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We never buy lottery tickets, but we did buy ONE for each of the last two drawings. It was worth the six bucks because the dreaming was so much fun. Pay off the kids' mortgages, give one who's having a baby soon the option to quit work and stay home, see what the other one most wants, set one of their in-laws up for life in a continuing care community, build the other's in-laws their dream house, endow retirement and payroll plans for the staff of two local schools for children with emotional disorders so they can hire and keep the best workers, maybe build one or both a high school so they can serve older children. pay someone to clean my house every week, and of course hubby needs a car with a hemi and maybe a race car team. I cannot let down my loyal clients so will work at least one more tax season (did I just say that?) And first things first: Pay someone $50k or whatever it takes for their box seats in Boston to watch the Red Sox win!

You also need to spend some time on Travel, Meals and Entertainment since the IRS recently released new guidelines

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.

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

I was informed this morning that I'm not allowed to retire yet. Guess I'll go beg for my job back. A Contract Implied in Fact is how you avoid double taxation of lottery winnings on gifts and would work for charitable giving if you wanted to use it that way. You effectively after the fact set up a contract explicitly outlining what was previously an "implied" agreement. You basically set up a ticket buying pool retroactively where each person is assigned a percentage of the total winnings and is responsible for their share of the liabilities (taxes).

It would be great to increase my giving. If it's important when I'm closer to poor, then it will be important if I were to become rich. My church, Appalachia Service Project, cancer research, the educational foundation of ADPi, and a few others. And, a fund for my granddaughter plus some for my sister whose health cut short her working years. And, hubby and son if their needs increase. If I didn't have to work, I'd be volunteering more, so more to that organization(s) whatever it might be. House repairs and enough savings to get us through all the medical issues beginning to arise (hip replacement 5 November, for instance). Probably some to Bridgeport University which gave me a free MBA in finance as the first Benton Fellow. The NY/CT-Association of Tax Professionals works to help accounting students explore tax preparation, attend our seminars, etc., so probably some to help the next generation of EAs. I could fly to Rita's and buy all the provisions for the next gathering (with the current jackpot, I could fly ALL of us to Rita's!) I don't think I would run out of ideas.

Nope. No more corporate AMT. A bunch of credits repealed (DPAD among them). Acctg method tweaks. Interest. Fringe benefits and all manner of things got changed. After I give the talk, anyone who wants can have my slides as a pdf; PM me and I'll make a list. OK. Gloss over the major changes and spend my hour on QBI. Whimper!

Catherine: C-Corps and Partnerships are not related.... So that makes it tough. There is no QBI for Corp's. Only the tax rates changed. And who has a C-Corp now anyway? MLP's or PTP's are allowed the 20% exclusion. Who is allowed the QBID deductions and the limitations. Depreciation is always sure to make their eyes glaze over That is a start.... Rich

QBI, No doubts. Spend your whole time on QBI, and all the caveats and limitations. If you do that, the crowd will thing you are the best teacher on earth. (Of course, some of us already know that....)

I am at work as well. My $2 winnings won't support my retirement....

Good luck, @FDNY! I would step up my current giving to various missions, humanitarian groups (especially those working to rescue/rehabilitate trafficked girls in Asia and elsewhere), and churches. Veteran help groups. Some medical research organizations. I would also set up an active gifting program for my girls, in ways they can get to but with effort. For example, one step would be to fully fund their Roth IRA's every year. Basically, any group I would otherwise leave an amount to on my death, I'd rather give over time while I'm alive. That way, as organizations change, I can change my giving too. Which reminds me - @Eric is there a way to set up recurring donations to the forum?

This looks like a question for Bulldog Bob. He is one of our resident CA experts.

Get back to work because someone hit the mega millions and ain't you. I will do the same.

It's so hard to comprehend 1.6 Billion. That's a crazy number. At one point last night the news indicated that 25% of combinations had yet to be played. How is that possible?? With all the states that play and all the individuals buying tickets, how can 25% still not have been played. Amazing. Anyway, it was nice to dream for a bit. Now any lottery that doesn't hit a billion will seem small.

I am not sure I agree with the majority. Do you have any way of knowing what the person covering S-corps and sole proprietors is covering? If they go before you, and spend the bulk of their time covering QBI, you might be rehashing a lot of the same material. Or not. There are a ton of details in this new law, and I am afraid some of those details are really going to catch us by surprise if everyone spends all of the CE time talking about the QBID.

Did you prepare Sch S, Other State Tax Credit? https://www.ftb.ca.gov/forms/2017/17_540s.pdf

I would spend most of the time on OBI and depreciation.

Your locally installed software will still work even if you haven't renewed. You won't be able to efile though. The reset password for 2016 only shows up after you enter the wrong password 5x. But it's easier to just use your install code. 2017 was the first year the reset password was added to the login screen. I haven't renewed yet, either and all years still work fine, back to 2008.

In my opinion, there isn't any way to reimburse her that would be nontaxable. However, you could gross up the taxable stipend to cover the additional taxes so that she isn't penalized.

It's a large employer, I would guess around 500 employees. Not sure if it makes a difference but she is covered by a union contract. It is taxable. It is available to everyone who opts out of the insurance plan. The only requirement is she has to submit proof she is covered by another insurance plan.

Well, I never thought of this because I haven't bought a lottery ticket in ages, but after reading all your posts and all the good intentions I will buy a ticket. If I do win it is because of all of you. So since I know how to find you I will give to all those who posted here. I have a close family member with Parkinson's so a good amount of the money will go for research. Animal Rescues too. I will keep a large sum handy to help me with care giving because I know winter is coming. And oh yes, that one sibling....he gets 15K a year towards a house if at least 3,000 miles away. I'm not paying any gift tax so he gets off easy. Now I better go buy a ticket.

I'd hire someone on this board to do handle all of my taxes. One of the younger ones.