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Started By
Message
This tax bill is brutal
Posted on 12/26/17 at 5:50 pm
Posted on 12/26/17 at 5:50 pm
... to read through.
The provisions of the pass-thru deduction are insane. I'm a CPA and I'm trying to figure this out for my clients who have TONS of questions. While there is a lot of information out there about the child tax credit and the rate cuts and itemized deductions... very little is being said here.
It's because this is insane to figure out. The IRS is going to kill forests with issuing regulations to figure this thing out.
Which leads me to two statements:
1) Any tax simplification done with regards to itemized deductions and personal exemptions is very minor compared to the tax complications in the bill, especially this new provision.
2) There is NO WAY these congress-critters read this and understood it before they voted for it.
The only good news is I'm about to make a lot more money helping people figure this out and helping them calculate it. I'll make even more when the IRS audits these things because they don't understand it either.
We should rename this "The CPA's Billing Rate Increase Act of 2017"
The provisions of the pass-thru deduction are insane. I'm a CPA and I'm trying to figure this out for my clients who have TONS of questions. While there is a lot of information out there about the child tax credit and the rate cuts and itemized deductions... very little is being said here.
It's because this is insane to figure out. The IRS is going to kill forests with issuing regulations to figure this thing out.
Which leads me to two statements:
1) Any tax simplification done with regards to itemized deductions and personal exemptions is very minor compared to the tax complications in the bill, especially this new provision.
2) There is NO WAY these congress-critters read this and understood it before they voted for it.
The only good news is I'm about to make a lot more money helping people figure this out and helping them calculate it. I'll make even more when the IRS audits these things because they don't understand it either.
We should rename this "The CPA's Billing Rate Increase Act of 2017"
25
Posted on 12/26/17 at 5:53 pm to LSUFanHouston
you should suggest C-Corp and Standard Deduction on the personal side.
Posted on 12/26/17 at 5:54 pm to LSUFanHouston
Except for the millions of people who can now use the standard deduction rather than itemize
Posted on 12/26/17 at 5:54 pm to LSUFanHouston
Because so many people have pass through’s etc.
Posted on 12/26/17 at 5:55 pm to LSUFanHouston
I think I saw you by the road the other day. Uncle Sam costume?
Posted on 12/26/17 at 5:55 pm to LSUFanHouston
My CPA has already told me I won’t be itemizing after this year. So for me it’s a tax prep fee elimination bill.
Posted on 12/26/17 at 5:56 pm to BlueDogTiger
quote:
you should suggest C-Corp and Standard Deduction on the personal side.
While that may work for some... C Corps have double taxation issues as well as payroll requirements. So by no means a silver bullet.
And most of my clients who are going to have this business issue... even with the new limits on itemized deductions, still have more than standard.
Posted on 12/26/17 at 5:57 pm to el Gaucho
quote:
I think I saw you by the road the other day. Uncle Sam costume?
With the increase in the standard deduction, the Block/Liberty people have to be crapping their pants. Many more people won't need them.
On the other hand... Turbo Tax about to make a killing.
Posted on 12/26/17 at 5:57 pm to LSUFanHouston
that's why you make the big money.
Posted on 12/26/17 at 5:57 pm to LSUFanHouston
quote:
I'm a CPA and I'm trying to figure this out
On a scale of 1-10, how good are you at what you do?
Posted on 12/26/17 at 5:58 pm to gthog61
quote:
Except for the millions of people who can now use the standard deduction rather than itemize
Yes, that's the easy part
Posted on 12/26/17 at 5:59 pm to moneyg
quote:
On a scale of 1-10, how good are you at what you do?
IRL 9.5, O-T 6.2
Posted on 12/26/17 at 6:00 pm to TigerCoon
quote:
that's why you make the big money.
Eh most of my clients make more than me LOL
But yeah... while parts of the bill are indeed simplification, this surely isn't.
Posted on 12/26/17 at 6:00 pm to LSUFanHouston
quote:
While that may work for some... C Corps have double taxation issues as well as payroll requirements. So by no means a silver bullet.
And most of my clients who are going to have this business issue... even with the new limits on itemized deductions, still have more than standard.
Whats the deal on the pass thru deduction? 20% reduction in the revenue or net? Up to the $350,000 of income?
Posted on 12/26/17 at 6:01 pm to LSUFanHouston
I have an LLC are you telling me that I can use pass-through provisions and be taxed as an S Corp.... my accountant tells me that LLCs are disregarded entities as far as the IRS is concerned
This post was edited on 12/26/17 at 6:07 pm
Posted on 12/26/17 at 6:03 pm to LSUFanHouston
I didn't find it confusing at all. Perhaps take a CLE or whatever it is for CPAs.
There are some situations that may take some figuring out...but those are very few and far between.
There are some situations that may take some figuring out...but those are very few and far between.
This post was edited on 12/26/17 at 6:18 pm
Posted on 12/26/17 at 6:06 pm to LSUFanHouston
quote:
There is NO WAY these congress-critters read this and understood it before they voted for it.
Paul Ryan almost certainly understands some elements of it and likely put it in there for his own benefit for life as a dem lobbyist once he leaves Congress. I hope Trump pushes through a law that you can't be a lobbyist after serving in Congress. Ryan's wife is a dem lobbyist. He's a POS.
Posted on 12/26/17 at 6:08 pm to LSUFanHouston
Well if the tax bill simplifies for vastly more people than it complicates that is a huge win.
Posted on 12/26/17 at 6:10 pm to BBONDS25
quote:
I didn't find it confusing at all.
Better hope he doesnt ask you an accounting question, you will get your pants taken off again.
Posted on 12/26/17 at 6:16 pm to Lakeboy7
quote:
Better hope he doesnt ask you an accounting question, you will get your pants taken off again.
I'm not an accountant. And I don't know what you're referring to. Enjoy your tax break!
And upvoting yourself is kinda sad, bud.
This post was edited on 12/26/17 at 6:18 pm
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