1. Minister does not have an accountable plan with the church, the church contributes money to pension and does not include this in his 1099. Should those contributions be taxable? Also, the minister contributes money to pension plan. Can he take the amount he puts in as above line adjustment?
2. Is there any remedy for a decedent with unrecovered basis in a pension now that miscellaneous itemized deductions are gone?
3. I was just curious if Bob had an opinion on how to handle farmer returns with DPAD on them for 2018 without the IRS releasing the Form 8903 yet. Our farmers are starting to get antsy and the IRS obviously not helpful, they don’t even know a release date when I call.
4. I have an S corp client that works from home in FL but produces marketing events in other states—NY, CA, IL. Most of the work is performed from FL but some prep is done out of state, out of state contractors are hired and the event occurs out of state. She has no FL clients or events. Would all of her income be subject to out-of-state income tax? Or can the state income be allocated based on the time she spends in other states versus the time she spends preparing in FL? If her net income is $450k, is it worth hiring someone to review the state tax laws and determine her liability? Do you know of a company she could engage?
5. Have several tax clients, such as long-haul truckers where travel expenses are thought part of wages and not being reimbursed, and a construction supervisor responsible for several jobs in several locations receiving an allowance included in W-2 that is significantly lower than actual travel expenses, that have been hurt substantially by the disallowance of form 2106 expenses as Schedule A – Miscellaneous Deductions. Is there any way they can get relief, an alternative for these deductions, or are they going to have to change jobs?
6. Have multi-member LLC that elected S Corp 1/1/14 that wants to revoke S Corp for 2019 & file as C corp. I understand need to send in letter to request revocation with a list of specific information before 3/15/19. The questions is will this entity revert to C Corp automatically or do we need to file Form 8832 requesting C Corp as well? I saw online that if wanted to revert to Partnership you had to file Form 8832 requesting that status but haven’t seen if it automatically reverts to C Corp.
7. On partnership returns, is it required for all partners to report additional information regarding basis if you do not report tax basis in box L? The penalty is pretty high if you do not comply.
8. I am struggling with getting more information to clarify the difference between a federally declared disaster loss and a federally declared qualified disaster loss. Both are federally declared disaster losses, but calculating the loss is done differently for each. How do I find out whether a federally declared disaster is under section 401 of the Stafford Act in 2016? We have an earthquake in Alaska on November 30, 2018 that was declared a Major Disaster on January 31, 2019 on the web site www.fema.gov/disasters.
9. I know in your seminar it was discussed that Royalties (Oil & Gas) do not qualify for the 199a deduction. Would your answer be different if it was a small oil & gas company with working interests that ALSO generated royalties? I would think these royalties would qualify for the QBI deduction.
10. On the qualified geothermal credit does it pertain to new and replacement or just new construction?
11. I attended one of Bob’s seminars and I was wondering if you guys could help point me in the right direction regarding how to find out for each state what the threshold is for business income to have to file for that state.