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This proposed new Form 1040 is a joke much like a lot of things that go on in Washington and in the media. Why all of a sudden is the IRS wanting to change a simple form into a summary postcard that will require a lot of extra schedules in order to file a complete tax return. This is especially cumbersome when a client has K-1s from S-Corp. or partnerships, and rental income required to be reported on Sched. E. Next they will be wanting to send refunds via coupons that can only be used at your local Wal-mart. It is a joke to continually wanting to change something that is working and has worked for at least the fifty years that I have been preparing taxes. I am strongly against this new proposed Form 1040 for this year or any year in the future. It is not a way to cut costs. It is a way for the nation to have to cut more trees to accommodate the extra paperwork that it will necessitate. BAD IDEA!! Paul L. McClure, CPA

Every time there's a change in law or forms, I see it as job security. Of course, I'm of the mindset that the IRS should be funding US since we have become the official gatekeepers with all the due diligence rules and threats of fines.

The complaint argues that those who drafted the Sixteenth Amendment understood that "the SALT deduction is essential to prevent the federal tax power from interfering with the States’ sovereign authority —authority that is guaranteed by the Tenth Amendment and foundational principles of federalism." https://www.forbes.com/sites/kellyphillipserb/2018/07/17/states-sue-irs-treasury-to-strike-down-salt-cap-under-new-tax-law/#4bedf2915303

Paul, Welcome, you have until 7/29 to email your comments to IRS at: [email protected]. Let 'em have it, you make some good points. Bill

Welcome to the forum, Paul! I agree with your post wholeheartedly.

Yes, and do you remember the animatronics show "Dinosaurs" from - I forget when, but a long time ago; early 90's-ish. All the dinosaurs were named after oil companies. Earl Sinclair, his mother in law Ethyl Phillips, boss Mr B. P. Richfield, buddy Roy Hess. It was a hoot!

Yes, Paul, welcome! We hope you'll feel at home here. If you haven't taken time to look at other topics, we have 2 other current topics on this same issue.

I loved that show! My son was a baby about then, and the little dinosaur - "Gotta love me!" just seemed so perfect!

Exactly, and Gail is spot on. Setting up the asset with a 179 expense will return the same result as a normal expense. I, like Judy, practice by myself and I have to do it right regardless. 21 years and have not done it any other way. Through the course of time, I have made mistakes due to lack of understanding but have always corrected them. I agree with Pacun too, regardless of what the auditor or anyone else says, do it right. Thanks to all!

Thanks cbslee. I will prepare my letter as well. I agree with the statement about the new "post card" tax return being a political talking point. However, it has left the general public to believe that tax code has been re-written and simplified making the old form obsolete. As I see it, this is a redesign of the form and what makes up the content remains complex.

Are any of you experts in QB Enterprise and have active construction clients on QB. I am in a little bit of a pickle. I have a lot of experience with ERP's for Construction Accounting, and I have a lot of experience with small companies using QB Pro, but I am now working for a larger contractor that is using QB. Don't ask why, it is a long story, and I don't intend to keep them on this software forever. But while I start working on the conversion to another software, I need some help on trying to get owned equipment costing set up and charged to the jobs. If you know some tricks in QB for equipment costing and are willing to teach, I am willing to pay. PM me if you want to do some consulting. Thanks in advance. Tom Modesto, CA

Also this one from CS Thomson Reuters:

Googled and found this:

David, it is possible have a fractional interest of an undivided interest in a property as the replacement held as tenants-in-common and still be a valid 1031 exchange. IRS ruled on this with Rev Proc 2002-22 that allows it if the property isn't held as a business, must be as the individual, and other requirements. How the property is titled, managed, run, controlled, etc. is paramount for this to work, and I'd suggest that you not venture into giving legal advice but suggest that the client hire an attorney that is well versed in tax and real estate laws, and specifically the intricacies of sec 1031, and have a well-qualified intermediary too. Here are some links to help you: Rev Proc 2002-22 - lays out the requirements Article from The Tax Advisor - " Fractional Interests in Property" - specifically discusses your question Another article from CIRE magazine (Commercial Investment Real Estate) discussing tenancy in common in 1031 exchanges written by a practitioner specializing in these exchanges

Last time I ordered QB Enterprise for a client, it was going for $4,500, about 9 years ago. Have you looked into other software that intregates with QB? A former trucking client wanted a all-in-one program to help them streamline their operations, the software cost them around $25K and they only used it for two year because the person who knew how to use it left the company :(

Bulldog Tom - great to meet you at Rita's gath'rin. You have been conspicuously absent. Did you quietly end up in the wildflowers on Rita's back 40 with the other huggies?

EXCEPT if the alimony agreement is modified after 12/31/18. Then it is subject to the new law.

Documentation is always a good thing, well, maybe not always...

I'd say that this is deductible IF the car was purchased by taxpayer in his or her name before the transfer of the gift. If it was purchased directly in the name of the recipient, then taxpayer can't deduct it since technically he/she wasn't the party liable and title was never in his or her name.

We have also advised our clients to check their withheld tax for 2018.

You do it right regardless of what the auditor will or will not do in the event of an audit. I agree with Gail. Report the income and depreciate the asset.

While what @Abby Normal says is very true, give them the list of all the additional information they have to provide to support all the transactions, and they might agree to make it cleaner. As much as they like "putting one over" they detest inconveniencing themselves more.

The likelihood of getting both parties to agree to this seems very low. When people barter they feel like they're putting one over on the man. I'd just journal entry it to sales and fixed assets, then 179 the trailer and move on.

Also, the asset should be reported on personal property tax returns.

Remember he was starting a new job. I'm sure he's swamped.