1. I have a question regarding a conversion from an S corp to a LLC partnership. We have a client who wants to do this to take advantage of the new QBI rules; can they keep the same Federal I D number. Are there any forms that need to be filed? It appears that Form 8832 is not the form to be used. Any help you can give me would really be appreciated.
2. Taxpayer and Spouse are 25% shareholders in S-Corp with 2 other 25% owners. They have carryover unallowed losses due to basis limitations. Taxpayer wants out, so the spouse takes over ownership. Now Spouse is 50% with other two 25% owners. Are the unallowed losses from the husband forfeited?
3. Tax payer was in arrears on alimony and caught up in 2018. He had to pay Ex interest on back alimony, is that deductible? I’ve looked several places and nowhere is this covered?
4. If a client receives a Form 1099 for a short-term project and claims no expenses for the income, does it qualified for QBID?
5. With the new regulations from IRS, do we use Box 5 of W-2 to calculate the qualified wages?
6. Bob, do oil and gas royalties (from a non-working interest) qualify for QBI? I have seen both positive and negative opinions. IRS appears to be silent on this issue. Thanks for taking my question.
7. I recall Bob mentioning that he can refer a service that will provide data regarding "reasonable compensation" effective 2018. I have company that we would like to reduce their wages and increase their distributions by same amount. We are speaking of a $30,000 reduction in salary and increase in distributions of the same.
8. I have a Surgery Center LLC taxed as a partnership with two owners, 80% & 20%. Those same owners also own a C Corp Medical Practice 50-50. The medical practice does share management staff with the Surgery Center, but its not significant, and no revenue flows between the two entities. The final regs mention a situation of a surgery center qualifying for QBI as its not an SSTB, but does the related C Corp cause any issues that would disqualify it from QBI?
9. I know you so graciously provided information on the 3115 for accrual to cash conversions with one of your seminars. I have a need to help a coworker complete a 3115 for a cost segregation study/depreciation change. Our entire office did many of these years ago, but did not maintain input notes on the 3115 to speed things up this year. Might you have any input steps available for this type of 3115 that you would share? I understand if I'm asking too much.
10. Any ideal when Schedule B-2 will be released. I can’t file partnership returns that qualify for opt out until then right?
11. Although broker/financial advisor fees are currently non-deductible for regular tax purposes on Schedule A as a miscellaneous itemized deduction, can a portion of the fees still be allocated to tax-exempt income generated in the respective account and therefore reduce the net reported tax exempt income (i.e. that ultimately might need to be added back at the state level)?
12. The new 199A regulations (From Jan 2019) explain 'deductions' for calculating QBI require you to reduce net business income by 1/2 self employment tax, self employment health insurance, SEP contribution to the QBI amount. Is it a reasonable argument stating those 3 items are used to calculate the AGI and should not affect the QBI calculation? I have your QBI calculator and it does not specify any reductions. I have located additional calculators that do require these entries. Or will the 2019 filing season be the trial run for these new tax changes! Any help is appreciated.