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About cbslee

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    ATX Supreme Master

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  1. cbslee

    Rental property owned by two SMLLCs

    Your scenario is still a bit vague. How exactly is the ownership of the property titled ?
  2. cbslee

    Drake Accounting on a network: speed

    As I have added some larger clients, certain functions like saving, backing up, loading print files etc. have become painfully slow. Called Drake Accounting support, several times. They had me exclude all Drake Accounting files from the scrutiny of my security programs. No improvement. I checked my task manager and the Drake Accounting Program is using huge amounts of RAM during these functions. Really disappointing, I was tentatively planning to move some of my write up/payroll processing clients over to Drake Accounting during 2019. Drake Accounting support had no solutions for my problems. Never thought I would say that.
  3. I saw a different article about this subject several weeks ago.
  4. cbslee

    QBI Scenario

    Why do you think wages or depreciable assets do not apply to your scenario ?
  5. The proposed regs have knocked out all of my rental clients except one whose qualification is questionable since he is always juggling multiple business issues and the probability of him maintaining a contemporaneous activity log is pretty low. For those of you with clients who might qualify, here is a step by step in depth analysis : https://www.forbes.com/sites/anthonynitti/2019/01/19/irs-publishes-final-guidance-on-the-20-pass-through-deduction-putting-it-all-together/?ss=taxes#55344e92d9f0
  6. cbslee


    As a famous person once said about opinions, "Everyone has one"
  7. cbslee


    You have an interesting attitude ? After all they are people too, no different than you and me.
  8. cbslee

    Trump Sets Final Rules for QBI

    Here is a link to the actual notice: https://www.irs.gov/pub/irs-drop/n-19-07.pdf One section says that residential and commercial rentals cannot be commingled in the same entity and qualify. If true, this will knock out one my larger clients out because while I am reasonably confident that they could meet the 250 hours for all rentals combined, its doubtful that they will be able to meet 250 hours if commercial and residential rentals have to segregated.
  9. cbslee

    QBI from Sch E

    Supposedly, it was released 2 hours ago. If you want to sign up www.360law.com has a copy available. I will wait a few more hours until it's publicly available.
  10. cbslee

    QBI from Sch E

    I remember watching the press conference at the capitol several weeks before Christmas 2017, listening to the congressional representatives talking about tax simplification, saying that most people would be able to file on a postcard, which they were waving around in front of the TV cameras. What you see is not always what you get. Situation Normal !
  11. "The IRS issued Notice 2019-11 on Wednesday, providing a waiver of the addition to tax under section 6654 of the tax code for the underpayment of estimated income tax for certain individuals who would otherwise be required to make tax year 2018 estimated income tax payments on or before Jan. 15, 2019. The waiver, though, is limited to individuals whose total withholding and estimated tax payments equal or exceed 85 percent of the tax shown on the return for the 2018 taxable year."
  12. cbslee


    It turns out only 809 of the recalled employees will be paid, those whose duties are being funded by user fees.
  13. cbslee


    "Under an updated contingency plan covering the upcoming filing season, the IRS will recall 57% of its workforce to handle tax season duties, the agency reported Tuesday. Temporary funding for the IRS for fiscal year 2019 expired at midnight on Dec. 21. Since then, the IRS has been operating under a contingency plan that furloughed 88% of its workforce, and only 9,946 were considered “excepted/exempt” and allowed to continue working. Under the new plan, 46,052 IRS employees will be considered “excepted/exempt” and will return to work. The new plan will allow the IRS to process paper and electronic returns and issue refunds to taxpayers. The IRS had previously announced that tax season will start on Jan. 28 and that it would be issuing refunds during the government shutdown. The IRS will also be opening its call sites and responding to taxpayer questions. All IRS audit and examination functions and nonautomated collections will continue to be put on hold during the shutdown."
  14. cbslee

    QBI from Sch E

    I see no dividing line here between owning 2 rentals or owning 20 rentals. The owner of two rentals can make a clear argument that they are involved continuously and regularly and that their primary purpose for engaging in the activity is income or profit. Where it starts getting murky is when a property manager takes care of everything. Even then the argument can be made that the property manager was acting as the owner's agent.
  15. cbslee

    QBI from Sch E

    You use the phrases "continuous and regular activity" and "number of properties" ? Can you provide a cite for that because I am not aware that these are requirements in order to qualify. If they were, how do investments in REITs and PTPs qualify ?