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Accounting, Payroll & Pension Issues/Questions Answered by Expert Paul Sid, CPA CFA
| Subject | Date Asked |
| 403b employer contribution | 2/7/2012 |
| Q: The accountant for our church has employer contribution to my 403b plan on the balance sheet as ... A: You are correct. 403(b) contributions made to your account represent your assets and not the ... | |
| Early withdrawal of 401k funds | 2/4/2012 |
| Q: I'm 35 and currently unemployed after a 12 year run at a fantastic company. I left for what ... A: One of the objective in financial planning is to establish an emergency fund. That was not done - ... | |
| Partners as employees | 1/31/2012 |
| Q: I do in-house accounting for a partnership LLC. The company has been in business for about 8 years ... A: You are very smart in thinking ahead and anticipating potential problems before they arise. Based ... | |
| Partners as employees | 1/26/2012 |
| Q: I do in-house accounting for a partnership LLC. The company has been in business for about 8 years ... A: On the surface the partnership appears simple- income is earned and all partners get an equal salary ... | |
| Solo 401(K) Eligibility | 1/18/2012 |
| Q: I am a US Citizen working in the US out of my home. I am employed by a Canadian company ... A: If your employer does not offer you a retirement plan, then your retirement plan options as an ... | |
| Bonus repayment issue | 1/16/2012 |
| Q: I was hired in the fall of 2011 and a month after signing my agreement, the day before starting, the ... A: I believe that you have a question as to a potential incorrect withholding in payroll taxes issue ... | |
| Difference between partner loans & partner equity | 1/15/2012 |
| Q: I have been asked by a small LLC company (in the US) to help clean up their books. In the Chart of ... A: Using the current procedure of "partnership loan accounts" is the correct approach. Your situation. ... | |
| 940 issue | 1/12/2012 |
| Q: I am fairly new to Quickbooks and am now running a 940 for year end. It is showing exemptions on ... A: The payroll exemption was a field that was in used under certain circumstances during CY2010. The ... | |
| Per diem | 10/26/2011 |
| Q: Is a company required by law to provide per diem to an employee when they travel and work away from ... A: No. A company is not required by law to provide per diem to an employee when traveling. During my ... | |
| Employee vs. Independent Contractor | 10/19/2011 |
| Q: and thank you in advance for your time. I am aware of the categorical difference between independent ... A: I applaud you for taking the right step by reclassifying your independent contractors to employee ... | |
Answers by Expert:
Paul Sid, CPA CFA
Top Expert on this page
Expertise
I am a CPA and CFA with more than 20 years of assisting others to address a wide variety of tax and financial issues, including: (a) tax and timing for conversion of various retirement vehicles including 401(k), traditional IRA, and Roth IRA; (b) starting date considerations for social security benefits and related tax liabilities; (c) computation of book and tax basis, gains and losses on investments, §1031 exchanges; (d) tax benefits and deductions on principal residence, vacation homes, and investment properties; (e) acquisitions of business properties, computation of bonus depreciation, and MACRS depreciation; (f) tax as related to various martial issues, including dependences, noncitizen spouses, and divorce settlement; (g) review of college funding options and tax attributes; (h) tax computation and investment considerations for fixed and variable annuities; (i) tax considerations relating to gifting by parents and grandparents; (j) tax on employee benefits programs including retirement plans, health insurance, and other benefits; (k) tax on inherited assets including assets, insurance, and other assets.
Paul Sid, CPA CFAFinancialEdge.net
Experience
I have over 20 years of financial, accounting, and tax experience in working with individuals and fortune 500 companies.
Organizations
- Financial Planning Association of San Francisco, webmaster
- Tax Executive Institute, Santa Clara Chapter
Education/Credentials
BS Accounting, CPA, CFA
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