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I GOT A SUSPICIOUS LOOKING PACKAGE!! It said NOZAWA on it. Wife told me to turn it over. All good.

Yes, I will see what my un-indicted co-conspirator plans for QBI. Good thinking.

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.

You have sushi shipped to you?!

wow

A faint and distant memory whispered in my ear, that this exception only applies to sole proprietors.

FWIW, Nozawa is Japanese

WOW! Close call there, Jack. Glad you're safe.

I did not have that on my list - thank you! No streaming video to my knowledge. Jack, that was both funny and mean. The "angry" response is totally tongue-in-cheek.

I don't know, Rich...sounds like a little fluff in that statement.

Isn't the IRS still trying to make determinations on QBI? Last I looked at it about 2 months ago there was some pretty big stuff the IRS was still deciding.

No. Well, let me state that differently, they are not supposed to under the tax law, but they are like a prostitute, they will do anything for a few extra bucks. Seriously, that is why proving domicile is so important. In the OP, if the taxpayer domiciled in CA, and the rental income was in his name, then it is taxable income for CA purposes from the time he established residency (domicile) in CA. But if the taxpayer was a non-resident who did not domicile in CA, then the rental income is not taxable in CA. Tom Modesto, CA

1. Put me on your list. 2. Is this for tax preparers? 3. QBI, but liaise with the S-corp and sole prop presenter. 4. M&E, depreciation, and QBI are needed for all entities. 5. New C-corp tax rates and changes. 6. New info that must be on K-1s, and what to expect on your K-1 from a PTP, etc. 7. Ratio of time to spend depends on 3. 8. Can we get streaming video of your presentation?

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.

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 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

Two points. 1. It's not a far drive. and 2. They exist to do it. I detest the pubs; try to find ANY simple piece of information.... blarg!

That's what I figured but why the frell can't the IRS publications simply say that! Drives me nuts.

Another important thing.... Will they provide you a stool to stand on, so everyone will be able to see you?

Part-year residents of California - Taxed on all income received while a resident and only on income from California sources while a nonresident. https://www.ftb.ca.gov/individuals/fileRtn/Nonresidents-Part-Year-Residents.shtml#how_taxed

Ditto on this. As well as the semi-new partnership audit rules (at least mention it to them). Tom Modesto, CA

I am not a wizard at this, I only get this kind of return occasionally. It is a pain. At first glance, I have some problems with the numbers you are using. With an AGI of 425K, they went into the 9.3% tax bracket at about 125K taxable in 2014. Assuming they had Itemized deductions and exemptions totaling 100K, they would still have 325K taxable and a tax bill of about 25K. So I don't think the state is taxing all the income. And the 2.3K you came up with on your original filing looks light to me on 132K of CA source income. Is the 12K the state is demanding all tax, or is it loaded up with penalties and interest? Have you gone back and recalculated the CA 540NR and the CA Sch CA 540NR based on the full federal income and then applied the percentages? If so, what did you come up with? ATX is not great at the CA Sch CA 540NR. It is not intuitive. You almost have to run that schedule by hand if it is complicated. I am guessing here, but I think you probably have about a 6K shortfall in the CA taxes that year, and the penalties and interest are driving the bill up to 12K. If you have more specific questions, post away and I will do my best to help out where I can. Just curious, how did you file 2015-2017 for them? Tom Modesto, CA

Remember that the tax rate will be determined by the federal income. Then your software applies a ratio to include the CA income/federal income X tax rate. Check the Sch S and go through the CA return line by line to see how it flows.

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

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

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'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.