This videos questions...
On a partnership return if you elect Section 179 it increase the flow thru QBI and when you take those numbers to the individual 1040 return the larger QBI deduction stays. If you had used bonus depreciation the QBI is less. Is this a correct treatment? If so we need to take Section 179 to get a larger QBI and pay less tax?????
If an individual shareholder or partner has IRC 179 recapture (reported via supplemental information to the shareholder’s or partner’s K-1), will this be considered QBI and will the QBID 20% deduction be available on this amount?
Has there been any discussion as to why there wasn’t an indexing of the QBI phaseout for HOH filers? Based on the $157K beginning phaseout range for “everyone else” not considered MFJ its almost as if there is a single parent penalty now even though there is a separate filing status and tax bracket for HOH filers.
We have a car dealer who sells the car on note for 2 to 3 years. We changed him on accrual basis from cash in 2015 under the profit taken in 4 years as per sec 481 A.
Can we change back to cash basis him. if yes then how we can report 481A balance.
I’ve taken several of your courses that were targeted specifically at QBI and am almost certain that I heard or was told that an individual who is also a shareholder of an S Corp, cannot transfer income that is received under their social security number to the S Corp. Is that correct?
I just want to confirm it's acceptable if you have a schedule C business that the C can
pay rent to yourself showing the rent on schedule E. At one time at one of your seminars
it sounded like you couldn't do that but now it's sounding like it's acceptable?
Question regarding fiscal year corporations. Lets says we have a S corp that was taking the domestic production deduction. For year end 09/30/18 they would still take that deduction and then for 9/30/19 they take the QBI deduction correct? There is no partial calculation for prorated deduction of each? Deduction does not take affect until tax years beginning after 12/31/17??
*We learned that the old 1065 late filing penalty abatement for timely filed accurate 1040 returns by the partners etc is gone.
Is the easy first time late filing penalty abatement still going to be available for S-corps & 1065s?
*What do you recommend when a 1065 has paid wages to an owner and W2s already have been filed?
*Do you agree that NII tax is due on residential rental activity income unless the landlord is a real estate professional? (And similarly that income would be investment income for purposes of determining earned income credit eligibility?)
Can an employer pay an employee rent for office space used in the home and the employee take depreciation? I know IRS pub 587 states an employer can not pay an employee rent, have there been any recent court cases for this issue?