BulldogTom

But there were only 3 channels. 2 VHF, and 1 UHF. Tom Modesto, CA

That is my understanding as well. Business meals are still allowed at 50%. Tom Modesto, CA

When I was about 4 or 5 years old, my mom brought home a 13" black and white tv that she scored from S&H Green Stamps. It was a big deal to us. We were dirt poor and that was the first TV I remember us having in the house. Oh...the good ol' days. Tom Modesto, CA

That is my fault. You can ask Judy to give me a warning point for hijacking your thread. Sorry about that. Tom Modesto, CA

All Y'all are still talkin' 'bout that dang Obamathingy that makes ya pay up for the exchange money they give ya to git that insurance no one will take? Tom Modesto, CA

I did not even know what "iterative" meant until 2 years ago when I had to calculate the SE HI Deduction for a Sch. C client with the advanced premium credit. Now I hate that word. Pairing it with "inelegant" is perfect. Tom Modesto, CA

What about employee stock options. Isn't this the biggest driver of AMT? Tom Modesto, CA

How much do you want to bet we start seeing those entertainment expenses show up as "advertising and promotion" in the expense accounts of our clients? Code section 162 (ordinary and necessary) is going to be the argument. Probably will take 3 years for the first case to get to tax court, 5 years before we get an appeals ruling, and 6-7 years before we get a final answer. Tom Modesto, CA

I know a company that has a Suite at the SAP arena in San Jose. They have 20 seats in the suite for every Sharks Game, plus they get concert tickets for anything that happens to be playing at the venue. The dollars are enormous that they spend on that suite. About 70% of the time, the suite is being used to entertain clients, the rest are raffled off to the company employees. I hope their CPA has come up with a strategy because losing that deduction will be a big blow to that company. Tom Modesto, CA

I was at the Spidell update seminar yesterday. They said the tax reform law is ending all entertainment for businesses. No more sporting events, theater tickets, fishing trips, etc. All of that is no longer deductible by a business. It was the first time I heard that in the law. Wonder what else is going to come up as we all comb through this law? Tom Modesto, CA

They have improved the idea. What is now being proposed is a California Tax Credit for 100% of your contribution to a new state "Charity". The State will set up the "charity", accept your "Donation" of the amount of your state and local taxes, and give you a 100% credit (refundable) on your CA tax return, along with a donation receipt for you to use on your Federal Tax Return. It is definitely creative. I really want to go political on this thread but I don't want to get kicked off the board, I need you guys too much. Tom Modesto, CA

We need to have a chili cookoff. I will bring my Bacon Jalapeno chili with red kidney beans. I will bring some cornbread too. And I don't want to hear from any of you Texans that chili should not have beans in it. Tom Modesto, CA

Dang, that seems really late this year. Concerned that there will be so many returns waiting in the que for processing that it might take down the system. We have seen it before. Any word from ATX on when they will allow us to transmit to them to get in line? Tom Modesto, CA

Just a random thought - can a business owner who rents his office/warehouse to his business create an LLC to hold the rental property and get the 20% passthrough deduction? I assume treasury will impose self dealing rules, but what if they don't get to them before the 2018 filing season? Just trying to be creative. Tom Modesto, CA

That is going to be a very interesting question. I read that article too, and I think the treasury is going to have to provide guidance on it. Tom Modesto, CA

I think this will help some of my clients. I will have to go back and look at the sales tax deduction tables and see if the amounts will get my clients up to the 10K limit. Thanks for pointing that out. Tom Modesto, CA

Got my W2's and 1099's prepared today. Reconciled my bank accounts. Started working on my tax return. Just a typical day in January, except for the 15lb prime rib I cooked for dinner. Tom Modesto, CA

Way, way back in the day when I took the exam (scanner card and #2 Pencil), the IRS would give you copies of the prior year examinations. I was surprised at how many of the questions did not change from year to year. If they still give out the prior exams, you should get them, and get used to the way the questions are worded. I also used Gleim study material. Tom Modesto, CA

Cool, Thanks Margaret. Tom Modesto, CA

Does that come directly from the redneck dictionary? I have to share this with All Y'all...I have become addicted to the show "Moonshiners". It is amazing to me that a show, set in America, produced by an American company, with Americans speaking english, requires english subtitles. There are times on that show that I would not know what is going on if the subtitles were not there. Rita, are those your clients? Tom Modesto, CA

If the IRS says it is "property", that clears one hurdle. It must be held for investment purposes, so if it was ever used as a means of payment, especially for something personal, you may have a hard time clearing that hurdle. Finally, it must not be an "other security". Not sure how the IRS defines that term, but I think that would be the hardest hurdle to clear. Because it is being traded like a stock or a commodity, I think this is where the analysis would fail. You can't exchange gold for silver or diamonds. I would think this is the reasoning the IRS would apply. I think I would agree with them. Just my humble opinion. Tom Modesto, CA

What would be the like kind property? Another cryptocurrency? Tom Modesto, CA

NOMOTAXES doesn't sound like a guy pitching CIT. I looked at their website and it looks like a startup that is trying the same model others have tried, and failed, with. I can see how NOMOTAXES would come here and ask, as we all have looked around for cheaper alternatives. It is what I would do if I was looking at changing software. If NOMOTAXES is a schill for CIT, he has me fooled, but I won't be buying that product. Tom Modesto, CA

I am assuming that the deduction will apply to the individual's 2018 1040 income tax return, and any QBI that is reportable on that return would be eligible for the deduction. I think what you might be asking is if all the QBI flowing through from the K-1 of a business with a fiscal year is eligible for the deduction, or only the portion earned after 12/31/2017? I have not heard anything that says we would have to segregate the income between the years it was earned in. That may have to be addressed in Treasury regulations. Tom Modesto, CA

He should get a W9 from the LLC to determine if a 1099 is required. Tom Modesto, CA