

Jason245 · Dec 4, 2015

moto x said:
They are doing tax planning. They run multiple scenarios to make sure the Corporate overhead, Corp taxes, and personal taxes produce the optimal result. There are about six meetings per year to make sure there are no surprises at the end of the year. Corporate OH is a key issue for us so we have to maintain a balance between it and taxes.

At least I call that tax planning...

I would ask them to spend at least 1 hour explaining to you how you can structure things like meals and entertainment and conferences in order to maximize tax avoidance. I would also ask them about the potential impact of paying for some expenses that would normally be paid In January I'm December to get the deductions in 2015 vs 2016.

Sent from my SAMSUNG-SM-N910A using Tapatalk

Helios · Dec 4, 2015

Jason245 said:
I would ask them to spend at least 1 hour explaining to you how you can structure things like meals and entertainment and conferences in order to maximize tax avoidance. I would also ask them about the potential impact of paying for some expenses that would normally be paid In January I'm December to get the deductions in 2015 vs 2016.

Sent from my SAMSUNG-SM-N910A using Tapatalk

We talked about the 2015 vs 2016 expense timing already. The meals, entertainment, and conferences are harder to deal with because we have to follow FAR guidelines and the accountants need to prepare audited overhead documentation. That determines what is allowed and what is not allowed. Weaving that with the taxes makes it even more complicated. Doing work for the government is not as easy as you may think.

Anyway, thanks for the advice.

Jason245 · Dec 4, 2015

moto x said:
We talked about the 2015 vs 2016 expense timing already. The meals, entertainment, and conferences are harder to deal with because we have to follow FAR guidelines and the accountants need to prepare audited overhead documentation. That determines what is allowed and what is not allowed. Weaving that with the taxes makes it even more complicated. Doing work for the government is not as easy as you may think.

Anyway, thanks for the advice.

Talk to them about expenses that can be deducted for tax purposes, but can not be passed through to the government or treated as an actual project expense.

For example, Business meetings or training conferences or even "Company team building" trips might be partially deductible as long as there are employees involved and there is no discrimination as to who can participate if they become company reimbursed. If not reimbursed, ask the CPA to explain to you how unreimbursed business expenses work or can work and how it works in your situation.

Of course, if you fall under the AMT, all these things go out the window.

As usual. .nothing I say should be considered tax advise.

WSJ Annual meeting of the Association

sachia007

DavidnRobin

sachia007

Scott & Laura

sachia007

DavidnRobin

Jason245

TUG Review Crew: Expert

Helios

Jason245

TUG Review Crew: Expert

Helios

Jason245

TUG Review Crew: Expert

DavidnRobin

Ken555

TUG Review Crew: Veteran

Helios

Jason245

TUG Review Crew: Expert

Helios

Jason245

TUG Review Crew: Expert

Helios

Helios

Jason245

TUG Review Crew: Expert

Helios

Jason245

TUG Review Crew: Expert