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1. Any guidance for useful-life (depreciation) for resurfaced polished-concrete floors. In a hardware store, more than $100,000 cost.
2. “A partnership providing consulting services has two SMLLC members. The owners of the SMLLCs provide consulting services to the partnership’s clients and bill the partnership for their services through their respective SMLLCs. Since these payments would be subject to self-employment taxes, at year-end, on the SMLLCs respective K-1s, does the partnership show the payments made to each SMLLC as guaranteed payments, or would it reduce the profits as consulting services and then issue 1099-MISCs to each.”
3. Ministers unreimbursed employee business expenses. I know not deductible on Sch A any more, but what about his Self employed income. Talked with NATP this morning and they are saying that for tax years 2018 thru 2025 they will not be deductible towards the ministers SE income that is coming off a W-2. What is your response to this?
4. I have a customer who has 21 rental properties. We have not made a grouping election to qualify as a real estate professional as she makes a lot of money on the properties. I would like to group the rental properties for purposes of the QBID deduction as it would be hard to qualify each property under the sale harbor rules. However if we can group them, it would be easy to qualify under the safe harbor rules. Are they any pitfalls for the grouping election for QBID purposes? For example selling units after the grouping election.
5. I have a situation where a building is owned personally and rented to a specified service QBI S-Corporation. I know Bob has mentioned that the self rental on the personal 1040 Schedule E can be treated as QBI. My question is regarding a small amount of income received within the S-Corporation for rental of one office in the building. Is this also QBI or should it be rental income that doesn’t qualify unless under safe harbor?
6. We have a question about the IRS not considering letters of explanation in response to IRS notices. We have received several IRS replies that appear to be blanket denials that assess excessive penalties. This appears to be becoming a patterned response. Are you seeing this as well?
7. Where can I find information on handling the DPAD for a farmers return and if it reduces his QBI?
8. Are guaranteed payments treated as partnership income subject
to QBI?
9. Can you please discuss any special handling of more than 2% shareholders health insurance related to the QBI deduction I am hearing conflicting treatments I know it has to be in Box 1 of the W-2
10. It has been a very long time since I have done a conversion to an S-Corp from a partnership. This should seem relatively simple but I can't get it right. I have two partners each have ending capital accounts of 10,225. They don't have any debt. They have no depreciable assets left on the books. I took there ending capital accounts of $10,225 and put that as an addition to there shareholder basis and I then added there distributions. Of course the beginning balances on their sch. L are zero since technically this is a new S-corp. Everything else is correct but I am off $10,000 on my balance sheet. I know it has to do with the conversion. I just don't know how to fix it. Please help!
11. What is your opinion on an enrolled agent preparing compilation financial statements on the income tax basis with a note in the accountants letter about it. Since these are not GAAP and as a compilation no assurance is given would this be an issue? Would this be a state issue with more information needed from the states accountancy board or something similar?
12. Why is an accrued market discount on a Maryland municipal bond a subtraction in Maryland?