Help for Coach Josh Taufalele

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Cat4LifeHouseDivided
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Re: Help for Coach Josh Taufalele

Post by Cat4LifeHouseDivided » Thu Jan 17, 2019 9:49 pm

Cledus wrote:
Thu Jan 17, 2019 9:14 pm
BgCATfan wrote:
Thu Jan 17, 2019 8:57 pm
Cledus wrote:
Thu Jan 17, 2019 1:31 pm
Not to change the subject, but this is money he'll have to report as income. So, if he actually needs $5,000 for what I assume is his plan's deductible we'll need to make sure what he collects is in excess of $5,000 so that the net covers all his expenses.
Please do not post false information. He or his wife absolutely do NOT have to report this as income, it's not "reportable income" as defined by the IRS. The only crappy thing about GOFUNDME donations are that GOFUNDME keeps 8% of the donations. (GOFUNDME 5%, CC proc Fee 2.9%)

Trust me on this.
I’m not posting false information.

I didn’t say they couldn’t deduct medical expenses. I said they had to report the value of the gift as income. All income not specifically excluded must be reported. This isn’t some obscure definition. This is the IRS’s definition.

I do not believe GoFundMe is a qualified charity, which is the only way this would not have to be reported as income. And even then, GoFundMe would have to directly pay the hospital.

I have a degree in accounting, was Big 4 four five years, and I’m a former CPA. Oh, I also do taxes for a living.

Do you have any credentials?

I don’t want to sully or derail this thread, so maybe we could carry this conversation on through private messages.

EDIT: If you're getting you're getting your information from GoFundMe's site, you're running a significant risk relying on bad information to your detriment. In this case, Coach's.
I am a CPA, albeit an auditor. I would think that you could make an argument that the donations are considered personal gifts from each individual. As no single item is over the $15,000 exclusion, they would not be taxable to the donor or donee.



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Re: Help for Coach Josh Taufalele

Post by BgCATfan » Thu Jan 17, 2019 11:07 pm

Cledus wrote:
Thu Jan 17, 2019 9:14 pm
BgCATfan wrote:
Thu Jan 17, 2019 8:57 pm
Cledus wrote:
Thu Jan 17, 2019 1:31 pm
Not to change the subject, but this is money he'll have to report as income. So, if he actually needs $5,000 for what I assume is his plan's deductible we'll need to make sure what he collects is in excess of $5,000 so that the net covers all his expenses.
Please do not post false information. He or his wife absolutely do NOT have to report this as income, it's not "reportable income" as defined by the IRS. The only crappy thing about GOFUNDME donations are that GOFUNDME keeps 8% of the donations. (GOFUNDME 5%, CC proc Fee 2.9%)

Trust me on this.
I’m not posting false information.

I didn’t say they couldn’t deduct medical expenses. I said they had to report the value of the gift as income. All income not specifically excluded must be reported. This isn’t some obscure definition. This is the IRS’s definition.

I do not believe GoFundMe is a qualified charity, which is the only way this would not have to be reported as income. And even then, GoFundMe would have to directly pay the hospital.

I have a degree in accounting, was Big 4 four five years, and I’m a former CPA. Oh, I also do taxes for a living.

Do you have any credentials?

I don’t want to sully or derail this thread, so maybe we could carry this conversation on through private messages.


EDIT: If you're getting you're getting your information from GoFundMe's site, you're running a significant risk relying on bad information to your detriment. In this case, Coach's.
You ABSOLUTELY ARE posting false information and I'm not talking about medical expenses, trust me I know the difference.
After over 3 years and well over a million dollars in medical bills and numerous fundraisers (including several GOFUNDME fundraisers) and donations for my daughter and my family, I've learned how this works. Much of it from several highly qualified tax/financial advisers.
Here's a link straight from the IRS:

https://www.irs.com/articles/7-things-y ... t-gift-tax


What they may need to do is get advice on how to handle the money so that it cannot be used against them if they were to apply for assistance (Medicaid, SSI, etc) because it's possible in that scenario that SSI, Medicaid or whoever could consider that income, possibly affecting their eligibility.

I also am not trying to turn this thread into a pissing match but Coach and his wife do not need to be worried about something like this while they're dealing with the health of their baby.
Last edited by BgCATfan on Thu Jan 17, 2019 11:37 pm, edited 1 time in total.



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Cledus
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Re: Help for Coach Josh Taufalele

Post by Cledus » Thu Jan 17, 2019 11:59 pm

Ok, so you might not believe me even when I'm trying to help. For free. Because I care and don't want to see Coach Taufalele and his family stressing about financial issues.

Do you believe this young lady?

Sad Story of Girl With Cancer Who Followed bgCATfan's Tax Advice


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Cledus
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Re: Help for Coach Josh Taufalele

Post by Cledus » Fri Jan 18, 2019 12:04 am

Here's a passage taken right from your link:
3. There Are Also Educational and Medical Exclusions

Payments that you make on someone's behalf for qualified tuition or medical expenses do not count towards the annual limit for gift tax purposes. However, your payment(s) must be made directly to a qualifying educational organization or medical care provider in order to qualify for the exclusion. You can also place funds directly into a 529 education savings plan to avoid the gift tax — but note that certain rules apply.
You might want to stop with the advice without requisite credentials and training. Attorney generals take this stuff seriously.


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Re: Help for Coach Josh Taufalele

Post by Hi-Line Bobcat » Fri Jan 18, 2019 12:20 am

Cledus wrote:
Thu Jan 17, 2019 9:14 pm
BgCATfan wrote:
Thu Jan 17, 2019 8:57 pm
Cledus wrote:
Thu Jan 17, 2019 1:31 pm
Not to change the subject, but this is money he'll have to report as income. So, if he actually needs $5,000 for what I assume is his plan's deductible we'll need to make sure what he collects is in excess of $5,000 so that the net covers all his expenses.
Please do not post false information. He or his wife absolutely do NOT have to report this as income, it's not "reportable income" as defined by the IRS. The only crappy thing about GOFUNDME donations are that GOFUNDME keeps 8% of the donations. (GOFUNDME 5%, CC proc Fee 2.9%)

Trust me on this.
I’m not posting false information.

I didn’t say they couldn’t deduct medical expenses. I said they had to report the value of the gift as income. All income not specifically excluded must be reported. This isn’t some obscure definition. This is the IRS’s definition.

I do not believe GoFundMe is a qualified charity, which is the only way this would not have to be reported as income. And even then, GoFundMe would have to directly pay the hospital.

I have a degree in accounting, was Big 4 four five years, and I’m a former CPA. Oh, I also do taxes for a living.

Do you have any credentials?

I don’t want to sully or derail this thread, so maybe we could carry this conversation on through private messages.

EDIT: If you're getting you're getting your information from GoFundMe's site, you're running a significant risk relying on bad information to your detriment. In this case, Coach's.
Someone could gift me 10 billion dollars and I would never have to report it as income or pay one cent in income tax!!!!!!! If I died with 10 billion in the bank I would have huge problems though. You can give or gift anybody as much money as you have, the burden of possible tax is on the person giving the gift not the one receiving it!! The person receiving it pays tax at death if their estate is over 11 million and change as of now.


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Re: Help for Coach Josh Taufalele

Post by Hi-Line Bobcat » Fri Jan 18, 2019 12:24 am

Cledus is wrong here, big time. Any jo blow can gift money to anybody, the one receiving the gift is doing exactly that, receiving a gift and it is not is never TAXABLE!! The ones donating the money are actually gifting money instead of donating, and will not get a charitable deduction on their tax return because they are not donating to a charity.


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Re: Help for Coach Josh Taufalele

Post by exppi » Fri Jan 18, 2019 6:20 am

Hi-Line Bobcat wrote:
Fri Jan 18, 2019 12:24 am
Cledus is wrong here, big time. Any jo blow can gift money to anybody, the one receiving the gift is doing exactly that, receiving a gift and it is not is never TAXABLE!! The ones donating the money are actually gifting money instead of donating, and will not get a charitable deduction on their tax return because they are not donating to a charity.
Actually, he isn't. The 3rd party payment processors will issue a 1099-K if it hits the thresholds and the donation amount will be reported to the IRS. To avoid income tax due to the nature of the income being gifts, there are adjustments that have to be done on the 1040.

Not doing anything with the 1099-K and it will look like pure income and then the tax man come a knocking.



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Re: Help for Coach Josh Taufalele

Post by Cat4LifeHouseDivided » Fri Jan 18, 2019 7:09 am

exppi wrote:
Fri Jan 18, 2019 6:20 am
Hi-Line Bobcat wrote:
Fri Jan 18, 2019 12:24 am
Cledus is wrong here, big time. Any jo blow can gift money to anybody, the one receiving the gift is doing exactly that, receiving a gift and it is not is never TAXABLE!! The ones donating the money are actually gifting money instead of donating, and will not get a charitable deduction on their tax return because they are not donating to a charity.
Actually, he isn't. The 3rd party payment processors will issue a 1099-K if it hits the thresholds and the donation amount will be reported to the IRS. To avoid income tax due to the nature of the income being gifts, there are adjustments that have to be done on the 1040.

Not doing anything with the 1099-K and it will look like pure income and then the tax man come a knocking.
This is correct. That is why the girl in the link he posted was taxed. There was a matching error as they did not show the 1099-K on their return, thus they were taxed on the income shown on the 1099.



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Re: Help for Coach Josh Taufalele

Post by allcat » Fri Jan 18, 2019 9:04 am

It's been many years since I did taxes but my philosophy was always stretch the limits. This does not mean outright cheating. If a client was willing I would tell them that if we had a reasonable reason to take a deduction, then the worst that would happen would be, they would have to pay those taxes with interest. That was dependent on them being audited, the likelihood being very low. I would look at this that way. I understand H&R following the rules strictly, but my attitude was that a CPA was not an IRS collection agent, but someone that you hired to lower your tax burden.


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Re: Help for Coach Josh Taufalele

Post by mslacatfan » Fri Jan 18, 2019 9:20 am

Yup, it’s definitely the off season.... haha. Good lord


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Re: Help for Coach Josh Taufalele

Post by wbtfg » Fri Jan 18, 2019 9:31 am

When did this turn into a CPA convention? Let's get back to donating money to a Bobcat in need.



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Re: Help for Coach Josh Taufalele

Post by stevo » Fri Jan 18, 2019 11:00 am

wbtfg wrote:
Fri Jan 18, 2019 9:31 am
When did this turn into a CPA convention? Let's get back to donating money to a Bobcat in need.
#-o #-o [-X [-X ](*,) ](*,)
sheesh. I agree lets get back on track here.



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Re: Help for Coach Josh Taufalele

Post by ilovethecats » Fri Jan 18, 2019 11:11 am

wbtfg wrote:
Fri Jan 18, 2019 9:31 am
When did this turn into a CPA convention? Let's get back to donating money to a Bobcat in need.
CPA Throwdown!!!!

Is it concerning to anyone else about to file their taxes that we have at least three experts on this board who do this for a living and they all disagree with each other...?

:-k



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Re: Help for Coach Josh Taufalele

Post by CatsNoMatterWhat » Fri Jan 18, 2019 11:49 am

ilovethecats wrote:
Fri Jan 18, 2019 11:11 am
wbtfg wrote:
Fri Jan 18, 2019 9:31 am
When did this turn into a CPA convention? Let's get back to donating money to a Bobcat in need.
CPA Throwdown!!!!

Is it concerning to anyone else about to file their taxes that we have at least three experts on this board who do this for a living and they all disagree with each other...?

:-k
Totally was just thinking the same thing :lol: :lol: :lol:



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Re: Help for Coach Josh Taufalele

Post by AFCAT » Fri Jan 18, 2019 12:06 pm

ilovethecats wrote:
Fri Jan 18, 2019 11:11 am
wbtfg wrote:
Fri Jan 18, 2019 9:31 am
When did this turn into a CPA convention? Let's get back to donating money to a Bobcat in need.
CPA Throwdown!!!!


:-k
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Re: Help for Coach Josh Taufalele

Post by technoCat » Fri Jan 18, 2019 12:09 pm

The fact that this many people that know what they are talking about all have different opinions of how it works is scary. What chance do I have?!


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Re: Help for Coach Josh Taufalele

Post by coloradocat » Fri Jan 18, 2019 12:44 pm

CatsNoMatterWhat wrote:
Fri Jan 18, 2019 11:49 am
ilovethecats wrote:
Fri Jan 18, 2019 11:11 am
wbtfg wrote:
Fri Jan 18, 2019 9:31 am
When did this turn into a CPA convention? Let's get back to donating money to a Bobcat in need.
CPA Throwdown!!!!

Is it concerning to anyone else about to file their taxes that we have at least three experts on this board who do this for a living and they all disagree with each other...?

:-k
Totally was just thinking the same thing :lol: :lol: :lol:
I'm a CPA too, let me join the party. \:D/

My recommendation is for Coach to go to a CPA (in an office, not on BN) next year.


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Re: Help for Coach Josh Taufalele

Post by RobertCats » Fri Jan 18, 2019 1:45 pm

AFCAT wrote:
Fri Jan 18, 2019 12:06 pm
ilovethecats wrote:
Fri Jan 18, 2019 11:11 am
wbtfg wrote:
Fri Jan 18, 2019 9:31 am
When did this turn into a CPA convention? Let's get back to donating money to a Bobcat in need.
CPA Throwdown!!!!


:-k
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LMAO



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Re: Help for Coach Josh Taufalele

Post by Cat4LifeHouseDivided » Fri Jan 18, 2019 2:31 pm

AFCAT wrote:
Fri Jan 18, 2019 12:06 pm
ilovethecats wrote:
Fri Jan 18, 2019 11:11 am
wbtfg wrote:
Fri Jan 18, 2019 9:31 am
When did this turn into a CPA convention? Let's get back to donating money to a Bobcat in need.
CPA Throwdown!!!!


:-k
Image
Well played AFCAT 🤣



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Re: Help for Coach Josh Taufalele

Post by exppi » Fri Jan 18, 2019 4:57 pm

ilovethecats wrote:
Fri Jan 18, 2019 11:11 am
wbtfg wrote:
Fri Jan 18, 2019 9:31 am
When did this turn into a CPA convention? Let's get back to donating money to a Bobcat in need.
CPA Throwdown!!!!

Is it concerning to anyone else about to file their taxes that we have at least three experts on this board who do this for a living and they all disagree with each other...?

:-k
No, because I am an actuary, not a CPA. :D



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