BulldogTom

Nope, but I am very interested in what you find out. I have one coming next week that I will have to go through this on and I will be looking back at this thread to see what you figured out. Tom Modesto, CA

Hey DTA, You need to hire a tax professional to help you. Just by the nature of your question, you are in way over your head. And the fact that you are asking on a web board looking for free advice is even more concerning. What you get for free on the internet is worth exactly what you pay for it. In a few minutes, the moderator is going to read back to you the terms of this site, which you agreed to when signed up and tell you that this site does not give advice to non-professionals. We only work with professionals in the tax industry. Then she is going to lock this post. Get a tax advisor, someone who is reputable, and pay them to answer your questions. Tom Modesto, CA

OK...I get it. That makes perfect sense now. Tom Modesto, CA

@Gail in Virginia Why would you deduct the Standard Deduction? It is not attributable to the generation of the Income from the business. Tom Modesto, CA

I see the Sec 199 worksheet is now available. Working on a schedule C for a client and the deduction is not calculating or flowing. I played around with the worksheet, but I could not get the Sch. C profit to flow to the worksheet. When I entered the schedule C profit directly on the form, it calculates and flows tot he 1040. Am I doing this correctly? Shouldn't the amount of profit from the Schedule C populate the Sec 199 worksheet? Did I miss a step somewhere? Thanks Tom Modesto, CA

I did one as an individual with a SS#. But I did not efile. Printed and mailed. No issues. Sorry I can't help. Tom Modesto, CA

No problem. We all need help with this new software. I spent 30 minutes screwing around with the form trying to figure out how to make it work. There are no silly questions related to QBI. Tom Modesto, CA

I was setting up my seasonal office last weekend. No client appointments, just making sure the new computer connected to the old printer, setting up the internet, that kind of stuff. One of the other tenants in the building stopped in for a quick question. Was sure that his CPA was working for the IRS and not for him. 20 minutes later, he was convinced we all work for the IRS, but he got his answer confirmed. The next tenant who dropped in to say hi was a general contractor. 20 minutes later I had the answer I was looking for from him about some work I want done on my home. What goes around comes around. I try to be generous with my free time. I know that if that first tenant ever decides to move his tax work, I will be on the short list. He may never do so, but I have planted the seeds of my knowledge and experience. Who knows if it will ever blossom into an invoice. And the guy I took 20 minutes from may be able to invoice me for some work I want done on my home. No guarantees, but he gave me some good information and for that I will give him a shot at the work I want done. Tom Modesto, CA

In simple terms a Qualified Business is a pass through entity that qualifies for the deduction. A service business is a Specified Service Trade or Business as defined in the TJCA. The first box means you can take the deduction, the second means that if you exceed the income limits, the deduction may be phased out or eliminated. Hope this helps. Tom Modesto, CA

I ordered mine from TTB directly. It arrived yesterday. About 6 days from order to receipt. Tom Modesto, CA

Back to the thread. Yes, I have picked up 2 very substantial clients this year already. I have not even opened my seasonal office for business yet. Tom Modesto, CA

One of the best quotes I ever heard was at a training session for an accounting software we used at the company. The operations Manager started asking if the software could do this and that and all kinds of things. The trainer replied "There is no PFM button on the keyboard" We all looked a little perplexed until he explained "PFM = pure frikkin magic". I use that line all the time now. Tom Modesto, CA

I have rolled over 6 payers and I am not experiencing problems like you describe. Sorry I can't help. Tom Modesto, CA

I agree with you. But the evil side of me wants to say..."Now you know how we feel. You have been pushing us to do your audit work at the preparation end and not paying us. Now you can do your work without getting paid as well! Serves you right." But I do feel for them. It sucks to be the property of the government. They do live their lives just like the rest of us and it must be hard on their families. Tom Modesto, CA

Slacker. Anyone worth their salt should have a few warning points. We have to keep @jklcpa on her toes. If @kcjenkins was still moderating, we would see a boatload of warnings hitting the members. I think we should have a very nasty political fight on the board to get some points flowing. Just kidding Judy. Please don't shut me out from the board. I need you all this year. Tom Modesto, CA

Really....anyone who watched the process of this bill getting butchered by the Washington political process knew it was going to be a cluster fudge. SNAFU is a very appropriate acronym for the tax laws of the US. Tom Modesto, CA

I found a way to put it on the invoice, if the worksheet was listed. But it is not automatic. You have to go into the worksheets tab on the billing manager and pick the 1040. All the worksheets for each line should be listed. But right now, there is nothing listed for line 9, which is where the Section 199 worksheet should go. I assume that when they release the worksheet, it will pop in to the billing manager. If not, I am going to have to hand type it in for each client. I wish I could charge $500 for each client. Just does not work with my clients. Tom Modesto, CA

Which gets us to the Section 199 deduction. There will not be a form for it, only a worksheet. I don't see any way to price it and show it on the invoice. Anyone have a suggestion? Tom Modesto, CA

Good Morning, I know I should not be working on Sunday, but I thought I would knock out some 1099s before church this morning. I went in and printed the red copy 1096s, the pdf of the 1096s and the red 1099Misc forms. When I went to print the copy C of the 1099s, I can't get the print button to activate. I can't get it to print anything out of that return. It is like it locked up. Anyone else have this issue? Thanks Tom Modesto, CA

Thanks Paul. I think it has something to do with the "Save Selections" because when I was printing I checked that box and then it stopped working. I basically did the above by trial and error and it worked. Tom Modesto, CA

I think so. Tom Modesto, CA

Look at the very last tab when the print window opens up. I think it is called W2/1099. Tom Modesto, CA

@cbsleeI hear you. But we all know that Congressional intent and IRS/Tax Court interpretations do not always match up. For an example, Congress vehemently argued that the ACA Shared Responsibility payment was not a tax, until the 9 clowns in black gowns said it was. I think I have an obligation to my clients to tell them that the guidance is not clear, and that there is a chance that the deduction will be challenged by IRS. For those clients who are risk averse, they may not want to roll the dice. If they choose not to take that position, and guidance comes down that makes it clear they should have, we can amend. For those clients who want to take the position, I will do so. If the return is challenged, I will defend the position at audit. It is ultimately the client who is responsible for the position taken on the return. Tom Modesto, CA

I think it is a risky position to take. I think I will lay it out for my clients and allow them to make the choice. ATX has not put the QBI form out yet, so I am anxious to see how this is going to work from an input standpoint. I don't know if there is a way to designate that an activity is qualified or not, but it seems to me that there should be a check box or something on the input forms that allow you to say it is or is not QBI. Tom Modesto, CA

I think we are all going to need each other on this board this year. It is going to take some time to get used to they new laws, forms, and software input. Good luck this season. Tom Modesto, CA