Extenders bill, QBI

[Cathy]

This is my 43rd  year preparing tax returns and the worst year, to say the least!

 I have read conflicting things about the Extenders bill and thought it was all set and I was just waiting on directions from IRS as where to show the extended items that were needed on my clients returns.  When researching IRS's website on the Extenders items, I get dizzy as it's click here, now here,...a couple more times then find myself at square one which was my original research quary.  

 

QBI....Am I the only one to admit that I feel brain dead when trying to decipher the regulations  that keep on changing?  I am literally at a complete loss on the whole issue!

 

Ok.....it's out!  There is an idiot amongst you!  I feel better now!  Maybe you can now see how intelligent you are and will have a wonderful day!  Keep me in your thoughts and prayers  (pleeeeeze)!

Take care,

Cathy

 

 

 

[Lee B]

This year will definitely be a challenge at many levels. I am sure we will all have moments when we suddenly realize we didn't know what we thought we did.

[Lion EA]

Prayers, Cathy. But, this year is a labyrinth for everyone. I have PE clients who must be in "entertainment" unless they split their business activities (and I'm not going to redo their 2018 accounting now during tax season) who are going to be furious, because they are over the income thresholds. Especially bad when I prepare only the biz returns, and their personal preparer tells them I did it wrong and wants the activities split. I'm putting off finishing PE returns but need to get started to meet the march deadlines; but, the thought of preparing the K-1s for the QBID scares me. And, people's lower withholding... And, mid-2018 CT passed a retroactive law that PEs pay ES at the company level. I had trouble getting that through biz owners' heads. And, the higher the biz income, the less likely they were to believe me and to send in the vouchers with checks. People came in early, so I've been backlogged for weeks. But, now they're getting more tax documents in the mail. And, asking about new things to me, such as the Code Section 83(b) election, causing me more research. And, prior year returns. I have a lot of dumb days during tax season, but this year I feel like an idiot much too early! Can we all sit down for some strong drink in April -- and, again in October? Please! 

[RitaB]

2 hours ago, Cathy said:

This is my 43rd  year preparing tax returns and the worst year, to say the least!

 I have read conflicting things about the Extenders bill and thought it was all set and I was just waiting on directions from IRS as where to show the extended items that were needed on my clients returns.  When researching IRS's website on the Extenders items, I get dizzy as it's click here, now here,...a couple more times then find myself at square one which was my original research quary.  

 

 

Cathy, you are completely normal.  I'm waiting on the Extenders, too, especially Tuition and Fees Deduction.  Hope it happens. 

[Randall]

I hope it doesn't happen.  Enough changes already.  Extenders are a joke.  Make it the law, pass it with enough time to let IRS and software companies get it done.  We don't need one year laws.

[Jack from Ohio]

3 hours ago, RitaB said:

Cathy, you are completely normal.  I'm waiting on the Extenders, too, especially Tuition and Fees Deduction.  Hope it happens. 

My previous post was censured.  Don't waste your time waiting.  Congress will not touch this before 2020.

See if this stays....

[RitaB]

32 minutes ago, Jack from Ohio said:

My previous post was censured.  Don't waste your time waiting.  Congress will not touch this before 2020.

See if this stays....

I knew your opinion already.  Thanks and I'm not wasting time on anything but this post right here.  Back to work. 

[Yardley CPA]

40 minutes ago, Jack from Ohio said:

My previous post was censured.  Don't waste your time waiting.  Congress will not touch this before 2020.

See if this stays....

Jack...what did you say that was censured???    Hmm??

[Jack from Ohio]

46 minutes ago, Yardley CPA said:

Jack...what did you say that was censured???    Hmm??

Ask for the admin that pulled it, to tell you.  I am sure it was deemed political, although all it said was 100% document-able truth .  We are rapidly becoming a nation of wimp sissies.