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Tax Law (Questions About Taxes)/Expert Profile

Vanessa D. Powell, CPA

U.S.

On Vacation
returns 05/15/2012

Expertise

General taxation and tax law questions. Federal income tax, California income tax, payroll tax, sales tax, estate tax. Individuals, trusts, estates, partnerships, corporations, exempt organizations, employee benefit plans. No property tax questions, please.

Experience in the area

I'm a CPA, licensed in the state of CA. I work for a large accounting firm in Southern California. Half of every year I spend in the tax department, and the other half in the audit department.

Organizations

California Society of CPAs. American Institute of Certified Public Accountants.

Education/Credentials

I graduated summa cum laude from Colorado Tech with a B.S. in accountancy. In order to maintain my license, I take 80 hours every two years, and take at least 16 hours of CPE every year in taxation.

Awards and Honors

Graduated Summa Cum Laude (highest honor)

Past/Present Clients

I have clients from all over the world and United States of all varieties. I work with a lot of employee benefit plans, farms, not-for-profits, partnerships, and wealthy individuals.

Average Ratings

Recent Reviews from Users

User	Date	K	C	P	Comments
Nicole	02/10/11	10	9	10	Thank you.
Michael	02/08/11	10	10	10	Thanks so much for your response. Very .....
Mark	02/08/11	10	10	10
dave	02/07/11	10	10	10	A quick, precise response...with some additional .....
Helga	02/05/11	10	10	10	Very prompt followup. Many thanks!

Recent Answers from Vanessa D. Powell, CPA

2011-02-08 Payroll Tax Question:

No, there is no age limit for payroll taxes. You CAN stop withholding income taxes, as his income is probably low enough that he doesn't need to file tax returns. But payroll taxes still need to be withheld

2011-02-08 Changing Depreciation Method:

Hi Michael- Yes, you can change your depreciation method, but just make sure to only depreciate the net book value- don't start over at cost. Accelerated depreciation will make your current expense

2011-02-07 Part year abroad, part year CA (new residency):

Hi Nicole- If by "abroad", you mean out of the country, then you'll need to file a form 2555. You can probably file a 2555EZ. Because I don't know the details of your situation, I'd read the instructions

2011-02-07 Tax on co-owned rental property:

Hi Mark- The best and most simple thing to do is to report all of the income and all of the expenses on each return (schedule E) and then, on line 22, calculate the net income or net loss and then (in

2011-02-06 Federal Income Tax Question:

Hi Barbara- No, you definitely have to report the $3,975. But, while it's technically after the deadline to send 1099s to recipients, many companies are late and don't send them until they have to

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