ETax847

Has anyone been able to start on their clients' tax returns yet? It seems like most haven't even received their W2's yet, let alone the rest of their tax documents.

I was thinking one sch e to save on fees as well.  Thanks

Client has a multi unit rental and he lives in one of the 4 units.  Do the other three units need their own sch E or can the 3 rental units be lumped into one sch E?

Thanks and Happy MLK Day!

I found this website that highlights the changes from 2017 and 2018 for meals and entertainment:

https://www.dsb-cpa.com/tax-reform-meals-and-entertainment-changes-for-businesses-2018/

Much thanks Hahn 1040! That did the trick!!

I have a new client and I am trying to enter his 2016 info into my 2016 software so I can roll the data over.  On page of form 8582, worksheet 1, column c, how do i enter in prior year's losses?  It won't let me modify the field and the wkst1 tab won't let my type into it.  Please help!

Is my understanding correct in saying, if you take a client out for a business lunch, you still are able to deduct 50% of the expense?

Correct, but under the non qualified use section, there is a "non-residence" factor.  What field does this pull from?

Thanks for your help,

My client lived in his residence for 2 of the last 5 years, and rented it out this past year and now sold it at the end of the year. 

Does anybody know where on the Sale of Principal Residence worksheet on form 8949 one would enter the non use days?  I see where you enter the total days but I dont see where to enter the non use days.

Thanks!

Ugh, it appears to be so.  Thanks for sending!

Can someone please provide a link that mentions this? Some of clients that are business owners with season tickets will be adversely affected.

I found it, thanks Dana!

Does anyone know how to have a client's soc sec number be x'd out on the printed copies? I would like to suppress this information, but I'm not sure how to do it.

Thanks and Happy New Year.

Yes, if you exchange bitcoin for another cryptocurrency.  I've read mixed things on the treatment of taking such action and was looking for some clarity.

"The IRS says cryptocurrency is property not currency, so you might think you could qualify. But whether 1031 applies to cryptocurrency is debatable."

Does anyone have a definitive answer on the treatment of exchanging cryptocurrency for 2017?

I'll do the same.  Have you found something online to send when it gets signed or you crafting your own message?

Has one sent out a communication to their clients about year end moves to make given the tax legislation changes set to take place in 2018? Starting to field a lot of question on it from clients

Is anyone sending out any type of communication about all the changes or still too soon?

Has anyone seen this provision:  "The conference report on the bill specifies that taxpayers cannot take a deduction in 2017 for prepaid 2018 state income taxes."?

Are taxpayers still able to prepay their 2018 property taxes and still take the deduction in 2017?

My thoughts are this bill will pass as is.  They seem to have the votes and we should have new legislation in place by the holiday.  

Anyone have clients that have traded Bitcoin during 2017?  From what I understand, Bitcoin exchanges will not be providing any sort of tax document.  Has anyone heard any different? Do we rely on our client's to self report their gains?

Thanks for the valuable feedback!

Any advice on how I can make tax season work better.  In years past, I have set clients' tax appointment dates to come in or upload their documents to the Client Portal and they don't keep these appointment dates I set or bother calling to reschedule until they are ready to come in.  In other years I have put the language, "please call to schedule your appointment" and that hasn't worked either.  

Any advice from those that have a tax season that flows as expected, and if so, what have you found to be most effective? Thanks!

Thanks! that did the trick!!