Lee B

He didn't say per year. I assume he was referring to the length of the average rental. It sounds like a short term rental.

It depends, I can envision an IT business that is not an SSTB and one that is an SSTB. What exactly do they do ?

Weird, because there is nothing in the message that says or implies that it has anything to do with claiming EIC

All right, another challenge for hackers !

I don't do estate returns. Just wondering. does this blow the step up in basis ? Does an estate get the gain exclusion on the sale of a home ?

You have a real talent for embellishing your story

In this scenario, if the computer fixing happened simultaneously with being a restaurant employee, regs say the computer fixing is W -2 wages.

So, it's an out of state corporation doing business in LA ?

No, it has not been extended past 12/31/17. It is still part of a potential TCJA Technical Corrections/Tax Extenders Bill, which still shows no sign of movement in the current Congress.

Where is the business nexus, OH, LA, or both ? If the business moved from OH to LA, when ?

Simple solution - Set up a duplicate client and use the duplicate to calculate/keep track of book depreciation.

There are a number of specially enumerated provisions that make no sense other than real estate lobbyists with lots of money bent the ear of members on the Joint Committee on Taxation at the last minute and got special provisions written into the law for their wealthy clients. The qualification of REIT Dividends and PTP Income are just two of many. It is especially ironic because before the the TCJA was signed into law, all of the proponents were talking about what a great incentive this would be for real estate investors big and small. !

I wonder if it has anything to do with the unresolved life of qualified improvement property ? No tax extenders/technical corrections bill in sight, which some observers say will never happen

Three or four years, I think I had to delete and reinstall my printer in a similar situation. Before you do that, change your default printer, then change it back and see if that works.

At least for a 1099 INT, you have until the end of February.

A third in depth step by step analysis with a flowchart and worksheet examples from The CPA Journal: https://www.cpajournal.com/2019/01/28/proposed-regulations-clarify-the-irc-section-199a-deduction/

Haven't really thought about it, but has to be well in excess of $ 100. I really wonder how many Turbo Tax returns will be filed with off the wall QBI deductions.

Yeah, my bank is pushing Tax Act.

The IRS Taxpayer Advocate told Congress several days ago that it will take 12 to 18 months for the IRS to deal with all the consequences of the shutdown.

Yes as long as your 1040 taxable income does not push you up into threshhold phase out range.

I am preparing several 1099 DIV forms for 2 clients. The 2018 form has a new box 5 entitled "Section 199A dividends" . Neither the instructions or a search of the IRS website shed any light on what belongs in this box. My best guess is these are dividends that qualify for the 20 % PTE deduction. I would really appreciate some help with this. Thanks in advance

An even longer more in depth analysis with multiple examples from The Tax Advisor: https://www.thetaxadviser.com/issues/2018/apr/understanding-sec-199A-business-income-deduction.html

Of the 26,000 IRS employees recalled to work, without pay, earlier this month in order to ensure refunds go out on time , only 12,300 actually reported to work. The other 13,700 applied for and received hardship exemptions for things like having no money to put gas in the car or to pay for child care, etc. Senior IRS officials told Congress yesterday, that the effects of the shutdown will last well into this summer. This promises to be a tax season that we will not remember fondly.

See IRS Pub 926

SMLLC, a disregarded entity, engaged in a combination of real property investment and commercial rentals, who regularly borrows unsecured funds from 2 individuals for both operating and investment purposes. His main source of income is employment/part owner of a Structural Engineering Firm. Since his real estate activity doesn't rise to a trade or business level, my tentative conclusion is that he is not required to issue 1099 INTs ?