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For anyone interested, the discount code is "ray35". This came from my Surgent rep that offered a 35% discount on any product or package, and it is valid through tomorrow.

Me too, Catherine, after ADP decided to migrate client data from an older system to their newer one several weeks before the end of a quarter and the two reports had to be manually summarized. This was a client with tipped employees that had to be summarized by employee for one reporting and another way for the insurance audits. Exercises in reconciling! The ADP mastermind that made that decision should have been fired, and it would have been a lot less troublesome for everyone involved if they'd started clean on the new system with the first payroll of the next quarter!

Haha, you are correct! I read the suggestions about how to find the IE browser and pin it, and then I didn't go back to his original question even though he posted it again! Oops!

Randall, please try this method - bring up the Start Menu and find the browser, or any other app listed, and then right click on it. That will show a popup box with one of the choices being "pin to taskbar." ETA - if you want a tile - from the start menu list, find the app that you want as a tile, and then left-click AND hold the click as you drag it to the right into the tile section.

Many of these give continued access to your data files as long as you renew. In other words, if you switch to other software then you may lose access at that point. You would definitely need to consider that and save copies of returns as pdfs or as hard copies. If you are looking for a smaller initial outlay, you might talk with an ATX or Taxwise rep as some here have posted that the rep processes the order so that some of the payment isn't due until after the season starts and collections are coming in. Also, as far as I know, both do allow users to purchase return processing on a pay-per-return basis with a smaller nonrefundable deposit, and that way at least you are purchasing direct and not through a reseller. If you are looking at all options and would consider Drake, that company also allows users to purchase on a pay-per-return basis. The difference in their PPR pricing is that once the preparer crosses over the point where the PPR fees are equal to the full price of the software, then Drake will automatically switch the user to unlimited access, something that the other companies don't do. Of course, buying Drake now, you would pay the full price whereas those purchasing early can get substantial discounts depending on which month it is purchased.

Excerpt below from the linked IRS page should help. It indicates that after the buyout, the owner is the partnership that would report it directly on its return. https://www.irs.gov/businesses/small-businesses-self-employed/single-member-limited-liability-companies

The very limited circumstance when an LLC may be a shareholder in an S corp is when the LLC is a single-member LLC because it is a disregarded entity. The entity tax reporting of husband-wife LLCs is dependent on the state it is in. In non-community property states, these are taxed as partnerships, and in community property states they are considered disregarded entities. Perhaps Bulldog Tom will confirm if this is the rule that is allowing his client to have one S corp that owns an LLC that is a shareholder of another S corp.

Off the top of my head, I think those premiums that aren't part of qualified premiums or eligible for the PTC are separated out before running the calculations. This is not to say that those other premiums aren't eligible for inclusion in the SEHI, but I think there is a separate worksheet that is filled out for those.

This WaPo article article explains the differences it pretty well, better than I ever could.

Merry Christmas and safe travels to those that will be away over the holidays!

Since we've had a few topics posted already with questions, and several that included where information or analysis can be found, I thought it might be a good idea to make one post with links to the law and those additional sources. Here's a link to the final enrolled bill on the Library of Congress website: https://www.congress.gov/bill/115th-congress/house-bill/1/text Today's KPMG News Flash email included extensive first observations of the new law, 167 pages worth. Thank you, @Abby Normalfor suggesting this as a news source. That document is here and is a searchable pdf: https://home.kpmg.com/content/dam/kpmg/us/pdf/2017/12/tnf-new-tax-law-dec22-2017.pdf There's this this nice summary from CCH of the highlights: https://www.cchgroup.com/media/wk/taa/pdfs/news-and-insights/federal-tax-legislation/house-gop-tax-cuts-job-act.pdf Please feel free to add any others you've found that may be useful and accessible to our members.

IRS has extended the 2018 due date for certain entities to provide 2017 health coverage information forms to individuals. Insurers, self-insuring employers, other coverage providers, and applicable large employers now have until March 2, 2018, to provide Forms 1095-B or 1095-C to individuals, which is a 30-day extension from the original due date of Jan. 31. Insurers, self-insuring employers, other coverage providers, and applicable large employers must furnish statements to employees or covered individuals regarding the health care coverage offered to them. Individuals may use this information to determine whether, for each month of the calendar year, they may claim the premium tax credit on their individual income tax returns. This 30-day extension is automatic. Employers and providers don’t have to request it. The due dates for filing 2017 information returns with the IRS are not extended. For 2018, the due dates to file information returns with the IRS are: Feb. 28 for paper filers April 2 for electronic filers Because of these extensions, individuals may not receive their Forms 1095-B or 1095-C by the time they are ready to file their 2017 individual income tax return. While information on these forms may assist in preparing a return, the forms are not required to file. Taxpayers can prepare and file their returns using other information about their health coverage. They do not have to wait for Forms 1095-B or 1095-C to file.

Yes, if the LLC is a SMLLC taxed as a disregarded entity or is a partnership. If the LLC is taxed as an S corp, then technically it is not required. It doesn't hurt to send one even if it isn't required.

The last news I read was that Equifax lost their appeal to hold IRS to that $7+ million no-bid contract. IRS was trying to contract with Experian and I don't remember seeing anything at all about that.

In addition to what cbslee posted about, if one looks at the sections of the bill in skeleton outline form, the pass-through deduction is Part II of Subtitle A, and Sub A is "Individual Tax Reform"

Roberts, I wondered if someone would bring up community property issues or divorce, and those are a whole 'nother ballgame. I rarely have to deal with community property issues, so I would defer to others here that handle that on a more regular basis. As far as this topic or tracking the losses over years, those are rules are covered in reg sec 1.1212-1(c) if you want to take a look at the examples included there. Also pertaining specifically to this topic is a private letter ruling (PLR) 8510053, and the Rev Rul 74-175 cited in the article I posted. For anyone that doesn't want to bother clicking the links, from the article I provided above, it says "Rev. Rul. 74-175 provides that capital loss carryovers expire upon a taxpayer's death and cannot be used on the estate's income tax return. The decedent cannot transfer a capital loss carryover to the estate because the decedent and estate are separate tax entities. A taxpayer's capital loss carryovers also cannot be transferred to the surviving spouse."

Catherine, when owners of a joint account sustains a loss, it still must be track because 1/2 of a joint loss is attributable to each, and that amount that is attributable to the deceased IS lost in the year's subsequent to the year of death. Basically, each person only gets their share of a loss. In the case of the question posed, if the husband predeceases the wife, the joint return in the year of his death will be the final year that the loss carryover can be used since the property that generated the loss was titled solely in the husband's name.

No, that is not correct. It must be tracked by whose loss it is, even on a joint return. On a joint return in the year of death, any loss belonging solely to the decedent can still be used if filing a joint return for that year, but the loss dies with the decdent and can't be used by the surviving spouse in future years. This article from The Tax Advisor is good and covers the losses in the 3rd paragraph and then farther down discusses each type of loss carryover under separate bold headings also. https://www.thetaxadviser.com/issues/2017/jan/carryovers-death-spouse.html

" this was IS a forum for the discussion of income taxes. That should include present tax law as well as proposed tax law." ^^ That is correct. It's understandable that some members may want to discuss this act's potential impact, and the title is perfectly clear so that anyone wishing to avoid discussions of pending legislation may easily do so. In all likelihood the legislation will pass and if that is the case, some of us will be doing more last minute tax planning to advise our clients on some of these changes. For those that have some time and don't mind the early effort, I don't think it hurts to get a start on understanding its complexities and effects so that we aren't starting from scratch days from now since we are so close to year end as it is.

I agree with what SaraEA said above. Taking this discussion into the realm of ridiculousness, my state operates on a 6/30 fiscal year and our school and county real est. taxes that were due by 9/30/17 are for the fiscal period 7/1/17 through 6/30/18. Many years ago I had someone try to tell me that our Sch A deduction for that had to be converted to a calendar year basis. No one here does that, no one, and certainly not for a cash basis individual return. It's going to be interesting to see how the piggyback states handle their tax law changes to not have a loss of revenue from something like the pass-through deduction. Also, I know that Delaware tried and failed to scrap the concept of itemizing altogether, but since DE allows itemizing while using the standard for Federal purposes, we will still be calculating Sch As here until the state makes some change to that provision.

Hmm, it's too late now for today, but I don't remember seeing one scheduled for today, and the most recent one listed on IRS' website was held on the 14th.

Not a tax preparer.

Lion makes a good point too, because it is impossible to pay the tax on New Years Day since it is a legal holiday. In that case, it is either paid early in 2017, or would be late if the person tried to pay in 2018. Are we having fun yet?

Back to the discussion of state estimates - Now I'm confused; time for more coffee! If the 4th quarter 2017 state estimate due by 1/15/18 is paid before 12/31/17, the tax year for which that tax is imposed IS 2017 and IS being paid in the tax year for which it is imposed, shouldn't it still be deductible in 2017 with the way the conference report is worded? Ah, I think cbslee was editing his post above to clarify and confirm what I expressed here. Headed for the coffee pot now. Sorry for my confusion!

The way this section reads, with the use of "imposed" in the 2 places, it does seem that prepaying state estimates before 12/31/17 will not be deductible on the 2017 return, that it would be a 2018 deduction. Maybe I'm wrong though. Anyone else interpret this some other way?