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2018 Gear Up 1040 Seminar – Section D

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Presentation on theme: "2018 Gear Up 1040 Seminar – Section D"— Presentation transcript:

1 2018 Gear Up 1040 Seminar – Section D
Welcome!! Michael A. Gordon, CPA Not Your Basic Bean Counter

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3 Chapter 33 Pass-Through Entities
445 Chapter 33 Pass-Through Entities Presented by: Michael A. Gordon, CPA Not Your Basic Bean Counter Gear Up Tax Seminars

4 Chapter 33 Pass-Through Entities
What’s New Biggest item is the passage of the TCJA, along with the recent passage of the “clarifying” proposed regulations is August 2018.

5 Chapter 33 Pass-Through Entities
What’s New There are a few items of interest… The new QBID for S corps, LLCs and partnerships. We will discuss this in Chapter 32.

6 These are covered in the Business Entity seminars.
Chapter 33 Pass-Through Entities What’s New There are a few items of interest… The repeal of the partnership “technical termination” rules. The new centralized partnership audit regime rules. These are covered in the Business Entity seminars.

7 Chapter 33 Pass-Through Entities
A Very Big Problem Regarding Basis This chapter does a great job discussing and illustrating how basis and at-risk is calculated. You can read that on your own.

8 Chapter 33 Pass-Through Entities
A Very Big Problem Regarding Basis SITUATION: A new client comes in and brings you a K-1. You also get the prior year basis worksheet from the software printout. So, you now have beginning basis (for this year) and the current year K-1.

9 THIS IS A HUGE CYA PROBLEM.
Chapter 33 Pass-Through Entities A Very Big Problem Regarding Basis ISSUE: Are you going to rely on that information? I have horror stories about this! THIS IS A HUGE CYA PROBLEM.

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11 Chapter 34 Passive and Rental Activities
465 Chapter 34 Passive and Rental Activities Presented by: Michael A. Gordon, CPA Not Your Basic Bean Counter Gear Up Tax Seminars

12 GREAT FLOWCHART ON PAGE 467!!!
Chapter 34 Passive and Rental Activities GREAT FLOWCHART ON PAGE 467!!!

13 Chapter 34 Passive and Rental Activities
GREAT FLOWCHART The 6 exceptions Pg. 468 The 7 tests Pg. 469 The self-rental rules Pg. 473

14 Chapter 34 Passive and Rental Activities
Grouping Rules Pages go over the “grouping” rules (IRC 469).

15 Chapter 34 Passive and Rental Activities
Grouping Rules We will need to learn a completely different set of grouping rules for the QBID (to be discussed with chapter 32 on the QBID).

16 Regarding passive activities
Polling Question Regarding passive activities I am feeling rather passive. I am excited about learning 2 different sets of grouping rules!! Code section 469 should be repealed immediately. I am going to sell yogurt.

17 Chapter 34 Passive and Rental Activities
Time for….. B.A.P.

18 Chapter 34 Passive and Rental Activities
Basis At-Risk Passive

19 Chapter 34 Passive and Rental Activities
My B.A.P. presentation is contained in a separate PowerPoint file.

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21 Chapter 35 Federally Declared Disaster Casualty Losses
493 Chapter 35 Federally Declared Disaster Casualty Losses Presented by: Michael A. Gordon, CPA Not Your Basic Bean Counter Gear Up Tax Seminars

22 Chapter 35 Federally Declared Disaster Casualty Losses
What’s New For 2018 and beyond, the itemized deduction for personal non-disaster related casualty and theft losses is repealed. Certain 2016 and 2017 casualty losses are allowed as an addition to the std. deduction.

23 Chapter 35 Federally Declared Disaster Casualty Losses
My 2017 Story New client comes in to “talk” in February 2018. Lost $60,000 via and wire fraud scheme (buying real estate in California). FBI couldn’t trace where it went!!

24 Chapter 35 Federally Declared Disaster Casualty Losses
My 2017 Story Before I can say anything, client tells me that this happened in November 2017. I tell him that he is one LUCKY guy since it is still deductible in 2017.

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26 Chapter 36 Adjustments to Income
501 Chapter 36 Adjustments to Income Presented by: Michael A. Gordon, CPA Not Your Basic Bean Counter Gear Up Tax Seminars

27 Chapter 36 Adjustments to Income
What’s New REPEAL of exclusion for qualified moving expense reimbursements. REPEAL of deduction for moving expenses. REPEAL of certain deductions for employee achievement awards.

28 Chapter 36 Adjustments to Income
What’s New REPEAL of alimony deduction (for payor) and income inclusion (for payee). Starts in 2019. I see no sunsetting of this!

29 Chapter 36 Adjustments to Income
What’s New Educator expenses. The House bill would have repealed it (the $250). The Senate bill would have doubled it to $500. The Act did nothing!! So, it stands at $250.

30 Moving and medical mileage rate now $.18 per mile.
Chapter 36 Adjustments to Income Moving and medical mileage rate now $.18 per mile. It went up by $.01 !!

31 Polling Question HSA Question: How many of you (or your clients) are using these? Are you finding the premiums advantageous?

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33 Presented by: Michael A. Gordon, CPA Not Your Basic Bean Counter
513 Chapter 37 Divorce Presented by: Michael A. Gordon, CPA Not Your Basic Bean Counter Gear Up Tax Seminars

34 But this isn’t effective until 2019.
Chapter 37 Divorce What’s New Alimony Deduction by payor GONE! Income by recipient GONE! But this isn’t effective until 2019.

35 Some Problem Areas Chapter 37 Divorce Income allocation issues Pg. 526
Retirement benefits Pg. 528 ES payments Pg. 530 Tax carryovers Pg. 531

36 Some Problem Areas Chapter 37 Divorce
My best advice….if possible…. Discuss these issues, decide who gets what, and then PUT THAT IN THE DIVORCE AGREEMENT.

37 DOCUMENT all of this. CYA.
Chapter 37 Divorce Major Warnings Immediately, once you become aware that a divorce/separation is imminent, have a meeting with both parties and discuss the issues relating to MFJ vs MFS. Do NOT continue to represent both parties. DOCUMENT all of this. CYA.

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39 Chapter 38 Decedent’s Final Return
533 Chapter 38 Decedent’s Final Return Presented by: Michael A. Gordon, CPA Not Your Basic Bean Counter Gear Up Tax Seminars

40 My cardinal rule regarding trust and estate tax returns
Chapter 38 Decedent’s Final Return My cardinal rule regarding trust and estate tax returns STICK TO THE KNITTING

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42 Chapter 39 Foreign Income, Accounts & Credits
545 Chapter 39 Foreign Income, Accounts & Credits Presented by: Michael A. Gordon, CPA Not Your Basic Bean Counter Gear Up Tax Seminars

43 Chapter 39 Foreign Income, Accounts & Credits
545 Chapter 39 Foreign Income, Accounts & Credits This chapter is a good resource for the subject. We will NOT be covering this today.

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