TCJA, corporations, and partnerships

[Catherine]

Hi folks,

I am working on a CPE presentation for the TCJA changes for c-corps and partnerships (someone else is doing s-corps and sole props).  I only have enough information to fill seven or eight of the one-hour slot I actually have... so I need to streamline and trim.

What are YOUR opinions, my friends, on where I should spend the bulk of my time?  Depreciation? Fringe benefits?  QBI? Credits?  If *you* were going to be attending, what do you feel OK about me glossing over (under the heading of "that's enough for me to know what to look for myself") and what I should dig in to?  For example, I've seen so much about QBI that I can't decide if it's been beaten to death already or if it's a huge spend-twenty-minutes-here topic.

I thank you, and the poor unfortunates who will listen to me in January also thank you.

[Jack from Ohio]

QBI, No doubts.  Spend your whole time on QBI, and all the caveats and limitations.  If you do that, the crowd will thing you are the best teacher on earth. (Of course, some of us already know that....)

[NECPA in NEBRASKA]

I would spend most of the time on OBI and depreciation. 

[Lee B]

You also need to spend some time on Travel, Meals and Entertainment since the IRS recently released new guidelines

[Richcpaman]

Catherine:

C-Corps and Partnerships are not related....  So that makes it tough.  There is no QBI for Corp's.  Only the tax rates changed.

And who has a C-Corp now anyway?

MLP's or PTP's are allowed the 20% exclusion.

Who is allowed the QBID deductions and the limitations.

Depreciation is always sure to make their eyes glaze over

That is a start....

Rich

 

 

[Catherine]

1 hour ago, Richcpaman said:

There is no QBI for Corp's.  Only the tax rates changed.

Nope.  No more corporate AMT.  A bunch of credits repealed (DPAD among them).  Acctg method tweaks.  Interest.  Fringe benefits and all manner of things got changed.  After I give the talk, anyone who wants can have my slides as a pdf; PM me and I'll make a list.

OK. Gloss over the major changes and spend my hour on QBI.  Whimper!

[Gail in Virginia]

I am not sure I agree with the majority.  Do you have any way of knowing what the person covering S-corps and sole proprietors is covering?  If they go before you, and spend the bulk of their time covering QBI, you might be rehashing a lot of the same material.  Or not.  There are a ton of details in this new law, and I am afraid some of those details are really going to catch us by surprise if everyone spends all of the CE time talking about the QBID.

[Lion EA]

1. Put me on your list.

2. Is this for tax preparers?

3. QBI, but liaise with the S-corp and sole prop presenter.

4. M&E, depreciation, and QBI are needed for all entities.

5. New C-corp tax rates and changes.

6. New info that must be on K-1s, and what to expect on your K-1 from a PTP, etc.

7. Ratio of time to spend depends on 3.

8. Can we get streaming video of your presentation?

[BulldogTom]

5 hours ago, cbslee said:

You also need to spend some time on Travel, Meals and Entertainment since the IRS recently released new guidelines

Ditto on this.   As well as the semi-new partnership audit rules (at least mention it to them).

Tom
Modesto, CA

[Roberts]

Isn't the IRS still trying to make determinations on QBI? Last I looked at it about 2 months ago there was some pretty big stuff the IRS was still deciding. 

[Jack from Ohio]

Another important thing....  Will they provide you a stool to stand on, so everyone will be able to see you?

[Catherine]

19 hours ago, Lion EA said:

6. New info that must be on K-1s, and what to expect on your K-1 from a PTP, etc.

I did not have that on my list - thank you!

No streaming video to my knowledge.  

Jack, that was both funny and mean.  The "angry" response is totally tongue-in-cheek.

[Catherine]

Yes, I will see what my un-indicted co-conspirator plans for QBI.  Good thinking.