Weekly Questions: Video 61-80

  • Video 80: (12.17.19)

    Talking with TaxSpeaker: Video 80
    1. I have a Partnership that was formed primarily for Estate Planning purposes and gifting of interests at discounted values. There are 3 one-third partners—the Grantor and 2 Grantor Trusts. When income is generated by the Partnership, are the capital accounts ...

  • Video 79 (12.10.19)

    Talking with TaxSpeaker: Video 79
    1. If a person receives a state refund and the person is limited to the $10,000 cap on Schedule A, can we not show this as income as he didn’t receive a tax benefit?
    2. If a client/client preparer did not file 8606 in prior years for roth contributions, is it OK ...

  • Video 78 (11.26.19)

    Talking with TaxSpeaker: Video 78
    1. I remember you said we could classify employees in partnership. If S corp owner classify themselves to be manager and only provide health insurance to himself, is his insurance premium added to W2 subject to FICA taxes? Can we add the insurance premium to his ...

  • Video 77 (11.19.19)

    Talking with TaxSpeaker: Video 77
    1. Have you prepared your Year End Client letter and will you be putting that in a newsletter?
    2. Have a new client who is a farmer. Five years ago, his attorney set up an LLC and his land was transferred into LLC. He and his wife are only members. I assume attor...

  • Video 76 ( 11.12.19)

    1. I may have misunderstood your comment this week in the 1040 class. When a taxpayer does a qualified charitable distribution transfer from an IRA to a charity-is it taxable? And do you keep a charity deduction?

    2. Watched the business in depth class and you mentioned depreciation on leasehold ...

  • Video 75: (10.29.19)

    1. S corporation owns two strip centers which are consistently at full occupancy (4-5 tenants each) and generate a profit. Husband/wife 100% owners manage all aspects of the property. There is no payroll and distributions of $100,000 are taken out annually. Question- is the S Corp requirement to ...

  • Video 74: (10.22.19)

    1. If you have an S-Corporation with losses in excess of income, can you still elect the amount of the loss that you want to take with the new TCJA rules?
    2. Please let me know how to treat Simple IRA set up for a minister. The plan is 100% funded by the Church, which is incorporated as a corpora...

  • Video 73: (10.08.19)

    1. One of my associates said that I don’t need to even enter investment expenses on a K-1 into the software anymore since it is not deductible. Is that right?
    2. Where do I get a copy of the Internal Revenue Code you are always talking about?
    3. Have there been any changes on the clergy housing c...

  • Video 72: (10/1/19)

    Questions for 10.01.2019 Q&A
    1. Efile keeps getting rejected because dependent’s SSN was already used by the college kid dependent who did their own return. What Now?

    2. How do I notify IRS of an address change and does it need to be done before efiling?

    3. Can my client get a refund while I am...

  • Video 71: 9.17.19

    caTalking with TaxSpeaker: Video 71
    1. Is there a procedure to revoke an S-Corporation election back to the inception date that was inadvertently elected?
    I am not aware of anything allowing a retroactive termination of an S election other than a PLR. A prospective termination may be made at any ...

  • Video 70: 09.10.19

    1. I have a client that went to one of those investing in real estate forums and now they want to “flip” homes. The speaker told them to use their IRA, but I think you said there is some problem with that. Do you remember what the issue is?
    2. When a client buys a vacation home on the beach in th...

  • Video 69: 9.3.19

    1. With all of the changes that continue to occur on health insurance I am unsure about whether there is a penalty in 2019 for not having health insurance. Can you summarize what my clients have to worry about for health insurance this year?

    2. My insurance guy told one of my clients that his co...

  • Video 68: 8.27.19

    1. What are you telling individuals who rent out farm ground for cash only and do not meet the safe harbor?
    2. Can you ask Bob if he gives or can recommend a course to bring us up to speed on the R&D credit? I am running into this issue more and more and don’t feel comfortable with the knowledge...

  • Video 67: 8.20.19

    1. When amending a personal tax return's filing status from MFJ to MFS, is the deadline the original due date or the extended due date?
    2. I am stumped. We use UltraTax. I have a tax return. Schedule C income of $16,652 and schedule E income from an LLC for rental real estate of $42,516. AGI i...

  • Video 66: 8.13.19

  • Video 65: (8.5.19)

    Talking with TaxSpeaker: Video 65
    1. An LLC Partnership is owned ½ by a Trust and ½ by an individual. The individual has died, and his daughter is sole heir to the Trust assets and the Estate assets (not a 706 Estate). So, until settled, it appears the Trust & Estate are the LLC partners. Would ...

  • Video 64: 7.30.19

    Talking with TaxSpeaker: Video 64
    1. It’s an S-corp that was just recently sold as an asset sale. Since all assets are fully depreciated the sale is causing the owner a $300K gain. Right before the sale the owner paid off $300k worth of company’s debt and invested roughly another $200K in the co...

  • Video 63: 7.16.19

    1. When an LLC makes the election to be an S corporation how do we handle partner guaranteed payments?

    2. When an LLC wants to be taxed as an S corporation do we have to file the check the box form 8832 first?

    3. I have a client that is an LLC. It’s owners are 3 individuals and 1 other LLC....

  • Video 62: 7.9.19

    Talking with TaxSpeaker: Video 62
    1. I have a partnership with three partners who all actively participate in the business. Two of the partners receive guaranteed payments for their services, but the third partner receives a W-2 from the partnership for his services because his interest in the p...

  • Video 61: (6/25/19)

    Talking with TaxSpeaker: Video 61
    1. I have an S-Corp client that has a profit in box 1 and a 1231 loss shown in box 9 of the 2018 K-1. The profit exceeds the 1231 loss. I was under the understanding that the QBI would include the net of these amounts. My software is ignoring the 1231 loss and ...