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Looking for a CPA who understands sec 179 deductions

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Looking for a CPA who understands sec 179 deductions

Old 12-14-2010, 02:39 PM
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Default Looking for a CPA who understands sec 179 deductions

I've talked with two local CPAs and gotten more or less conflicting information from the both of them. I'm a pretty smart guy but in reading the IRS documentation I'm not confident I'm interpreting it correctly, either.

Any practicing CPAs who would be willing to hear out my Sec 179 deduction question? Shoot me a PM, thanks!
Old 12-14-2010, 06:08 PM
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Well, I guess I found the one thing you can't get an answer for on THT!
Old 12-15-2010, 03:24 AM
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I get paid for advice

Not a CPA but have been in the income tax business for over 30 years, pm me and I will see what you are asking for
Old 12-15-2010, 05:20 AM
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I'm a CPA for over 30 years ....Send me a PM
Old 12-15-2010, 06:33 AM
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I've also been a CPA for over 20 years, 37 going on 38. This is the type of advice that a person needs to pay for. As with any tax law, there are many ways to look at any of the laws, that's why there are regulations, rulings, private letter rulings and court cases. Not everyone sees things the same way. If you got differing opinions on the same subject, I'm not surprised. If you were asking about 179 on "buildings" that's even less of a surprise, there are some buildings you can take 179 on and some you can't. Don't go to Liberty Tax or H & R Block and expect to get the same answer, go to a reputable CPA and ask your question. Expect to pay for it.
Old 12-15-2010, 07:47 AM
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Flot, like JA said, it's just not a simple question to answer. The first answer to almost every tax question is "it depends." I'm mot trying to be a smart@$$ but, if u r looking for that kind of advice for free, don't be surprised if u get what u paid for.....yes, i am a CPA.
Old 12-15-2010, 11:58 AM
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I appreciate the PMs, I think I got the explanation I needed.

To the last two replies - I had hour long sit down consultations with two local recommended-to-me CPAs and couldn't have gotten more different answers from them about my financial situation in general. I offered to pay each of them for their time, and both declined as an introductory courtesy, but both offered to do my personal taxes this year for $600-800 and other services as necesary.

One was a bit conservative for my taste and the other a bit liberal. Neither were able to give me quite the information (or justification for their strategies) I was looking for which is why I turned here. The easy answer for me would have been to go with the liberal one.

As for getting what you pay for... I remember when stockbrokers said that. The way I figure it on the internet, the potential liability is limited to what I paid. The information itself is invaluable.

Last edited by Flot; 12-15-2010 at 12:41 PM.
Old 12-15-2010, 05:35 PM
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I'm pretty surprised at some of the replies here... Geesh.
Old 12-15-2010, 06:05 PM
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Geez... I'd like to know what a liberal answer on a tax question is????

Seems someone has an agenda.....
Old 12-15-2010, 07:45 PM
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Haha...I started typing a reply yesterday and envisioned the above. Just had 16 hours of Don Farmer CPE with 500 other CPAs and know that there can be more than one answer to the same question.

Unfortunately it is not always the fault of the CPA for being liberal/conservative (not in a political sense), whatever. The tax code truly sucks now.

Don't forget to consider 168(K) instead of 179. Again, as stated above, it depends.

A CPA/attorney/whatever really can't win by posting on a message board.

And I agree, the advice you get here is worth what you pay for it. I jokingly PMd that to someone once and they got pissed.
Old 12-15-2010, 08:25 PM
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Originally Posted by GWcpa View Post
And I agree, the advice you get here is worth what you pay for it. I jokingly PMd that to someone once and they got pissed.
Advice on the internet is a mixed bag but you cannot discount the power of group knowledge and statistics. If you ask a group of people who should know the answer to something - on average you will get the correct answer.

Remember the audience particpation on who wants to be a millionaire? According to this blog, (which has no validation of this number) the yahoos who were bored enough to sit in on a TV show taping scored 91% on the answers they provided to contestants. No idea if that's accurate but makes for an interesting ponder.

http://blog.asmartbear.com/ignoring-...of-crowds.html

I do understand there are multiple answers to the same question. Of the two CPAs I asked, one assured me they could save me thousands of dollars for essentially no effort on my part, and the other assured me there was nothing I could do but smile and write the check. The former was my definition of a liberal tax answer - "pay me $800 right now and I'll creatively save you $2500 on your taxes." The other guy's answer was basically "you can't beat the system, pay me every year for the next 30 years and I'll save you money through my consistant accounting."

To be clear - I don't have what I'd consider a particularly complex scenario, and I'm talking about thousands of dollars in taxes, not tens of thousands of dollars. But for a couple grand, I do think it's worth asking an expert for their opinion. In this case the internet fell into the 9% category, as I found expert or semi-expert opinions going both ways on my question. (which statistically I believe does mean that the tax code is flawed) I'm also on the brink of having tax situations complex enough to justify hiring a professional, in the past my taxes have been relatively straightfoward.

Last edited by Flot; 12-16-2010 at 09:59 AM.
Old 12-16-2010, 05:40 AM
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Pm me
Old 12-16-2010, 07:19 AM
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Flot, I agree the "system" is flawed. The tax code is not flawed, it's just incredibly complex due to the huge number of special, social projects that are injected into the Internal Revenue Code to try and win votes from the constituents. If our congressmen and women would have the guts to stand behind their social intrusions, rather than hiding it in the Internal Revenue Code, the Code would be much less wordy and much easier to understand. The original intent of the Internal Revenue Code was to raise taxes so the country would have enough money to run its operations. Now it has become a vehicle for encouraging capital purchases, trading in old cars for new cars, putting solar panels on your house, having more kids to get "refunds" of earned income credit even if you don't pay income taxes, etc.

I actually testified in front of a sub committee once where the chair called it the Internal Revenue Service Code. She was so dumb even members of her own party didn't like her as the representative. This was, and still is, the type of people we have writing our tax law. Look at the immediate past chair of the House Ways and Means Committee, Charley Rangel. He's apparently a tax cheat and he chairs the committee responsible for writing the tax laws we live under, and he's no longer the chair of that committee.
Old 12-16-2010, 08:28 AM
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I find that when a person disparages you for getting information in a venue like this, they're angry that you're getting something for free that they would like to charge you for themselves.

I've gotten advice on everything from this forum (and others) that has turned out to save me thousands and thousands of dollars and TONS of grief. THT, especially, has many intelligently diverse members... and I'm happy to help when I can, and very fortunate to have been on the other side of that fence too.
Old 12-16-2010, 02:18 PM
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Sec 179 is not a complicated tax deduction. PM me if you want the answer straight up.
Old 12-16-2010, 02:34 PM
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I'd like to know what a liberal answer on a tax question is????

One that significantly expands the limits of the 'grey area' ;?...
Old 12-16-2010, 04:24 PM
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Originally Posted by Joe Belletti View Post
Sec 179 is not a complicated tax deduction. PM me if you want the answer straight up.
Curmudgeon, talk to Joe Belletti if u want a liberal answer to a tax question, based on what he wrote i'd say he's quite liberal with taxes!
Old 12-17-2010, 06:08 AM
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What exactly is the question? I agree with Belletti, Sec 179 was pretty straight forward when i last worked in public accounting.

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