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Showing content with the highest reputation since 10/21/2018 in all areas

  1. 10 points
    If I knew someone had you blocked, I'd enter a new post quoting you word-for-word and then add at the end "(at least that's what Judy said on this subject)". Just for fun...
  2. 9 points
    Maybe we need a "Bless his/her heart" emoji for those times when [just doesn't cut it.
  3. 9 points
    I'm guilty of contributing things that, well, don't really contribute much. But, I do think this board is friendlier than most, and it's my favorite because of that. There's not a soul on here I'd ignore. No kidding.
  4. 9 points
    I put in $4. One Mega and one PowerBall ticket. So, I am up to $8 a week. And I don' buy them every week. Lets say, I buy them for 40 weeks. That is $320 a year. Whatever I hit? Will beat whatever returns I have ever gotten in my SEP plan.... And yes, I will pay to fly everyone here to the next social get together....
  5. 8 points
    I certainly would not like it. I find your posts extremely valuable.
  6. 8 points
    Released by the IRS: "The Tax Cuts and Jobs Act ("TCJA") changed deductions, depreciation, expensing, tax credits and other tax items that affect businesses. This side-by-side comparison can help businesses understand the changes and plan accordingly. Some provisions of the TCJA that affect individual taxpayers can also affect business taxes. Businesses and self-employed individuals should review tax reform changes for individuals and determine how these provisions work with their business situation. Visit IRS.gov/taxreform regularly for tax reform updates. Businesses can find details and the latest resources on the provisions below at Tax Reform Provisions that Affect Businesses. Deductions, depreciation and expensing Changes to deductions, depreciation and expensing may affect a taxpayer’s business taxes. Publication 535, Business Expenses, and Publication 946, How to Depreciate Property, explain many of these topics in detail. Deductions Deductions 2017 Law What changed under TCJA New deduction for qualified business income of pass-through entities No previous law for comparison. This is a new provision. This new provision, also known as Section 199A, allows a deduction of up to 20% of qualified business income for owners of some businesses. Limits apply based on income and type of business." Limits on deduction for meals and entertainment expenses A business can deduct up to 50% of entertainment expenses directly related to the active conduct of a trade or business or incurred immediately before or after a substantial and bona fide business discussion. The TCJA generally eliminated the deduction for any expenses related to activities considered entertainment, amusement or recreation. However, under the new law, taxpayers can continue to deduct 50% of the cost of business meals if the taxpayer (or an employee of the taxpayer) is present and the food or beverages are not considered lavish or extravagant. The meals may be provided to a current or potential business customer, client, consultant or similar business contact. If provided during or at an entertainment activity, the food and beverages must be purchased separately from the entertainment, or the cost of the food or beverages must be stated separately from the cost of the entertainment on one or more bills, invoices, or receipts. Notice 2018-76 provides additional information on these changes. New limits on deduction for business interest expenses The deduction for net interest is limited to 50% of adjusted taxable income for firms with a debt-equity ratio above 1.5. Interest above the limit can be carried forward indefinitely. The change limits deductions for business interest incurred by certain businesses. Generally, for businesses with 25 million or less in average annual gross receipts, business interest expense is limited to business interest income plus 30% of the business’s adjusted taxable income and floor-plan financing interest There are some exceptions to the limit, and some businesses can elect out of this limit. Disallowed interest above the limit may be carried forward indefinitely, with special rules for partnerships. Changes to rules for like-kind exchanges Like-kind exchange treatment applies to certain exchanges of real, personal or intangible property. Like-kind exchange treatment now applies only to certain exchanges of real property. For more information, see Form 8824, Like-Kind Exchanges, and its instructions, as well as Publication 544, Sales and Other Disposition of Assets. Payments made in sexual harassment or sexual abuse cases No previous law for comparison. This is a new provision. No deduction is allowed for certain payments made in sexual harassment or sexual abuse cases. Changes to deductions for local lobbying expenses Although lobbying and political expenditures are generally not deductible, a taxpayer can deduct payments related to lobbying local councils or similar governing bodies. TCJA repealed the exception for local lobbying expenses. The general disallowance rules for lobbying and political expenses now apply to payments related to local legislation as well. Depreciation Depreciation 2017 Law What changed under TCJA Temporary 100 percent expensing for certain business assets Certain business assets, such as equipment and buildings, are depreciated over time. Bonus depreciation for equipment, computer software, and certain improvements to nonresidential real property allows an immediate deduction of 50% for equipment placed in service in 2017, 40% in 2018, and 30% in 2019. Long-lived property generally is not eligible. The phase down is delayed for certain property, including property with a long production period. TCJA temporarily allows 100% expensing for business property acquired and placed in service after Sept. 27, 2017 and before Jan. 1, 2023. The 100% allowance generally decreases by 20% per year in taxable years beginning after 2022 and expires Jan. 1, 2027. The law now allows expensing for certain film, television, and live theatrical productions, and used qualified property with certain restrictions. For more information, see Tax Reform: Changes to Depreciation Affect Businesses Now and New 100-percent depreciation deduction for businesses. Changes to rules for expensing depreciable business assets (section 179 property) A taxpayer can expense the cost of qualified assets and deduct a maximum of $500,000, with a phaseout threshold of $2 million. Generally, qualified assets consist of machinery, equipment, off-the-shelf computer software and certain improvements to nonresidential real property. TCJA increased the maximum deduction to $1 million and increased the phase-out threshold to $2.5 million. It also modifies the definition of section 179 property to allow the taxpayer to elect to include certain improvements made to nonresidential real property. Publication 946, How to Depreciate Property, and the Additional First Year Depreciation Deduction (Bonus) FAQs provide additional resources on this topic. Changes to depreciation of luxury automobiles There are limits on depreciation deductions for owners of cars, trucks and vans. TCJA increased depreciation limits for passenger vehicles. If the taxpayer doesn’t claim bonus depreciation, the greatest allowable depreciation deduction is: $10,000 for the first year, $16,000 for the second year, $9,600 for the third year, and $5,760 for each later taxable year in the recovery period. If a taxpayer claims 100% bonus depreciation, the greatest allowable depreciation deduction is $18,000 for the first year, and the same as above for later years. Changes to listed property Computers and peripheral equipment are categorized as listed property. Their deduction and depreciation is subject to strict substantiation requirements. TCJA removes computer or peripheral equipment from the definition of listed property. Changes to the applicable recovery period for real property The General Depreciation System (GDS) and the Alternative Depreciation System (ADS) of the Modified Accelerated Cost Recovery System (MACRS) provide that the capitalized cost of tangible property is recovered over a specified life by annual deductions for depreciation. The general depreciation system recovery periods are still 39 years for nonresidential real property and 27.5 years for residential rental property. The alternative depreciation system recovery period for nonresidential real property is still 40 years. However, TCJA changes the alternative depreciation system recovery period for residential rental property from 40 years to 30 years. Qualified leasehold improvement property, qualified restaurant property and qualified retail improvement property are no longer separately defined and given a special 15-year recovery period under the new law. Businesses with employees: Changes to fringe benefits and new credit For businesses that have employees, there are changes to fringe benefits and a new tax credit that can affect a business’s bottom line. Fringe benefit 2017 law What changed under TCJA Suspension of the exclusion for qualified bicycle commuting reimbursements Up to $20 per month in employer reimbursement for bicycle commuting expense is not subject to income and employment taxes of the employee. Under TCJA, employers can deduct qualified bicycle commuting reimbursements as a business expense. Employers must now include 100% of these reimbursements in the employee’s wages, subject to income and employment taxes. Suspension of exclusion for qualified moving expense reimbursements An employee’s moving expense reimbursements are not subject to income or employment taxes. Under TCJA, employers must include moving expense reimbursements in employees’ wages, subject to income and employment taxes. Generally, members of the U.S. Armed Forces can still exclude qualified moving expense reimbursements from their income. Prohibition on cash, gift cards and other non-tangible personal property as employee achievement award Employers can deduct the cost of certain employee achievement awards. Deductible awards are excludible from employee income. Special rules allow an employee to exclude certain achievement awards from their wages if the awards are tangible personal property. An employer also may deduct awards that are tangible personal property, subject to certain deduction limits. TCJA clarifies that tangible personal property doesn’t include cash, cash equivalents, gift cards, gift coupons, certain gift certificates, tickets to theater or sporting events, vacations, meals, lodging, stocks, bonds, securities, and other similar items. Tax Credit 2017 law What changed under TCJA New employer credit for paid family and medical leave No previous law for comparison. This is a new provision. The TCJA added a new tax credit for employers that offer paid family and medical leave to their employees. The credit applies to wages paid in taxable years beginning after December 31, 2017, and before January 1, 2020. The credit is a percentage of wages (as determined for Federal Unemployment Tax Act (FUTA) purposes and without regard to the $7,000 FUTA wage limitation) paid to a qualifying employee while on family and medical leave for up to 12 weeks per taxable year. The percentage can range from 12.5% to 25%, depending on the percentage of wages paid during the leave. For more information on the new credit, see Notice 2018-71 and New credit benefits employers who provide paid family and medical leave. Business structure and accounting methods An organization’s business structure is an important consideration when applying tax reform changes. The Tax Cuts and Jobs Act changed some things related to these topics. Business structure topic 2017 law What changed under TCJA Changes to cash method of accounting for some businesses Small business taxpayers with average annual gross receipts of $5 million or less in the prior three-year period may use the cash method of accounting. The TCJA allows small business taxpayers with average annual gross receipts of $25 million or less in the prior three-year period to use the cash method of accounting. The law expands the number of small business taxpayers eligible to use the cash method of accounting and exempts these small businesses from certain accounting rules for inventories, cost capitalization and long-term contracts. As a result, more small business taxpayers can change to cash method accounting starting after Dec. 31, 2017. Revenue Procedure 2018-40 provides further details on these changes. Changes regarding conversions from an S corporation to a C corporation In the case of an S corporation that converts to a C corporation: Net adjustments that are needed to prevent amounts from being duplicated or omitted as a result of an accounting method change and attributable to the revocation of the S corporation election (e.g. adjustments required because of a required change from the cash method to an accrual method): net adjustments that decrease taxable income generally were taken into account entirely in the year of change, and net adjustments that increase taxable income generally were taken into account ratably during the four-taxable-year period beginning with the year of change. Distributions of cash by the C corporation to its shareholders during a post-termination transition period (generally one year after the conversion) are, to the extent of stock basis tax-free, then capital gain to the extent of remaining accumulated adjustments account (AAA). Distributions more than AAA are treated as dividends coming from accumulated Earnings and Profits (E&P). Distributions after that period are dividends to the extent of E&P and taxed as dividends. The TCJA makes two modifications to existing law for a C corporation that (1) was an S corporation on Dec. 21, 2017 and revokes its S corporation election after Dec. 21, 2017, but before Dec. 22, 2019, and (2) has the same owners of stock in identical proportions on the date of revocation and on Dec. 22, 2017. The following modifications apply to these entities: The period for including net adjustments that are needed to prevent amounts from being duplicated or omitted as a result of an accounting method change and attributable to the revocation of the S corporation election is changed to six years. This six-year period applies to net adjustments that decrease taxable income as well as net adjustments that increase taxable income. Distributions of cash following the post-termination transition period are treated as coming out of the corporation’s AAA and E&P proportionally. See Revenue Procedure 2018-44 for more detailed information. Businesses or individuals that rehabilitate historical buildings Topic 2017 law What changed under TCJA Changes to the rehabilitation tax credit Owners of certified historic structures were eligible for a tax credit of 20% of qualified rehabilitation expenditures. Owners of pre-1936 buildings were eligible for a tax credit of 10% of qualified rehabilitation expenditures. TCJA keeps the 20% credit for qualified rehabilitation expenditures for certified historic structures but requires that taxpayers take the 20% credit over five years instead of in the year they placed the building into service. The 10% credit for pre-1936 buildings is repealed under TCJA. Opportunity for tax-favored investments Opportunity Zones are a tool designed to spur economic development and job creation in distressed communities. Businesses or individuals can participate. Topic 2017 law What changed under TCJA Opportunity Zones No previous law for comparison. This is a new provision. Investments in Opportunity Zones provide tax benefits to investors. Investors can elect to temporarily defer tax on capital gains that are reinvested in a Qualified Opportunity Fund (QOF). The tax on the gain can be deferred until the earlier of the date on which the QOF investment is sold or exchanged, or Dec. 31, 2026. If the investor holds the investment in the QOF for at least ten years, the investor may be eligible for a permanent exclusion of any capital gain realized by the sale or exchange of the QOF investment."
  7. 8 points
    I know of the feature - but quite frankly, there are people on the board and off the board (and formerly on the board) with whom I did NOT get along, but from whom I learned a LOT. There's a woman in our local group. I detest her (and won't bother to go in to the reasons, just assume the list is LONG) and actively try to avoid sitting anywhere near her if we're at the same meeting. But boy, oh boy, have I learned a lot from her over the years. Her ability to cite tax court cases to support positions, off the top of her head, is remarkable. (It's a real shame she's such a disgusting piece of humanity... but I digress.) I don't believe, that if you asked her, she has ANY idea of my low opinion of her. She *might* think I'm not very friendly. Think real hard about responding to someone who rubs you wrong, or blocking them. Make sure it's really worth it. It's also completely possible to get three words into a post and say to yourself, "Nope; not this one, ain't reading it" and move on.
  8. 8 points
    That is a handy feature. I don't use it with anyone on this forum since I'm fairly thick-skinned anyhow. But several years ago I found myself in constant conflict with someone on another forum. Not sure what it was, but something about our personalities just clashed - they didn't care for me and I didn't care for them. It happens. So I blocked them and that was the end of it. I think it was good for both of us, since neither of us needed to waste our time tossing insults at one another. I decided it's better to save that stuff for Facebook, where you can really be confident that you'll change some minds.
  9. 8 points
    Well said, Rich! I have also won the lottery. I am an American, EA, married to a wonderful man. I have two amazing and wonderful grown daughters, one of whom is engaged to be married to a very nice young man who almost deserves her. I have friends, a good church (some overlap there), and know that my life has purpose and meaning. Oh, yeah - I also have enough money to take care of myself and my family, with some for good causes, too. I am wealthy beyond the wildest dreams of my childhood, in everything that truly matters.
  10. 8 points
    These days you need to win the lottery to afford a family trip to Disneyland...
  11. 8 points
    Personally, the last thing I won was a cakewalk when I was eleven years old. But...I always enjoy it when the "poor guys" win instead of the well-off (doctors, lawyers, etc.). I once saw a Missouri boy who hit one for half a million bucks or so interviewed on TV. He was a factory "hand" in jeans and baseball cap; humble and unpretentious. Asked what he was going to do with it, he said "Well, first thing I'm going to pay off my truck; then I need to catch up on some electric bills. Next, I'm going to get my teeth fixed and I have to help out my mama." "And then?" the reporter asked. He grinned and said "We're all going to Disneyland!" I know such remarks seem sort of simple given the enormity and magnitude of the situation, but it was his good character that was impressive. He was sincere.
  12. 8 points
    If that happens we should quickly apply for 501(c)(3) status for our Association for Prevention of Cruelty to Tax Practitioners.
  13. 8 points
    I follow the same principle and I buy tickets constantly. I have always known the outcome and I have not been proven wrong. OUTCOME= I lose my investments.
  14. 7 points
    Evan, There is a setting on the board that allows you to ignore posts from people you don't like. I have used it on 2 people, one who is no longer active on the board and one who is. I don't even see that person's posts unless someone quotes them in a reply post. It has made my life immensely happier on this board. Some people, no matter what they post, just rub you the wrong way. I suggest you use that feature, even if it means you don't like me and never see my posts again. It is one of the best features Eric has put on this board. Tom Modesto, CA
  15. 7 points
    I underwent heart valve surgery TAVR/I at Christ Hospital in Cinti, OH on 10/15/18 and was released on 10/16/18, total 28 hours. The actual procedure was app. 1 hour during which I was awake, but the recovery was a bit more trying and during days 2 & 3 where I was very weak and had no appetite. On days 5-7 (Fri-Sun) I was able the do a very light workout at the Y at about 1/3 throttle. The hospital has grounded me for 2 weeks but I will get a chance to appeal this next Tue. “This minimally invasive surgical procedure repairs the valve without removing the old, damaged valve. Instead, it wedges a replacement valve into the aortic valve's place. The surgery may be called a transcatheter aortic valve replacement (TAVR) or transcatheter aortic valve implantation (TAVI).” The 2 entry’s are in the groin area. I am in a clinical trial sponsored by Edwards Lifescience SAPIEN 3 valve, and monitored by Lindner Research Center on campus at Christ for 5 years. If you are interested in viewing this gory procedure be my guest (3 min): https://www.youtube.com/watch?v=f20qrZcD1LE PS This is NOT a GoFundMe Request
  16. 7 points
    I had considered adding the feature. From the development angle, it's the kind of thing I'd have fun building. I'm a big fan of automating tedious/repetitive/boring tasks, or just things I would tend to forget. And from a user perspective, it's something I would take advantage of too. But I don't know how I would communicate the addition of the feature without making it sound like I'm asking for money. So the anxiety of that situation is the reason I haven't added anything like that. I think I will now, and blame @Catherine for its implementation
  17. 7 points
    Well.. I have already hit the lottery. I am an American, CPA, and married to a wonderful woman. Having a ticket worth 1 million or a billion is just a bonus. Rich
  18. 7 points
    I would announce I had won, throw a huge party, pay my church's debt on our new construction, and then enter the witness protection program - surely with that much money I can bribe my way in.
  19. 7 points
    My kids and I were talking about this Sunday afternoon. Erin is going to make sure our church debt is paid. That was sweet then it went downhill from there because I warned her she has to spread the tithe around to lots of organizations and hide out the rest of her life because - you know - it would be awful with all the moochers coming out of the woodwork. We'd all have to move and change our identities. I don't know why you think I'd freak out Donna...
  20. 7 points
    And now, you can donate 60%! I did buy some tickets, and that's unusual for me. What would you do if you won? If money wasn't a factor, what would you love to do most? Don't say "travel" and don't say, "charity." Be specific. I'd fly everybody to Rita's, just to freak her out. Then, I'd buy a nice place in Gatlinburg big enough for my family to gather but not to live. Then, I'd buy my PITA sibling a home of her own to be sure she never had to live with me. Then, I'd find a way to change Social Services so that no child flies under the radar to be abused or neglected. I'd create a non-profit full of surrogate grandparents to watch over at-risk families and work with CASA to keep children safe. Maybe not in that order. Don't judge. We all have "that sibling." I'd probably buy her house first.
  21. 6 points
    I admit I do some skimming and eye rolling. Bless their hearts. LOL.
  22. 6 points
    I GOT A SUSPICIOUS LOOKING PACKAGE!! It said NOZAWA on it. Wife told me to turn it over. All good.
  23. 6 points
    I'd hire someone on this board to do handle all of my taxes. One of the younger ones.
  24. 6 points
    And in some states you have up to a year to claim lottery prizes, which should give you plenty of time. I think the least amount of time is 90 days. Make people wonder who won.
  25. 6 points
    I don't mind about my refund but it was nice to go on line and renew my PTIN without paying anything.