1. New Tax law change-"Employee has to refund a signing bonus because they left employment early." Is that still a deductible item?
2. This is mainly to get support for a battle I am having with a major bank trust company which is trustee of deceased fathers’ assets. Trust includes farm land, a division of the trust charges 8% of rent received as their fee. This fee is not included on Sch E but included with other trustee fees. Total fees then are reduced for portion not deductible, and further reduced for allocation of taxable/nontaxable income. Result is only about ½ of farm management fee gets deducted. Trust company defends position, saying the fee is not a direct expense against income! My Question: Should farm management fee be deducted on Sch E?
3. I am forwarding the Social Security 2019 Trustees Report… It says the OSADI fund is estimated to be depleted in 2032 and the DI fund in 2052. Unless I misunderstood, at the social security seminar Bob said the funds are not going to go broke. Does this report conflict with what Bob has been saying or have I totally misunderstood?
4. I’ve read the new Rev.Rul 2019-11 several times and am embarrassed to admit I don’t understand the IRS rules on calculating the taxability of state tax refunds for 2019. Could you please explain the new rules or even if they differ from the past tax benefit rule? For example, suppose a taxpayer itemizes but has $10,000 or more of real estate taxes; thereby having no benefit from a deduction of state taxes. Is a refund of state taxes potentially still partly taxable?
5. I read in your most recent newsletter than you went appointment-less during this tax season. What brand of portal do you use?
6. I have a client that is a US citizen but a Canadian Resident. She does consult for US based companies and her partnership is US based. The partnership has 199 income on her K1. Does she have to prorate her share for QBI based on number of days ACTUALLY spent working in the US?
a. She also has a Texas based Schedule C that she does consulting work for US clients, but her work is primarily done from her Montreal home office. Could all or part of that income apply?
7. We have a client that is subject to the Affordable Care Act penalty. They have received the preliminary calculation of the Employer Shared Responsibility Payment (ESRP) of $451,440. We are looking for assistance/guidance/experience in limiting this penalty. Would any tax speaker staff/speakers have experience with the ESRP to offer advice on how to proceed?
8. My C corporation client has $900k in NOL carryover from 2003-2008 to the 2018 current year's return. They expect to sell a building in 2019 resulting in $500k in profit. Under audit what documentation would IRS require to support these NOL carryforwards? The only return I have a copy of is for 2008. Is the NOL schedule from prior returns enough?
9. I need some help. Our efin has been compromised. We have been using Drake for the past 20 years at least. We are trying to get a tax software that is not as likely to be compromised. One that has a lot of security built in. We discovered this “hacking” on April 15th. We are now in the process of checking every return that we filed this tax season. We have discovered at least 14 returns that have been compromised. We discovered this when we were getting messages that these returns were duplicate filing. They show Michigan refunds from anywhere of $4,000 to $15,000. WE have tracked down the bank in Michigan that the direct deposit went to. We have contacted the Michigan revenue dept fraud division to make them aware of this. We have been in touch with the IRS and went through the process of getting a new efin number. I know you are extremely busy, but I thought you might have someone available to help.
10. I am not a beginner; however, there are so many areas of practical application of tax laws that I cannot get resolved in any other way than something more one on one. So, if I attended a boot camp am, I going to be out of place with probably most attendees having almost no experience at all?
a. Are we working with software or just paper and pencil or something else?
11. Does Bob ever offer one on one training at Jeffersonville at some hourly rate? Has that ever come up?