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#1
ATSMAN  
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I think I am the first poster here, so I would like to start off by asking all the members what they are doing after finishing the extensions to educate their clients, especially those with business tax returns about the tax law changes that will impact 2018 returns.

I was thinking of doing a general newsletter and then inviting a select group of clients to a one hour (no extra charge) meeting at my office. Focus will be on QBI, Bonus Depreciation, Sec. 179 changes, Entertainment expense etc.
 

#2
Gjkycpa  
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Thinking the same thing. Any idea when IRS will issue any guidance on QBI?
 

#3
ATSMAN  
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https://www.accountingtoday.com/news/co ... eform-bill

Based on AICPA's reporting the congressional staff is busy preparing a Technical Corrections act. But the time frame of passing that into law remains uncertain. I hope it passes by end of summer. I am eager to get started.
 

#4
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Gjkycpa wrote:Thinking the same thing. Any idea when IRS will issue any guidance on QBI?


The §199A regs are planned to come out mid-summer.

ATSMAN wrote:Based on AICPA's reporting the congressional staff is busy preparing a Technical Corrections act. But the time frame of passing that into law remains uncertain. I hope it passes by end of summer. I am eager to get started.


Personally I don't expect a technical corrections act to pass before the election. Democrats have little reason to help the Republicans in fixing their tax bill, and I expect a few of them will have long memories about Republicans' refusal to help make technical corrections to the ACA.
 

#5
Frankly  
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I plan to write a one-page informational letter directed at 1040 filers with the latest info. Some items to touch on will be a review of W-2 withholding, Schedule A deductions, and alimony changes. It must be done even if regs and/or a corrections bill is not ready.
 

#6
Gjkycpa  
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Was wanting to try and make corporate conversion decisions (c to s, or vice versa) by June 15th in conjunction with the estimate, but sounds like we are still playing the waiting game. Will follow Frankly's idea and put QBI on the back burner.
 

#7
ATSMAN  
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I am most concerned with the tax law changes that impact business returns especially QBI. I still don't have a good grasp at it after attending 2 seminars because the presenters are not sure themselves and everyone is looking for guidance from Congress or IRS!

This tax season I discussed the changes to the run of the mill 1040 returns with most of my clients when I got the opportunity. Currently I am doing some projections and W4 reviews.

For those who were itemizing, i had to spell out all the changes, particularly deductions subject to 2% AGI, mostly employee business expenses. Had some interesting observations from folks who were "high" on those deductions.
 


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