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About jklcpa

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  1. Link to IRS for all draft forms: https://apps.irs.gov/app/picklist/list/draftTaxForms.html Great, let's waste more time and money on another redesign and programming at IRS and all the vendors. The 2019 1040 draft does allow seniors to file that form with notation for those checking age or blindness to see the instructions for the proper amount of standard deduction. The only difference between the 2019 1040 and the 1040-S (senior) is that the "S" form has a chart at the bottom of page 1 for those checking age/blindness boxes. I guess there were too many mistakes in the standard deduction in 2018 for those self-prepared returns.
  2. Hmm, I'm not sure about this. Last fall I loaned another member my disk from 2006 after the ATX rep said that they could only provide back to 2012. Has ATX expanded the number of back years available since then?
  3. I'm not sure why your client got that notice, but if it is a straightforward as you say, here is the text of the TCJA as signed into law that answers it: Sec 11(b) of the tax code now reads as follows:
  4. You've brought up two separate issues in this topic, first this one and then the second about the PSC rate for C corps and mentioned a medical professional. See my post immediately above related to the PSC discussion and notice received. As for the 199A deduction, you didn't give enough information to answer definitively. Is this the same SMLLC medical professional mentioned in discussing the PSC rate? If it is the medical practice, that would fall under the rules for a "specified service business" and would be subject to the phase out rules.
  5. The new rate applies to tax years beginning in 2018. What tax year is the notice for?
  6. PSC C corps now pay the same rate of 21%. Some early proposals had the PSC rate at 25% but that didn't make it to the final legislation that was passed. PHC tax and accumulated earnings tax are both still in effect, rate unchanged at 20%.
  7. jklcpa

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  8. That sounds right. The TOD label indicates that there is a named beneficiary(ies) on Jane Smith's account that will pass to those beneficiaries, it bypasses the will, and is outside of probate, but the beneficiaries aren't shown on the account statement.
  9. @Lion EA it looks like yours may already be UTD. See my next post for the contents of Elrod's link that lists each of the most recent versions available.
  10. How was the account titled? If it is TOD, those are non-probate assets and not included in the estate.
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