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Hopefully everybody who owns 1319.621 admiral shares of Vanguard REIT Index.

I opted out of the PTIN directory. Maybe that's why I'm not getting these.

Catherine, real estate investors is the appropriate term. Business interest deduction limited except for real estate businesses. Like-kind exchanges limited to real estate. There's more but I'm not in my office to look at the info. Sounds like RE investors got singled out for favors. Think about whom that is going to help.....

We know for sure that the REITs and Large Real Estate Investors are going to get the benefit because they are usually Trusts, Estates, Partnerships or S-Corps. What we don't know is if a Schedule E meets the definition. Very few practitioners are willing to make that call quite yet, but most seem to believe it will apply to Schedule E as well. This is the most anticipated guidance from the IRS about the new tax law. Tom Modesto, CA

QB has released the payroll tax update, it requires a manual update, see below: Intuit has released Payroll Update 21804, with revised tax tables. Several forms updates are included for Standard and Enhanced Payroll customers. This email also provides the following: Federal E-File and Pay Updates New Federal Withholding Tables To confirm that you have received the update, open QuickBooks and choose Employees > Get Payroll Updates. If you don't see a message that says, "You are using tax table version: 21804," click Update. Get complete instructions. To turn on the automatic updates feature in QuickBooks so that you automatically receive payroll updates when they are released, choose Help > Update QuickBooks. On the Options tab, select Yes for Automatic Update and check the Mark All box to ensure that you receive all updates. Get the Payroll Update The Payroll Update ensures that you will be in compliance with legislation that affects your payroll. For details on the contents of this update, go to Employees > Get Payroll Updates > Payroll Update Info. Federal E-File and Pay Updates Form 940 E-filings E-file for Annual Form 940/Schedule A, for Reporting Agents (available for Enhanced Payroll for Accountants subscribers only), Employer's Annual Federal Unemployment (FUTA) Tax Return, has been updated. Form 944 E-filings E-file for Annual Form 944 for Reporting Agents (available for Enhanced Payroll for Accountants subscribers only), Employer's Annual Federal Tax Return, has been updated. New Federal Withholding Tables This update also includes new Federal withholding tables and new Non-resident Alien withholding tables for 2018. Note: These new Federal withholding tables use current W4s, however we expect the IRS to update the W4s and provide an updated online calculator to better determine withholdings. For more information regarding the Tax Reform Bill, click here.

well since I was commenting on how terribly written it was I meant to say terribly written, not terrible written.. can posts be edited here? I did not see an edit button.. thank you.

IRS Pubs. 886 series for EIC, etc. https://www.irs.gov/forms-pubs-search?search=886

LOL

But sometimes, we need a little dippity doo daa!

The preparer is the one who made the mistake by not asking for the registration and invoice before adding the asset. Also, what was put down for mileage on the 4562 each year? Was personal use of vehicle calculated and added to W2s? I don't blame the customer, here.

That is the real skill in what you do, and in part, what I do. Giving advice which does not make you worry, handling customer mistakes without risking your reputation, and all the while keeping the income flowing. Personally, I have a tough time dealing with people who do something wrong, and they usually know is wrong, but then again, I am not signing any returns, so I try to point out the mistake, then 'let it go". For instance, the owner/employee who waits until January, to see how they can pay less tax, and back dates themselves one paycheck for December. Their "I always do it this way" argument is never one I can win, so I point out what they are doing is not correct, to seek professional advice, and "let it go". Those types of folks will not change unless caught, and since I am not the "catcher", that is all I can do, since it is not my worry. I do save those emails, just in case they try to put me in the collection chain.

This was in my inbox at 5:31 this morning: Good day, A friend of mine referred me to you. I want you to help us file our tax return this year as our previous CPA/account passed in October. How much will this cost us ? We would appreciate your soonest response This is my response: I am so sorry to hear about your previous CPA. We are here to help any way we can. However, without knowing more about your tax situation, I am unable to quote a fee. I would suggest, however, that our fee structure is in line with the smaller CPA practices in the area and lower than the bigger practices. I would be happy to give you a better idea if you could supply some details. And here is the response I got: See attached of my prior employer W-2 along with Health Coverage, Mortgage Interest and IRA statement upload via secure DocuSign. Let me know what would be the filling fees. My security settings would not allow the DocuSign to open without input. I emailed back and asked for the name of the friend referral and the emailer's phone number. The first dialog took place over just a couple of minutes. Since my last request nearly three hours ago, I have heard nothing. The scammers are out there in force Be diligent!

Good grief! Talk about tying yourself in knots over not much of nothing - small corps do this kind of stuff all the time. And a 2011 gift tax return - can you imagine IRS is interested? The money difference in licenses, insurance, and operating expenses isn't significant - maybe she did actually drive to the parts store for pop during the six years; who can say? Anyhow, bury the body and move on without adding an ulcer and subtracting a client.

Hahahahaha my buddy Abby knows I'm playing. I do love you all immensely. ((((Real nice hugs only)))

Let me just toss a wrench into the works. With the state and local taxes capped at $10K, I do NOT see how this new law "favors real estate owners." Unless you are specifically talking about owning rental properties, where the mortgage interest and real estate taxes go on Sch E, not Sch A, and where the taxes are not capped. Around my area, real estate taxes alone (ignoring state income taxes) are *commonly* over $10K. Not having those as a deduction certainly does NOT favor real estate ownership. Ditto in NH; the town real estate taxes tend to be very high, to make up for the lack of income tax receipts since NH has no state income tax on individuals.

Refundable Child Tax Credit. My first thought was, "Hmmmm. They managed to cut taxes on people who don't pay [income] taxes." I ain't gonna tell y'all what I think about refundable credits. I'm too busy working up in here.

"Most" of the issues may be resolved, true, but were any expenses (only insurance was mentioned) charged to the corp? What about the licensing and plates renewals? Maintenance such as gas? What is meant by the daughter using it 'in business?' Whose business? And there is still the gift return issue, I should think. I've had ugly situations before but this one is particularly, um, interesting!

As far the depreciation goes, I would file a 3115 to remove the depreciation expense and any related expenses from the from the corporation. instead of amending all of those years. As far as the purchase price of the jeep, I would record it as a stockholder receivable, then clear that out with a 2017 dividend. This would resolve most of the issues with the least amount of work.

IMO at the income level he is expected to earn via the LLC he should leave well enough alone. Gifting the spouse 6% stock renders the default partnership, with the need for filing a 1065. If he elects corporate status the tax rate on net income is 21%, not 15%, with the need for payroll and its accompanying reports, and filing an 1120, complexity which he would more than likely not appreciate. If he leaves it as a SMLLC then the default filing is a schedule C as part of his 1040 package. If his other earned income is near the FICA limit then his medicare liability will not be much (under $900). Just my $0.02, whatever that is worth. Lynn

After that, download all of the free poker games and wallpaper apps you can find.

The refundable portion only increased by $300 over previous law. The real people getting screwed are those who were in the 28% bracket but are now in the 32% bracket, with high SALT and high investment fees or employee business expenses. I have a pilot whose taxable income is going to increase by around 30k, due to losing deductions and personal exemptions.