Continuing Education for Tax & Financial Professionals

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2019 Critical Tax Questions

We have video clips and PDF answers to the questions that tax preparers are struggling to answer!

Q and A

Question

Answer

Real estate is the best QBI investment IF your client uses the new real estate “safe harbor” rules. Want real-life examples?
 PDF Answer [page 5-44] 1 min 49 sec

Retroactive spin-off of rentals leased back to yourself creates QBI. Impossible? It’s OK, even back to 2018, but don’t do it without a tax attorney properly writing up the lease agreements!
 PDF Answer [page 5-29] 4 min 52 sec

Reinvesting in qualifying Opportunity Funds converts taxable capital gain non-taxable capital gain. How can this be?
 PDF Answer [page 6-9] 1 min 40 sec

Is REIT, and/or PTP, income really eligible for the 20% QBI deduction when active participation is zero? Yes!
 PDF Answer [page 5-5] 33 sec

What are the “separate books and records” requirements each QBI business must maintain? The best tax advice from a cutting-edge tax advisor is example 2!
 PDF Answer [page 5-29] 1 min 7 sec

Guaranteed payments can never be reclassified as partner/member QBI W-2 wages. Never!
 PDF Answer [page 5-24] 9 min 19 sec

Business nets $321,400 and W-2 wage-earner makes $321,400 in 2019. The wage-earner will pay $69,970 more in taxes than the business. Want to know how and why?
 PDF Answer [page 5-10] 8 min 19 sec

Client owns two or more businesses. They must aggregate to deduct the losses from the profits. What are the mandatory 5 requirements?
 PDF Answer [page 5-31] 4 min 29 sec

Crowdfunding - When is GoFundMe.com or Kickstarter.com taxable, and not taxable.
 PDF Answer [page 6-16] 4 min 41 sec

Employers can’t deduct non-taxable employees parking and bus tokens. Huh?
 PDF Answer [page 6-33] 1 min

Currently deductible NOL is only 80% deductible. That’s more taxes to the IRS when the taxpayer has no income! What?
 PDF Answer [page 6-66] 1 min 57 sec

Can a business with leased employees deduct the payments on the wage line? Can multiple businesses deduct all payments made to one PEO? What about statutory employees? Yes. Yes. Yes.
 PDF Answer [page 5-22] 2 min 26 sec

Sexual harassment settlements are not deductible, Harvey!
 PDF Answer [page 6-18] 4 min 26 sec

Business interest deduction may be limited, but not for your clients. How can that be?
 PDF Answer [page 6-36] 2 min 43 sec

No QBI W-2 wages? Qualified businesses only need a depreciation schedule with UBIA (Unadjusted Basis Immediately After Acquisition). What is that?
 PDF Answer [page 5-40] 2 min 29 sec

Can preparers use the aggregation rules even though the 2018 individual’s tax return has already been filed in 2019? Yes, file amended 2018 return. We’ve never seen this before!
 PDF Answer [page 5-36] 1 min 37 sec

What is the best future investment starting Jan 1, 2018! Real estate, of course! And we prove it with examples.
 PDF Answer [page 5-43] 40 sec

What are the three QBI deduction limitations?
 PDF Answer [page 5-13] 5 min 44 sec

How does a QBI business client allocate both profits and losses among multiple business?Very carefully!
 PDF Answer [page 5-30] 48 sec

What specified services do not qualify for the QBI deduction? There are 10 cursed professionals and you are one of them!
 PDF Answer [page 5-16] 12 min 51 sec

Qualified business losses can never be carried back and can only be deducted in the next year. That doesn’t make economic sense, but the law was written by a 24-year-old Harvard or Yale law school graduate who never did a tax return.
 PDF Answer [page 5-13] 50 sec

Qualified businesses can make a minimum of “specified services.” Do you know about the 10%/5% bright-line rule?
 PDF Answer [page 5-28] 52 sec

Luxury box seats are not deductible, even at Notre Dame Stadium. Can we call if office supplies?
 PDF Answer [page 6-22] 5 min 55 sec

Expense a brand-new 39/27.5 year roof. Classify it as §179 personal property! Deduct it ALL.
 PDF Answer [page 6-57] 4 min 43 sec

Filing MFS might be smarter than filing MFJ! Are you testing each married client?
 PDF Answer [page 5-28] 1 min 23 sec

How do preparers properly report cannabis income and expenses? An 11-minute high.
 PDF Answer [page 6-12] 11 min 1 sec

A 2019 Mercedes-Benz C-Class is no longer classified as a luxury auto.
 PDF Answer [page 6-31] 1 min 45 sec

Excess business losses must be carried forward. But not for your business client. Why?
 PDF Answer [page 6-65] 41 sec

CPE Conferences

26 Stunning Destinations

Earn up to 40 CPE credits. Collect 2 Bonus CPE credits each day you attend class and get up-to-date on the latest accounting and finance topics. Expand your knowledge with engaging, application-oriented presentations scheduled each morning presented by industry-leading experts. Each CPE conference features course tracks suited for both public and industry accountant requirements, so you can focus on the topics you need. Take advantage of our group discounts for reduced prices when sending five or more members of your team.
Bar Harbor Conference
July 8 - July 12, 2019

Bar Harbor Conference

Bar Harbor, ME

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San Diego Conference
July 8 - July 12, 2019

San Diego Conference

La Jolla, CA

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Alaska Cruise Conference
July 20 - July 27, 2019

Alaska Cruise Conference

Alaska, AK

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Whitefish Conference
July 29 - August 2, 2019

Whitefish Conference

Whitefish, MT

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Asheville Conference
August 5 - August 9, 2019

Asheville Conference

Asheville, NC

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Coeur D'Alene Conference
August 12 - August 16, 2019

Coeur D'Alene Conference

Coeur D Alene, ID

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Boston Conference
August 26 - August 30, 2019

Boston Conference

Boston, MA

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Napa Conference
August 26 - August 30, 2019

Napa Conference

Napa, CA

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Mediterranean Cruise Conference
September 5 - September 17, 2019

Mediterranean Cruise Conference

Barcelona,

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Hilton Head Conference
September 16 - September 20, 2019

Hilton Head Conference

Hilton Head Island, SC

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