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 corporation. Should the contribution amount be considered as a minister’s income & reported on W-2?
3. My client got a settlement from UAW. $40,000 of it was mislabeled as expenses and they included in income on 1099. Turns out the $40,000 was a death benefit. My client's father was participating in the life insurance before the contract was cancelled. If Ford had not wrongfully cancelled the contract, he would have gotten life insurance of $40,000. Since the contract was cancelled there was no life insurance.
4. How much land can be excluded in a home sale exclusion? No farming went on, but they did participate in the conservation reserve program.
5. I have a client that is negotiating a separation agreement with the school district that he works for. The school is willing to pay PSRS(the MO retirement system) to buy 3 years for my client. This cost about $185,000. If the school district pays this settlement directly to PSRS would it be taxable to my client at the time the money is paid into the system or would he just pay the tax as he pulls money out of the retirement plan? What is your opinion?
6. Are "accountable plans" an available tax device for payors who issue only 1099 Misc? What about ministers whose church issues them a 1099 Misc instead of a W-2?
7. S-Corporation's one of the shareholder wants to transfer the ownership to SMLLC (Single Member LLC). While EIN number of SMLLC is provided to me, I intend to use SSN of Sole Member since it is considered disregarded entity. I am concerned that if SMLLC admits a member and if we are not informed, this can jeopardize S-Corp status for the remaining shareholders. How can I protect other shareholders. Do I need any clause in organizational documents of SMLLC that will restrict entry of any new member is SMLLC?
8. Facts: The company pays 100% of the Shareholder HSA. My understanding is that this has to be reported in Box 14 of the W-2 similar to health insurance paid on behalf of >2% SH. My question is, does the HSA also have to be included in Box 12 Code W for the Shareholder? I am thinking no as Shareholders are not allowed to receive fringe benefits so should not be reflected in Box 12.
9. Does a taxpayer have to file a tax return if only social security incomes and losses on Schedule E? Is there reasons he should file anyway?
10. Several of our clients have received K-1s reporting on roughly 10-12 further investments per K-1 in other partnerships throwing off Section 199A information for each partnership investment. Since ultimately the Section 199A calculation must be done on an activity-by-activity basis we are going to end up with well over 100 sets of Section 199A input for one particular client. Has Bob developed any kind of an efficient strategy to deal with this? We use Ultra Tax yet we are concerned that we might exceed the input capacity of the program.
11. A new client of ours is interested in forming an LLC for their newly acquired rental property. The husband and wife have asked if forming a partnership or electing a qualified joint venture on their Schedule E would be the best way to capture the rental activity and reduce tax liability. Moreover, the husband and wife intend to invest in more rental properties in the future. What would be the advantages and disadvantages of forming a partnership vs QJV given my client's tax matter?
12. I am going to be attending the business and 1040 workshops in Boise. What type of entity would you recommend for a couple who are investing in various businesses, incl. real estate, mostly LLCs, around the country and want to be able to deduct travel costs while looking for additional business investment opportunities?
13. In this example, taxpayers paid for dependents college in December of 2017 for Fall 2017 semester and then requested a distribution in January 2018 to reimburse themselves. No other college was attended in 2018. This seemingly makes the distribution taxable since the 1098T and payment was made in 2017 instead of 2018. So, the question is, is there any guidance that allows the taxpayer to treat the 1099Q distribution as non-taxable since the expenses can be matched to the distribution even though it crosses years? I think of this similar to the Health Savings Account rule that allows for reimbursement after years and years as long as it is qualified medical. All cases and Code I have read do not strictly prohibit it or allow it.
14. Any experience with the consulting folks hawking R&D tax credits to businesses that I just don’t see having R&D? My client is in security, and these folks promise gobs of credits