Podcasts about 199a

In this next installment of American Potential, host David From shares a timely conversation featuring House Majority Leader Steve Scalise (R-LA) and Fox News contributor and Americans for Prosperity Advisory Council member Guy Benson, recorded at the AFP Freedom Embassy in Washington, D.C. Scalise breaks down the House-passed reconciliation bill designed to lock in the 2017 Tax Cuts and Jobs Act (TCJA)—a move aimed at preventing a $4.5 trillion tax hike scheduled for 2025. The legislation would secure tax relief for families, protect small businesses, eliminate taxes on tips and overtime, restore bonus depreciation, and make the 199A small business deduction permanent. The bill also features aggressive mandatory spending reforms, work requirements in Medicaid and SNAP, border security investments, and energy production measures, echoing the agenda backed by voters in the last election. This episode offers an inside look at the high-stakes legislative battle to keep more money in Americans' pockets—and keep the economy growing.

Check out the full episode with bonus insights: https://masterthemargin.substack.com/p/one-big-beautiful-bill-what-the-new Schedule an Rx Assessment: https://www.sykes-cpa.com/rx-assessment-service/ More resources about this topic: Podcast - Master The Margin: 2025 Tax Outlook: https://www.sykes-cpa.com/tax-cuts-and-jobs-act-2025-outlook/ Webinar - Tax Cuts and Jobs Act of 2017: Pharmacy Impact and §199A: https://www.sykes-cpa.com/tax-cuts-and-jobs-act-of-2017-pharmacy-impact-and-%c2%a7199a/ Blog – Tax-smart Depreciation on Pharmacy Buildings and Equipment: https://www.sykes-cpa.com/tax-smart-depreciation-on-pharmacy-buildings-and-equipment/ Blog – Maximize Pharmacy State and Local Tax Deductions (SALT): https://www.sykes-cpa.com/maximize-pharmacy-state-and-local-tax-deductions-salt/  

Mindfulness and parenting coach Hunter Clarke-Fields (Mindful Mama Mentor) talks about her new book "Raising Good Humans" and the ways mindfulness can allow parents to respond to challenges with more grace and peace. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Mark J. Kohler, a CPA and attorney for small business owners, is a nationally recognized tax and legal expert, best-selling author, and Senior Partner at KKOS Lawyers, where he has spent over 30 years helping small business owners with tax strategy, asset protection, and estate planning. He also serves as CFO and Board Member of Directed IRA Trust Company, ranked #391 on the Inc. 5000, and recently launched the Main Street Certified Tax Advisor Program to train CPAs and Enrolled Agents in his proven strategies—impacting the lives of entrepreneurs nationwide. A five-time best-selling author, Mark is best known for The Tax and Legal Playbook and co-hosts two top podcasts, The Main Street Business Podcast and The Directed IRA Podcast, with longtime partner Mat Sorensen. Their engaging, easy-to-follow content helps business owners simplify complex financial and legal topics to reduce taxes and build lasting wealth. Through his Tax & Legal 360 events, YouTube channel, and social platforms, Mark has educated and empowered thousands of Main Street entrepreneurs. Mark has been featured on Fox News, Bloomberg, The Wall Street Journal, NBC, and Wharton Business Radio, and has taken the global stage at the World Economic Forum in Davos. Named Tax Advisor of the Year, he's a passionate advocate for small businesses and remains committed to helping Americans thrive through smarter tax and financial strategies.   During the show we discussed: Changes and implications associated with the new administration. Major depreciation changes that affect business owners. The importance of understanding the 199A deduction IRS changes taking place as a result of recent developments. Discussions surrounding the potential removal of Federal income taxes. Notable tax reductions for businesses that should be acknowledged.   Resources:  https://markjkohler.com/  

This Day in Legal History: Arrival of Constitutional DelegatesOn May 14, 1787, delegates from several states began arriving in Philadelphia for what would become the Constitutional Convention, a pivotal moment in American legal history. Originally convened to revise the Articles of Confederation, the gathering quickly evolved into a full-scale effort to draft a new framework of government. Only a handful of delegates were present on the 14th, but their arrival marked the start of weeks of foundational debate and compromise.The Convention was held at the Pennsylvania State House, now known as Independence Hall, a site already steeped in revolutionary significance. Delegates represented a range of political and economic interests, and their regional differences would shape much of the debate to come. The eventual goal was to create a system that balanced federal and state authority while preventing tyranny through a series of checks and balances.While May 14 was the scheduled opening, a quorum was not achieved until May 25, delaying formal proceedings. Nonetheless, early arrivals used the time to strategize and lay the groundwork for proposals. Among them was James Madison, whose extensive preparation and later contributions earned him the title "Father of the Constitution."The Convention would ultimately produce the United States Constitution, replacing the Articles of Confederation and establishing the three branches of government. This foundational legal document remains the supreme law of the land, with its principles guiding American governance to this day.In a new analysis, the Tax Law Center critiques the House Ways and Means Committee's proposal to expand the section 199A pass-through business income deduction, calling it a costly move that deepens existing inequities in the tax code. Originally enacted under the 2017 Tax Cuts and Jobs Act, section 199A allows qualifying owners of pass-through businesses to deduct up to 20% of their income. This benefit is already skewed heavily toward the top 1% of earners and industries such as law and lobbying. The provision, which expires after 2025 under current law, has not shown evidence of boosting economic activity and has instead encouraged tax avoidance strategies.The new proposal would raise the deduction rate from 20% to 23% and remove the income cap that currently limits eligibility for higher earners in certain industries. This change would particularly benefit high-income professionals whose pass-through income makes up a large share of their earnings. For example, under the proposed rules, a law firm partner earning $247,300 could receive a deduction of nearly $20,000—whereas they would get nothing under current 2025 law.The revised rules would also alter how phase-outs are calculated, increasing the value of the deduction for top earners while reducing it for some taxpayers whose income includes a mix of wages and pass-through business earnings. The analysis warns that these changes may incentivize further reclassification of income to exploit the deduction. Additionally, the proposal extends the favorable treatment to interest income received through Business Development Companies (BDCs), providing a new tax break for certain investment structures favored by private funds.Ways and Means proposes making costly 199A “pass-through” deduction more generous and valuable to high-income earnersHarvard University has broadened its lawsuit against the federal government, escalating a legal dispute over the termination of billions in federal funding. The amended complaint, filed in federal court in Boston, follows a new wave of agency letters formally cutting off $450 million in grants and reaffirming the earlier freeze of over $2.2 billion. The government attributes the funding halt to Harvard's alleged failure to address antisemitic incidents on campus.Harvard argues that the funding freeze is an unconstitutional retaliation for its refusal to cede academic control to federal authorities. The university maintains that these actions violate its First Amendment rights, particularly in relation to academic freedom and decision-making in areas like faculty hiring and student admissions. The complaint asserts that the administration is effectively punishing Harvard for not aligning with its political and ideological expectations.The dispute has wide-ranging implications, threatening numerous research initiatives and sectors dependent on Harvard's federal support. Agencies including the NIH, USDA, DOE, DOD, and HUD have all issued letters stating the university's recent conduct undermines federal priorities, leaving no room for corrective action.Harvard President Alan Garber has condemned the funding cuts as political overreach, warning they jeopardize core institutional freedoms. Meanwhile, a federal task force countered with a public rebuke of Harvard's leadership, accusing it of fostering discrimination and failing to protect Jewish students.A hearing in the case is scheduled for July 21.Harvard Expands Lawsuit Against US as Funding Feud Deepens (1)A Los Angeles judge resentenced Erik and Lyle Menendez to 50 years to life in prison with the possibility of parole, replacing their original sentence of life without parole for the 1989 murder of their parents. The decision followed emotional testimony from family members, former prison officials, and a rehabilitated inmate who credited the brothers with his transformation. Judge Michael Jesic noted that while the crime was shocking, the brothers' prison records and support from correctional staff and victims' relatives were extraordinary, calling the case a “unicorn.”The Menendez brothers are now immediately eligible for parole, with a hearing scheduled for June 13. Their attorney, Mark Geragos, said the new sentence reflects evolving views on incarceration and rehabilitation. During the hearing, both brothers expressed remorse and outlined plans for continued advocacy if released—Lyle focusing on prison rehabilitation through green spaces, and Erik on hospice programs for elderly inmates.The resentencing aligns with the position of former L.A. District Attorney George Gascón, who had supported a review of their case based on claims of childhood sexual abuse and their youth at the time of the crime. However, current DA Nathan Hochman opposed the change, questioning the brothers' remorse and pointing to a moderate risk assessment in related clemency proceedings.Prosecutors also scrutinized the brothers' past trial conduct, alleging they encouraged perjury and had not been truthful about the events surrounding the murder. Despite this, their family members testified they felt safe around Erik and Lyle both before and after the killings and urged an end to the decades-long public scrutiny.Menendez Brothers Given Chance of Parole With New Sentence (3)Wisconsin Circuit Judge Hannah Dugan was indicted by a federal grand jury on charges of obstructing proceedings and concealing a person from arrest. The charges stem from an April 18 incident in which Dugan allegedly helped an undocumented immigrant, Eduardo Flores-Ruiz, avoid immigration agents by allowing him to leave through a restricted jury door near her courtroom. The agents, who lacked a judicial warrant, were waiting to detain him outside the courthouse.Dugan was arrested on April 25 and has since been temporarily suspended from her judicial duties by the Wisconsin Supreme Court. Her legal team maintains that she is innocent and expects to be exonerated during court proceedings. The case raises questions about the limits of judicial discretion when intersecting with federal immigration enforcement.Wisconsin judge indicted on obstructing immigration case | Reuters This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.minimumcomp.com/subscribe

Meat sales hit a record high of $104.6 billion in 2024, and the U.S. Trade Representative's Office launched an investigation into China's efforts to dominate the maritime, logistics, and shipbuilding sectors.

Today, Anderson Advisors attorneys Barley Bowler, CPA, and Eliot Thomas, Esq. discuss topics including how 401(k) funds can be borrowed up to $50,000 without tax penalties while confirming that backdoor Roth IRA contributions made in 2024 but converted in 2025 still allow for additional 2025 contributions. Eliot and Barley discuss why S-corporations cannot deduct wellness expenses through accountable plans unless medically prescribed, and confirm the 20% Qualified Business Income deduction applies across multiple businesses. For entity structures, they recommended against holding appreciating real estate in corporations, favoring disregarded LLCs for asset protection. Regarding trading partnerships with C-corporations, these need written contracts for guaranteed payments, and confirmed short-term rental owners can switch to self-management to claim material participation benefits and accelerated depreciation through cost segregation. Send your tax questions to taxtuesday@andersonadvisors.com. Highlights/Topics: "Are there ways to withdraw funds from a 401(k), a retirement account, without moving it into an IRA?" a sponsored plan versus an individual plan? "We're also starting a nonprofit business. And how can we avoid that 10% early withdrawal penalty?" - Take a loan from your 401(k) for up to $50,000 without tax/penalty. "I attempted to do a backdoor Roth IRA conversion. On December 24th, I did it at the end of the year. I'm a high-income earner, was not aware of the financial institution, and had made a temporary change. There was some hold time for the funds. We made a deposit contribution at the end of the year. The question here is, the $7000 post-tax contributed to the traditional IRA in December was not available to convert? We went over the past the end of the year to the 2025 tax year, and we're wondering how that's treated since the conversion was completed in 2025, but the contributed contribution occurred in 2024. Is another $7000 contribution allowed?" - Yes, you can make another $7000 contribution in 2025 for another conversion. "Can we use this to reimburse for gym membership, supplements, wellness plans, stuff like that?" - No, wellness plans aren't tax-deductible unless medically prescribed. "My S-corporation provides financial services." Another question. We're talking about the qualified business income deduction, that 199A. That's a pretty good deduction, 20%. Good chunk of deduction. "Can we take that if we have two different businesses? How does that work? What's that look like?" - Yes, you can take the 199A deduction for both businesses simultaneously. "I have two LLCs holding trading accounts, so a couple of different LLCs." We're going to talk about our trade structure a little bit differently. We also have just what we call a safe asset holding straight. If we have a brokerage account, high-value collectibles, or something like that. "Does putting a rental property into a disregarded LLC have any tax benefits?" "Can I transfer the interest of a disregarded to a holding company or to a living trust?" - Yes, with in-kind transfers; check with a broker; generally no tax consequences. "I have a trading partnership." "Do I need a contract?" We're talking about guaranteed payments here, a very unique payment to a partner. - Yes, need a written contract detailing services between a partnership and C-corp. "What are the pros and cons of holding real estate investments in a disregarded LLC, C-corp versus S-corp?"- Avoid S/C-corps for appreciating property; use disregarded LLCs with management entity. "We're buying our first short-term rental this year. Considering using a third-party property manager, can I manage the property next year with material participation?" - Yes, you can manage it yourself in year two and claim cost segregation benefits.   Resources: Schedule Your FREE Consultation https://andersonadvisors.com/strategy-session/?utm_source=how-to-use-401k-funds-to-start-a-nonprofit&utm_medium=podcast Tax and Asset Protection Events https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=how-to-use-401k-funds-to-start-a-nonprofit&utm_medium=podcast Anderson Advisors https://andersonadvisors.com/ Toby Mathis YouTube https://www.youtube.com/@TobyMathis Toby Mathis TikTok https://www.tiktok.com/@tobymathisesq Clint Coons YouTube https://www.youtube.com/@ClintCoons  

Brent chats about the new administration, and news of tax proposals from Republican tax negotiators. He shares his thoughts on tariffs, lower C corporation tax rates, the SALT deduction, the 199A deduction, opportunity zone funds, and estate tax. He also discusses what some of these changes could mean for taxpayers trying to plan.

In this joint episode with the JofA podcast, host Neil Amato discusses with Melanie Lauridsen, Vice President of Tax Policy & Advocacy for the AICPA, what tax practitioners can expect regarding tax legislation. The conversation covers key tax topics following the 2024 election, including the future of the Tax Cuts and Jobs Act (TCJA), beneficial ownership information (BOI) reporting, and disaster relief efforts. Melanie provides insights into the challenges and opportunities facing tax professionals in 2025, emphasizing the importance of staying informed.   What you'll learn from this episode:  The latest updates on disaster relief for BOI reporting.  Melanie's insights about the potential future of the TCJA provisions.  How IRS funding might be impacted by the new administration AICPA resources   Planning for tax changes – CPAs need to not only brace for tax law changes such as the Tax Cuts and Jobs Act (TCJA) and expiring provisions but also be proactive in planning for them.   Tax Advocacy – Advocacy is a core element of our purpose and value proposition. It is a strong mechanism for promoting trust and confidence in the CPA and CGMA credentials around the world.   Transcript April Walker: Welcome back to the AICPA's Tax Section Odyssey podcast, where we offer thought leadership on all things tax facing the profession. I'm April Walker, lead manager from the Tax section, and today we have a joint episode with the JOA, providing information on several important tax topics, such as BOI, disaster relief, and also upcoming potential tax legislation. Let's hear more. Neil Amato: Welcome to the Journal of Accountancy podcast. This is Neil Amato with the JofA. This episode is a special collaboration between the JofA and the Tax Section Odyssey podcast. It's Nov. 19 as we're recording, two weeks since the 2024 election. With the election over, we have results. We also have questions about the future of several tax topics. Here to provide some analysis and clarity on those topics is Melanie Lauridsen, vice president–Tax Policy & Advocacy for the AICPA. Melanie, welcome back to the podcast. Melanie Lauridsen: Thank you for having me back, Neil. Amato: We talk pretty regularly, pretty much a quarterly basis. It's safe to say that even if we keep this discussion fairly narrow in scope, there is plenty to discuss, so we'll get right to it. I'm going to tease for the listeners that there will be discussion of the future of the Tax Cuts and Jobs Act. But first, I'd like to ask about BOI reporting, beneficial ownership information reporting, as that's been in the news lately as well. What's the latest from your lens, the advocacy lens, on the topic of FinCEN's disaster relief for BOI? Lauridsen: Good topic, Neil. Disaster relief is something, regardless of what it is, whether it's tax or BOI, it is critical that people are able to get it as quickly as possible in the largest scope possible. With BOI, we are grateful that FinCEN did offer disaster relief for victims of various hurricanes, most notably Hurricane Milton and Hurricane Helene, which created quite a bit of damage to the areas they hit. But, unfortunately, the scope of the relief, particularly for those victims of Hurricane Helene, is not as broad and as encompassing as we would have liked it to have been. They did offer a filing relief for those victims. However, they didn't extend it to entities that had been created prior to 2024 and therefore had a Jan. 1, 2025, deadline. We know that [for] some of the entities, it took everything away. It destroyed everything, and those entities have years to rebuild, and they really could use an extension. With that in mind, we are actually working with various state CPA societies, and we are also working with FinCEN in order to broaden the scope that was issued, in particular for victims of Hurricane Helene. Of course, we are working with people on the Hill because there are a lot of questions around the Corporate Transparency Act and BOI reporting to begin with, much more so also with disaster relief that they would like to see some expansion of the scope, too. Amato: Yeah, and on that topic of the reports that are in versus the reports that are expected, it's still a pretty small number. I know people like to do things at the last minute, but it's something like 6.5 million of 32 million, so still a long way to go. Lauridsen: There is an awareness issue there, and FinCEN is highly aware that there is an awareness issue because, like you said, 6.5 million filings of 32.6 [million], there's a little bit of a disconnect, especially when we're in November. So we're talking there's a month and a half to file to meet those other — what is it? — 20-plus million filings that we have to go in 1½ months? I don't think they're going to be able to meet those numbers, so, yes. But a couple of things to note about that 6.5 million. Of those 6.5 million, the majority of those filings are for entities that were created in 2024 and had that 90-day deadline, and also for the 30-day corrected and updates that are needed, and that's the 30-day deadline needed. A lot of the existing entities, those that were created prior to 2024, still need to file. Now, FinCEN realizes that their numbers are not where they want them to be, and they are now focusing on awareness and not so much on enforcement. But they are, like I said, making pushes for awareness, and they were even on our AICPA Town Hall, so you can look at the archive there because we did host Phil Lam for that. But also, the other day, I was watching national television, and I saw one of their commercials. I just about fell out of my seat. I didn't think the messaging was as clear as it could have been, but they are trying to make efforts there. Amato: Was this the coffee shop ad that you saw? Lauridsen: Yes, it is. Amato: We wrote about that earlier this year, that the outreach had begun. But still, I guess, a ways to go on that topic. Let's look ahead to one item that was popular at the tax conference. It's popular in the news headlines, and I know it's something you're paying attention to: the Tax Cuts and Jobs Act. It's a very open-ended question, but I'll ask it anyway: What's the future of the Tax Cuts and Jobs Act? Lauridsen: Well, Neil, we would all love to know exactly what the future is. But, the Tax Cuts and Jobs Act, it's interesting because a lot of people said prior to the election, we always knew that tax was going to be on the agenda. People were saying that, it all depended on if it was Democrat or Republican that ended up taking the presidency. Ultimately, the same topics are at stake. TCJA was always something that was going to be debated and discussed, regardless of who ended up being in office and who will be in office. The difference is we definitely know that President-elect Trump would like to see TCJA provisions become permanent. Now, the reality is all those provisions cost money, and there are real dollars associated with it. Even though we are going to be seeing in 2025 the trifecta effect, where the Republicans have swept across the board, it doesn't mean that everybody is in line with the same provisions, and therefore it doesn't mean we know exactly what will be coming. A lot of what is to come becomes an argument of how much things cost and how much things don't cost and what can be included and what can be agreed on. The debate is still very much alive as to what will happen with TCJA. I think, this is my pure speculation, I think we're going to see a hybrid of all the things that are there and not necessarily everything becoming permanent. But who's to say? Things could absolutely change. Amato: Do you want to talk about any of the particulars within that, for example, the SALT cap, estate tax policies, the future of the corporate tax rate? Lauridsen: All of those pieces are very interesting. The SALT cap, let's start with that one. The SALT cap, we have heard that they would like to eliminate the SALT cap. On a personal level, sure. I would love to see that go away. I know quite a few people feel that way about it. But the reality is that it costs money. Right now, the SALT cap at the $10,000 cap is a revenue raiser, and it helps pay for other aspects of it. If they were to eliminate it, that will cost a lot more money than what is anticipated. If we were to see a change, again, this is pure speculation on my part, obviously, we have to wait and see how things play out and what indicators we see. Right now, we haven't seen any specific indicators, but I wouldn't be surprised if the SALT cap ends up being raised slightly, not completely eliminated because, again, it costs money to eliminate it. Amato: OK, state tax policies next. Lauridsen: You said estate? Amato: Estate. Sorry, estate, not state, as opposed to state and local tax. Now, estate tax. Lauridsen: With estate tax policy, there's definitely a desire and a will to see the cap also eliminated because with TCJA, after TCJA, it will cut in half of what we're seeing. Who knows what we'll see in that play. Again, it costs money to be able to have no limit for estate tax planning purposes. I do think like the SALT cap we're going to see something come out in the middle. Maybe it'll maintain, maybe it might increase, but completely unlimited — I don't see that happening, either. Amato: Then finally, the corporate tax rate as it relates to the TCJA. Lauridsen: The corporate tax rate, that is definitely something that has been discussed. We have heard during the campaigns from President-elect Trump that he would like to lower the corporate tax rates, but please keep in mind that the current corporate tax rates in TCJA, again, they cost money. What is paying for those corporate tax rates are those small business provisions that we would like to see come back. For example, Sec. 174, the R&E expenditures. We would like to see that 100% bonus depreciation. We would like to see that come back, but those are some of those provisions that pay for that lower corporate tax rate. Of course, there's the [Sec.] 163(j) interest expense deduction and Sec. 199A, the qualified business income. Again, all those pieces come into play into that corporate tax rate because, technically, those are the pay-fors for that corporate tax rate, so it's a handoff. Amato: Good description of the pay-for aspect of it. Anytime there's a change in administration, I guess the IRS funding topic comes up. The IRS has said many times that the funding it received under the Inflation Reduction Act was helping it provide better service. Now, I guess that funding is going to be up for debate. What do you see as the future there? Lauridsen: Well, that is definitely something. The funding for the IRS, specifically, the Inflation Reduction Act, the IRA as we call it, is something that we are definitely going to keeping an eye on because, if you take a look at the Inflation Reduction Act, the majority of the money, $80 billion — that was allocated towards enforcement. Now there was a piece that was allocated to IRS services, and it is that piece, that portion where we've seen the increased answering of the telephone, the hiring of people at the IRS to be able to provide services with that. Now, we know that that particular funding for IRS services from the Inflation Reduction Act is set to run out by 2026. If the money runs out, what do you think will happen? We'll see decreased IRS services. The way we're looking at it is we do know there is interest in clawing back the Inflation Reduction Act funding and, specifically, for the enforcement piece of it. Our position is, well, let's not take it away from the IRS. Let's rebalance it and shift it over to services. One thing to note, though, is enforcement is a critical function of the IRS. Not everything under enforcement is audits, liens, and levies — all these things that people don't want to see happening. There are pieces of enforcement like Chief Counsel's Office that is covered under enforcement, and Chief Counsel are the ones who provide the regulations and those guides, the guidelines to people in order to be compliant with their taxes. It is a critical function of the IRS. Now, do they need as much as they got? I would venture to say and would like to see some of that money going from enforcement to IRS services and not necessarily clawed back. Amato: That's great. Now, I said we're two weeks since the election. We're also about one week since the AICPA & CIMA National Tax Conference. I know you were there. I know you were busy yourself, but maybe, as you interact with members, as you interact with people in Washington, if you could then look ahead to 2025, what do you see as challenges that are tax-related and also opportunities for the new year? Lauridsen: Some of the challenges that our people have, and we've actually done some informal surveys, too, and the results are the same and we're seeing this trend. There's a lot of growing concern with new legislation coming and, in particular, retroactive legislation or midyear legislation, which makes it particularly hard for members to be able to keep up with it. Retroactivity doesn't help because then you have to amend returns if you already started down that process. Of course, with both last-minute legislation and retroactive legislation, you have to keep on top of the tax changes. Now, you should do that on every given year, but when they do it retroactively or midyear, it makes it particularly hard when you're in the middle of filing season. That is one of the biggest challenges that our members are concerned about. Also, with new legislation, that means we are waiting on guidance from the IRS. The IRS [process] can be very time-consuming in looking at the rules to able to provide guidance. Again, people just want to be compliant. People aren't trying to get out of it. They just want to be compliant, and they need some guidance. That's another concern that we see there. Of course, other challenges that we're seeing associated with Sec. 199A — we would love to see the extension of that to continue, but ideally, we would also like to see the expansion of Sec. 199A. Again, that costs money, and where is that money going to come by in order to be able to achieve something along those lines within it. But, there are opportunities, Neil. Some of those opportunities there's mobile workforce, opportunities there's an appetite for that hopefully that we can see move forward, and that would be something that would make a lot of people's lives a lot easier. That essentially is saying to put a safe harbor that if you work less than 30 days in a state, then you don't file at that state level. It would have to be over 30 days to be able to move forward with that. The expanded use of 529 accounts to be able to pay for studying to sit for the CPA Exam or to be able to get your financial planning certification associated with that. There are pieces of opportunities. Another piece of opportunity that we would like to see — maybe we'll see a change with the Form 1099-K, with the threshold. Remember that was at $600, and there's been a debate where it could be, so maybe we'll see an increase in that threshold filing. Of course, disaster relief. We would love to be able to see some of the bigger positions that we've had associated with disaster relief to make a real difference for victims of disasters. Amato: Good points all. Thank you very much, Melanie. I'll give you the opportunity to give a closing thought if you have one. Lauridsen: My closing thoughts are, I think 2025 is a huge tax year. I think we just need to buckle down and get ready for that roller coaster that's going to be coming, and it's always important to keep up to date and follow through, but in this year, changes are happening. They're happening quickly. I think podcasts like this, webcasts, things like the AICPA Town Hall, they become even more critical for people to keep up to date. Amato: Great. We will keep having you on. We'll see you again in 2025, and thank you for being on the show today. Lauridsen: Thank you, Neil.  Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The Tax Section Odyssey podcast includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices. This resource is part of the robust tax resource library available from the AICPA Tax Section. The Tax Section is your go-to home base for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you're not already a member, consider joining this prestigious community of your tax peers. You'll get free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a digital subscription to The Tax Adviser.

Grain Prices and Movement Deductions Impact on Cooperatives Seasonable or Unseasonable Kansas Weather   00:01:05 – Grain Prices and Movement: Dan O'Brien, K-State grain economist, kicks off today's show discussing the current grain market. He talks through futures, exports and price seasonality for corn, grain sorghum, wheat and soybeans. Dan O'Brien on AgManager.info   00:12:05 – Deductions Impact on Cooperatives: Keeping today's show rolling is Brian Briggeman, director of the Arthur Capper Cooperative Center at K-State, as he explains the impact that section 199A(g) has had for cooperative's deductions. Impact of Section 199A(g) on Local Grain Marketing and Farm Supply Cooperatives ACCC Homepage AgManager.info   00:23:05 – Seasonable or Unseasonable Kansas Weather: K-State meteorologist, Chip Redmond, ends the show with a weather outlook. He says that Kansas can expect to cool down and if the weather has been seasonable or unseasonable.     Send comments, questions or requests for copies of past programs to ksrenews@ksu.edu.   Agriculture Today is a daily program featuring Kansas State University agricultural specialists and other experts examining ag issues facing Kansas and the nation. It is hosted by Shelby Varner and distributed to radio stations throughout Kansas and as a daily podcast.   K‑State Research and Extension is a short name for the Kansas State University Agricultural Experiment Station and Cooperative Extension Service, a program designed to generate and distribute useful knowledge for the well‑being of Kansans. Supported by county, state, federal and private funds, the program has county Extension offices, experiment fields, area Extension offices and regional research centers statewide. Its headquarters is on the K‑State campus in Manhattan

In 2017, the first major tax reform in over 30 years was passed and it had a tremendous impact on independent pharmacies.  Now, with the 2024 election right around the corner, many of these items could see a change! In this episode of Master The Margin, we're taking a step back from exploring the Balance Sheet and diving into an urgent update on the Tax Cuts and Jobs Act.  Scotty Sykes goes over:  - What's in the Tax Cuts and Jobs Act. - Updates to Tax Items That Affect Independent Pharmacies. - Election Impacts and Changes You Can Expect in 2025 tax reform. Need help understanding your tax returns? Think you're paying too much in tax? Schedule an Rx Assessment with us: https://www.sykes-cpa.com/rx-assessment-service/  Listen to previous episodes here: https://www.youtube.com/watch?v=v3hFJluMST8&list=PLbdUM3PBAwLsqJc2QZAXdJNMsENdgl3aO  More resources on this topic:  Webinar - Tax Cuts and Jobs Act of 2017: Pharmacy Impact and §199A: https://www.sykes-cpa.com/tax-cuts-and-jobs-act-of-2017-pharmacy-impact-and-%c2%a7199a/  Blog – Tax-smart Depreciation on Pharmacy Buildings and Equipment: https://www.sykes-cpa.com/tax-smart-depreciation-on-pharmacy-buildings-and-equipment/  Blog – Maximize Pharmacy State and Local Tax Deductions (SALT): https://www.sykes-cpa.com/maximize-pharmacy-state-and-local-tax-deductions-salt/

In this episode of Tax Tuesday with Anderson Advisors attorneys Toby Mathis, Esq., and Eliot Thomas, Esq., the pressing tax questions from listeners have a special focus on real estate issues. They dive into the complexities of tax benefits for short-term and long-term rental properties, addressing specific monetary scenarios. Toby and Eliot also explore the nuances of passive losses and real estate professional status, evaluating how a limited partnership investment and syndications impact tax strategies. Additionally, they clarify the effects of installment sales on capital gains tax, the tax implications of long-term capital gains for incomes below $93,000, and strategies for reducing tax liability as a real estate flipper. You'll hear about the mechanics of 1031 exchanges, the use of solar credits against passive income, and the treatment of repairs versus improvements on rental properties. Tune in for expert advice on optimizing your tax situation in the real estate world. Submit your tax question to taxtuesday@andersonadvisors.com Highlights/Topics: "Professor One has three short-term rentals, seven days or less." "He generates $20,000 of profit from each one, but each generates $60,000 of losses, cost seg plus bonus depreciation." "Can he use 20% QBI?" that's 199A. "Can you use it on the $20,000 profits, or will those be offset by the $60,000 losses, and the net will be $40,000 each?" –We can't. We have to take in the $60,000 loss that's associated with each of those buildings. We don't take QBI against the loss. No, QBI would not be available here. "Professor Two has four long term rentals, and he used line depreciation for all of them." "His wife is a real estate professional, but there's not enough losses to offset his $300,000 grand in income. The CPA suggests putting $200,000 in a syndication as an LP. K1 will generate $150,000 of losses. As long as his wife is REP, he can use those passive losses to offset his W-2. Is that true?" – Because we're introducing a syndication, and this is a limited partner, that's the LP here at K-1, we're going to have to meet that test, the 500-hour test. In other words, to get our REP status, if we didn't use the 500-hour test, we may not be able to do that. That's why I say it depends. "Professor Three has one passive long-term rental and just bought two short-term rentals with seven days or less with cost seg plus bonus depreciation. Next year, 2025, his wife plans to retire and claim real estate professional status. The plan is to keep those short-term rentals as Airbnb with eight days or more, a.k.a passive, and keep the long-term rental as is. The first question is, can the wife manage, clean those Airbnbs and claim the 750 hours without touching the third long-term rental that is far away and group them all together?" – I'm going to say no, because remember, a short-term rental isn't rental activity. It's the pizza shop, okay, that Toby keeps talking about. But we have other ideas. “The second question is whether we can still use the losses from the cost seg we conducted on those two short-term rentals this year." – Losses will stay passive into the future, so no. "I have a question about capital gains tax. I'm selling a property with an installment payment plan. Only two installments to be received. The first will be received December of 2024, the second and last payment will be January 2025. How will this affect my capital gains tax?" – Simplistically, it's just going to split them. "Paying tax on real estate long-term gain. If my net income is under $93,000 in 2024, will I owe taxes on long-term capital gains from the sale of real estate, a vacation rental? The gain itself is over $93,000." – if you are below approximately $94,000 in 2024, it's going to be taxed at zero. "How do I reduce my tax liability as a flipper?" – Do it in a C-Corp or S-Corp, besides just immediate tax deductions, we want to avoid dealer status. Reverse exchange 1031. "Please help us understand it. How do I choose a QI, which stands for qualified intermediary? Any recommendations for first-time 1031 exchangers?" – you're first buying the replacement property and then you're deciding within 45 days which you're going to give up. And so it's just the opposite direction. You have 108 days total from close to close. "Is it possible to use solar credits against passive income from real estate rent income?” – Yes. You can have a solar credit. You could do it on your personal home, which would create an ordinary loss. The nature of the activity that the solar is attached to might have something to do with its tax treatment. "How do you determine if a repair and a rental property can be treated as an expense in the current year or must be depreciated?" – If you're making the property more valuable by doing it, that's not a repair. You're making it more valuable. "Hi, my husband and I want to sell a new construction home business to become full-time investors and manage our five large commercial properties. In the past, we've had real estate professional status because we self-managed our commercial properties. If we sell our construction business, do we still qualify for rep status if we start a management company to manage our commercial properties and earn W-2 income from this new company? What type of entity would be best to set up a management company, LLC, S-corp, or C-corp? – using that management company that you own yourself, certainly you can use that towards your time. Resources: Schedule Your FREE Consultation https://andersonadvisors.com/strategy-session/?utm_source=strategies-to-reduce-your-tax-liability-as-a-real-estate-flipper&utm_medium=podcast Tax and Asset Protection Events https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=strategies-to-reduce-your-tax-liability-as-a-real-estate-flipper&utm_medium=podcast Anderson Advisors https://andersonadvisors.com/ Toby Mathis YouTube https://www.youtube.com/@TobyMathis Toby Mathis TikTok https://www.tiktok.com/@tobymathisesq    

You can now watch episodes of Tales with TR on YouTube! Head over to https://www.youtube.com/@THPN to watch the latest episode.Welcome to Tales with TR: A Hockey Podcast presented by The Hockey Podcast Network.Join former Montreal Canadiens' first-round draft pick & Shoresy star Terry Ryan, as he talks about the sport of Hockey, brings on various guests, and shares tales of his life and professional hockey career.Host: Terry Ryan @terryryan20 Network: @hockeypodnetEditor: Carter Potts @Carter_Potts_97Sponsored by: Draft Kings - Use promo code THPN at sign-up for exclusive offers. https://tinyurl.com/DRAFTKINGSPROMOTHPN

You can now watch episodes of Tales with TR on YouTube! Head over to https://www.youtube.com/@THPN to watch the latest episode. Welcome to Tales with TR: A Hockey Podcast presented by The Hockey Podcast Network. Join former Montreal Canadiens' first-round draft pick & Shoresy star Terry Ryan, as he talks about the sport of Hockey, brings on various guests, and shares tales of his life and professional hockey career. Host: Terry Ryan @terryryan20  Network: @hockeypodnet Editor: Carter Potts @Carter_Potts_97 Sponsored by: Draft Kings - Use promo code THPN at sign-up for exclusive offers. https://tinyurl.com/DRAFTKINGSPROMOTHPN Learn more about your ad choices. Visit megaphone.fm/adchoices

In today's Tax Tuesday episode, tax experts Toby Mathis, Esq., and returning guest Jeff Webb, CPA, the CFO of Anderson Business Advisors, discuss some interesting tax questions including questions around gifting your home or property to your children while you're still alive (tip: don't do it), passive vs. active income on rental properties, and how/when you're able to use a loan from your investment accounts to purchase real estate. Submit your tax question to taxtuesday@andersonadvisors. Highlights/Topics: "Could I still qualify for the Qualified Business Income Deduction for rental activities even if they do not have the real estate professional status?" – Qualified Business Income Deduction, 199A. Could you still qualify for QBI for rental activities even if you don't have real estate professional status? The answer is yes. "I have a question about incurring expenses and paying them with my personal credit card. How do I recoup that money that was used for my business but charged to my personal credit card? My LLC is less than a year old." The simple answer is yes, you can pay for stuff with a personal credit card and deduct it in your entity. "Suppose a Florida LLC has a piece of land bought three years ago and hired a construction company to build a single house when the house is sold." Can I allocate part of the profit to the sale of the land, long-term capital gain, and the other part to ordinary income?" - You've now converted it into inventory that you're selling, so no. As a matter of fact, it doesn't play off against ordinary income, it is ordinary income. The entire sale of this property is ordinary income. "How do I use my 401(k) or IRA to invest in real estate?" - If it's an IRA, you need a self-directed IRA, where you're pretty much the custodian. "My husband's father wants to sign his house over to us. My husband's sister also owns 65% of the property." What tax advantages are there for us, his dad, and his sister? And what tax issues does it raise for us? Should we start an LLC or some other structures?" - I'm not a fan of signing over a principal residence to my children. If Dad gives it to you before he passes, he just made it all taxable. "What is the best way to use funds from my S-corp to pay taxes? Since the corporation taxes flow through to my personal taxes, I understand I need to pay my personal taxes for my personal account, but the money is really in the business account. Can I use a distribution? And is there a dollar amount limit for such a transaction?" – if you're profitable and distributing money, you really need to pay some kind of salary. "If I elect to aggregate rental properties into one activity, for example, managing, operating single-family homes as rentals and limited partnership interest in a multi-family syndication. What happens if years down the road, one of the assets is sold from the aggregate group? What are the tax and legal implications?" - If I sell a property that I've aggregated with other properties, just treat it like any other sale of property. "Is it tax-wise to pass on single-family rental home properties before my death to my kids? We have plenty of income, and passing on a few of them to our two kids might even lower our tax bracket. Each rental property is in a separate LLC, and we've owned them for 7–8 years now." - Based on the way we answered the previous question about gifting, I think it's a bad idea, especially if you had it for seven or eight years. "If I elect to aggregate rental properties into one activity, for example, managing, operating single family homes as rentals, limited partnership interest in a multifamily syndication, and electing all of my investment real estate as one activity,” which you can do, it's called an aggregation election, “what happens if years down the road, one of the assets is sold from the aggregate group? What are the tax and legal implications?" - you wouldn't aggregate into those circumstances. If you're going to be selling it soon, but you don't lose the loss carry forward, you use it against passive income. "We have two newly opened short-term rental Airbnbs. We want to do cost segregation and do bonus depreciation for the 2023 tax year. We're logging our time for the 500 hours rule. I heard that a small business should be taxed as S-corps to save on self-employment taxes, but others say don't put Airbnbs in an S-corp because they're passive. What to believe?" - Short-term rentals are a trade or business. If you are materially participating in them, then it's active ordinary income or loss. Send us your questions, and check out the event schedule listed in the resources section. Resources: Infinity Investing https://infinityinvesting.com/ Email us at Tax Tuesday taxtuesday@andersonadvisors.com Tax and Asset Protection Events https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=how-to-use-your-401k-or-ira-to-invest-in-real-estate Anderson Advisors https://andersonadvisors.com/ Toby Mathis YouTube https://www.youtube.com/@TobyMathis Toby Mathis TikTok https://www.tiktok.com/@tobymathisesq  

America's credit rating has been downgraded, a former U.S. President is getting indicted…again, and two of the richest people in history are training for a cage match. Just another day in 2023. 

On this episode Roger and Annie discuss expiring tax provisions, the latest on ERC audits, the resumption of student loan payments, and IRS budget challenges. They provide guidance on planning for changes, spotting fraudulent ERC providers, and embracing technology to thrive as a firm.SponsorsPadgett -  Contact Padgett or Email Jeff PhillipsGet NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Chapters (00:00) - Welcome to another episode of Federal Tax Updates (03:24) - What to watch for in elections and how they might impact the IRS and taxes (13:00) - Updates on the 199A deduction (26:33) - Some ERC updates (27:54) - How to know if you are a dealing with a legitimate ERC Mill? (33:35) - Keys from the practitioner side of ERC (42:19) - Updates on student loan forgiveness/repayment (45:20) - Annie's Scaling New Heights experience (53:34) - Wrap up and please subscribe so you don't miss an episode Follow the Federal Tax Updates Podcast on Social Mediatwitter.com/FedTaxPodfacebook.com/FedTaxPodlinkedin.com/showcase/fedtaxpodConnect with the Hosts on LinkedInRoger HarrisAnnie SchwabReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe to the Federal Tax Updates podcast in your favorite podcast app!This podcast is a production of the Earmark MediaThe full transcript for this episode is available by clicking on the Transcript tab at the top of this pageAll content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.

Our latest podcast guest is Kevin Kuhlman, Vice President of Federal Government Relations at the National Federation of Independent Business (NFIB). Kevin kicks things off by recapping his testimony before the House Financial Services Committee, and explains how the Corporate Transparency Act's reporting rules will saddle the small business community with unprecedented compliance costs and the threat of hefty fines and jail time, while doing virtually nothing to combat illicit activity. Later he discusses the strong show of support in the House for Rep. Lloyd Smucker's Section 199A permanence bill, the Main Street Tax Certainty Act (H.R. 4721); how small businesses have been harmed by the new R&D expensing regime; and the prospects for a big tax package sometime this year.

This week we're discussing the rules for self-rentals for the purposes of IRC §199A.

Philipp Ausserhofer (Italien) geboren am 15.12.1992 in Bruneck, aufgewachsen im Ahrntal, wohnhaft in Telfes i. St., Mitglied des International Athletes‘ Team Scarpa und Karpos.

This week we look at IRS announces program to accept upload of documents in response to some, but not all, notices to taxpayers SECURE 2.0 Section 603 drafting glitch puts catch-up contributions at risk for 2024 as various parties push to get a fix IRS will not automatically challenge §199A deduction for cannabis businesses-but W-2 wage problems may get in the way

Justin Kendrick is the co-founder and lead pastor of Vox Church in New Haven, Connecticut. Launched in 2011 with a mission to see New England transformed from the least-churched region in the U.S. to the most spiritually vibrant place on earth, the church was initially planted near Yale University and now has nine campuses throughout the Northeast. Kendrick, a husband and father of four children, is also the author of “Bury Your Ordinary: Practical Habits of a Heart Fully Alive,” published last year by David C Cook. JUSTIN SHARES ABOUT ‘THE SACRED US': https://www.youtube.com/watch?v=ponRaKiIlUI THE STORY OF VOX CHURCH: https://www.dropbox.com/s/78a265prxbfgpjs/Vox%20Church%20Video%20trial%202.mov?dl=0 JUSTIN KENDRICK SERMON CLIPS: https://www.dropbox.com/s/dtl3a3pc2r5wh94/Sermon%20Reel%20-%20FINAL.mp4?dl=0 --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app Support this podcast: https://anchor.fm/aaronconrad/support

Justin Kendrick is the co-founder and lead pastor of Vox Church in New Haven, Connecticut. Launched in 2011 with a mission to see New England transformed from the least-churched region in the U.S. to the most spiritually vibrant place on earth, the church was initially planted near Yale University and now has nine campuses throughout the Northeast. Kendrick, a husband and father of four children, is also the author of “Bury Your Ordinary: Practical Habits of a Heart Fully Alive,” published last year by David C Cook. JUSTIN SHARES ABOUT ‘THE SACRED US': https://www.youtube.com/watch?v=ponRaKiIlUI THE STORY OF VOX CHURCH: https://www.dropbox.com/s/78a265prxbfgpjs/Vox%20Church%20Video%20trial%202.mov?dl=0 JUSTIN KENDRICK SERMON CLIPS: https://www.dropbox.com/s/dtl3a3pc2r5wh94/Sermon%20Reel%20-%20FINAL.mp4?dl=0

Siete pronti a:LE EMOZIONI!??!(ascoltate la puntata per rispondere "sì", non ascoltatela per rispondere "no")

Episode one ninety nine - part one It's graduation season for some, and others are gearing up for the college search this summer. Syosset High School Principal John Durante joins us to chat about the inspiration behind his own podcast The College Admission Process Podcast which aims to help kids and parents ease the often overwhelming task of applying to college.

This week on the Southern Fried Philosophy Podcast: Magic Man catches us up on his travels, we learn too much about the state of Iowa plus we address the age old question, do you put your cereal or milk in the bowl first? We're joined by special guest Dr. Lucretia Berry. Southern Fried Philosophy ****************************** Become an SFP Insider Today! Click the link to join us!    Music  SFP Intro - Lenny The Band YouTube subscribers Sponsors Watchman Cigar Level Up Logo Red Hill Brewing Crave Bath and Body   How you be durrin - Crave Bath and Body   Next week: Tim Emery   Southern Phrase Of The Week: Follow up/Discuss   Milk or cereal first Wacky News - Level Up Logo In the Pursuit of… Racial Understanding   Dr. Lucretia Berry is an antiracism curriculum specialist, course designer and author of What LIES Between Us - Fostering First Steps Toward Racial Healing, a TEDx speaker, and a writer for in(courage).me. She earned her Ph.D. in Curriculum and Instruction from Iowa State University and her BA from South Carolina State University

In this video, I pray for the healing of a variety of medical conditions with a focus on diseases and injuries to the brain and nervous system. My ministry website: https://prayingmedic.org/  

If you thought the twists and turns of 2020 made it difficult to keep up with tax court cases, 2021 gave you a run for your money! Frequent guest Tony Nitti joins host Damien Martin for our third annual look at key lessons from Tony's top tax cases of the year. Here's an overview and summary of the sources mentioned in the episode: #1: Holliday v. Commissioner, C. Memo 2021-69 and Blum v. Commissioner, T.C. Memo 2021-18 [05:20] Malpractice award for mishandling divorce proceeding was includible in gross income concerning whether the award was a return of capital or taxable income. Mentioned in the discussion: Internal Revenue Code (IRC) Sections 61, 104, and 141 Rul. 81–152 Other cases discussed: Commissioner v. Glenshaw Glass Co., 348 U.S. 426 (1955) Clark v. Commissioner, 40 B.T.A. 333 (1939) Cosentino v. Commissioner, T.C. Memo 2014-186 McKenny v. United States, 126 AFTR 2d 2020-5943 (11th Cir. 2020) Eisner v. Macomber, 252 U.S. 189 (1920) Commissioner v. Groetzinger, 480 U.S. 23 (1987) #2: United States v. Forte (D. Utah 2021) [24:49] Both parties failed to prevail on ambiguous facts surrounding qualification for exclusion on the sale of a primary residence. Mentioned in the discussion: IRC §121 PLR 201628002 #3: Ushio v. Commissioner, T.C. Summary Opinion 2021-27 [38:17] Claiming an ordinary loss on a bad investment. Mentioned in the discussion: §§67(g), 165, 166, 1202, and 1244 Rul. 93–80 United States v. Generes, 405 U.S. 93 (1972) Trent v. Commissioner, 34 T.C. 910 (1960) #4: PLR 202125004 and PLR 202114002 [50:09] Mentioned in the discussion: IRC §§199A, 1045, and 1202 Reg. §1.199A-5 #5: Heiting v. United States, 16 F. 4th 242 (7th Cir. 2021) [1:05:34] Taxpayers were unable to prevail on unauthorized sale of stock by grantor trust under the claim of right doctrine. Mentioned in the discussion: IRC §§165 and 1341 Other cases mentioned: North American Oil Consolidated v. Burnet, 286 U.S. 417 (1932) Nacchio v. United States James v. United States, 366 U.S. 213 (1961) #6: Berry v. Commissioner, T.C. Memo 2021-52 [1:19:48] Taxpayer lacked sufficient evidence to assign income and deduct related expenses from drag racing tournaments. Mentioned in the discussion: IRC §162 Other cases mentioned: Deputy v. du Pont, 308 U.S. 488 (1940) Palo Alto Town & Country Village, Inc. v. Commissioner, 565 F.2d 1388 (9th 1977) Henry v. Commissioner, 362 F.2d 640 (1966) Evans v. Commissioner, T.C. Summary Opinion 2012-125 #7: Hussey v. Commissioner, 156 T.C. No. 12 [1:30:30] Reducing basis of assets when IRC §108(a)(1)(E) exception applies. Mentioned in the discussion: IRC §§61(a)(11), 108, 752, and 1017 #8: Tribune Company v. Commissioner, T.C. Memo 2021-122 [1:42:28] Taxpayer's senior debt guarantees related to the disguised sale of the Chicago Cubs were bona fide but the subordinated debt by the Ricketts family was essentially equity. Mentioned in the discussion: IRC §§108, 737, and 752 Canal Corp v. Commissioner, 135 T.C. No. 9 (2010) #9: Slaughter v. Commissioner, 129 AFTR 2d 5399 (CA 11) [2:04:20] Author was required to recognize income under a publishing contract as self-employed income. Mentioned in the discussion: IRC §§162 and 1402 Commissioner v. Groetzinger, 480 U.S. 23 (1987) #10: Aspro, Inc. Commissioner, T.C. Memo 2021-8 [2:12:32] Purposed management fees to shareholders determined to be disguised dividends. Mentioned in the discussion: Reg. §1.162-7 Get additional resources and learn more about Tony here! GET MORE SIMPLY TAX We're excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel. A complete archive of our episodes is available on our website and YouTube playlist. We'd love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube

If you thought the twists and turns of 2020 made it difficult to keep up with tax court cases, 2021 gave you a run for your money! Frequent guest Tony Nitti joins host Damien Martin for our third annual look at key lessons from Tony's top tax cases of the year. Here's an overview and summary of the sources mentioned in the episode: #1: Holliday v. Commissioner, C. Memo 2021-69 and Blum v. Commissioner, T.C. Memo 2021-18 [05:20] Malpractice award for mishandling divorce proceeding was includible in gross income concerning whether the award was a return of capital or taxable income. Mentioned in the discussion: Internal Revenue Code (IRC) Sections 61, 104, and 141 Rul. 81–152 Other cases discussed: Commissioner v. Glenshaw Glass Co., 348 U.S. 426 (1955) Clark v. Commissioner, 40 B.T.A. 333 (1939) Cosentino v. Commissioner, T.C. Memo 2014-186 McKenny v. United States, 126 AFTR 2d 2020-5943 (11th Cir. 2020) Eisner v. Macomber, 252 U.S. 189 (1920) Commissioner v. Groetzinger, 480 U.S. 23 (1987) #2: United States v. Forte (D. Utah 2021) [24:49] Both parties failed to prevail on ambiguous facts surrounding qualification for exclusion on the sale of a primary residence. Mentioned in the discussion: IRC §121 PLR 201628002 #3: Ushio v. Commissioner, T.C. Summary Opinion 2021-27 [38:17] Claiming an ordinary loss on a bad investment. Mentioned in the discussion: §§67(g), 165, 166, 1202, and 1244 Rul. 93–80 United States v. Generes, 405 U.S. 93 (1972) Trent v. Commissioner, 34 T.C. 910 (1960) #4: PLR 202125004 and PLR 202114002 [50:09] Mentioned in the discussion: IRC §§199A, 1045, and 1202 Reg. §1.199A-5 #5: Heiting v. United States, 16 F. 4th 242 (7th Cir. 2021) [1:05:34] Taxpayers were unable to prevail on unauthorized sale of stock by grantor trust under the claim of right doctrine. Mentioned in the discussion: IRC §§165 and 1341 Other cases mentioned: North American Oil Consolidated v. Burnet, 286 U.S. 417 (1932) Nacchio v. United States James v. United States, 366 U.S. 213 (1961) #6: Berry v. Commissioner, T.C. Memo 2021-52 [1:19:48] Taxpayer lacked sufficient evidence to assign income and deduct related expenses from drag racing tournaments. Mentioned in the discussion: IRC §162 Other cases mentioned: Deputy v. du Pont, 308 U.S. 488 (1940) Palo Alto Town & Country Village, Inc. v. Commissioner, 565 F.2d 1388 (9th 1977) Henry v. Commissioner, 362 F.2d 640 (1966) Evans v. Commissioner, T.C. Summary Opinion 2012-125 #7: Hussey v. Commissioner, 156 T.C. No. 12 [1:30:30] Reducing basis of assets when IRC §108(a)(1)(E) exception applies. Mentioned in the discussion: IRC §§61(a)(11), 108, 752, and 1017 #8: Tribune Company v. Commissioner, T.C. Memo 2021-122 [1:42:28] Taxpayer's senior debt guarantees related to the disguised sale of the Chicago Cubs were bona fide but the subordinated debt by the Ricketts family was essentially equity. Mentioned in the discussion: IRC §§108, 737, and 752 Canal Corp v. Commissioner, 135 T.C. No. 9 (2010) #9: Slaughter v. Commissioner, 129 AFTR 2d 5399 (CA 11) [2:04:20] Author was required to recognize income under a publishing contract as self-employed income. Mentioned in the discussion: IRC §§162 and 1402 Commissioner v. Groetzinger, 480 U.S. 23 (1987) #10: Aspro, Inc. Commissioner, T.C. Memo 2021-8 [2:12:32] Purposed management fees to shareholders determined to be disguised dividends. Mentioned in the discussion: Reg. §1.162-7 Get additional resources and learn more about Tony here! GET MORE SIMPLY TAX We're excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel. A complete archive of our episodes is available on our website and YouTube playlist. We'd love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube

One of the benefits of being a practice owner is having the flexibility to control where the net income from your practice falls on your personal tax return. This translates into the question, “How much should I pay myself?” In today's show, we revisit this conversation and talk through some of the different implications of paying yourself a high or low W-2 salary, specifically as it pertains to the accumulation of your Social Security benefits and it's relationship with the 199A deduction. As a reminder, you can get all the information discussed in today's conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country utilize their practice to grow their net worth, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and other blog posts. Form 8960 (Net Investment Income Tax) IRS Wage Compensation Fact Sheet How much should you pay yourself (Epsd 68 of 20/20 Money) Planning for the 199A deduction in your practice Follow us on Instagram: https://www.instagram.com/2020moneypod/  ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Farmers and ranchers in Wilson County and across the country are urging Congressional leaders to leave important tax policies in place that allow farmers and ranchers to survive and pass their businesses on to the next generation. It's critical that changes not be made to current provisions in federal estate taxes, stepped-up basis, 199A small business deduction, and like-kind exchanges. Congress is drafting legislation to address the Biden administration's spending priorities and is considering changes to federal tax policies to pay for increased expenditures. These tools are crucial as the number of farmers and ranchers 65 and older outnumber those...Article Link

If current tax reform proposals become law, there will be many issues to be mindful of with planning for trusts. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, helps you get ahead of these changes so that you can plan for your clients to be ready for impending changes. Bob discusses: How the proposed higher income tax and capital gains rates will impact trusts planning The low threshold for trusts that would have the additional 3% surtax, NIIT expansion, and 199A cap kick in Changes to grantor trusts taxation that will make transactions between grantor and trust pertinent to monitor Being cognizant of electing fiscal year ends in rising tax rate environments Access resources related to this podcast: Note: If you're using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  Register for our year-end planning webcast that is free with CPE for PFP/PFS members. Access the Proactive Planning Toolkit audio learning to hear about tax proposals impacting individuals, estates, and trusts. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app.

Join all four members of the Expert Team: Nathan Merrill, Karl Frank CFP, Mike Miller CPA and Jeff Krommendyk. We discuss the recent tax plan and how this may affect regular people, not just the billionaires.Importantly, the proposal has not yet passed Congress so everything is subject to change. We discuss a few of the tax increases and losses for individuals. Some of the lost tax benefits include the after-tax Roth contribution, and subsequent Roth conversion. This way to go tax free is made illegal for all people regardless of income by the American Families tax proposal. Most of the rest of the changes affect individuals who make $400,000 or more or families who make $450,000 or more. Income taxes, long-term capital gains both go up. If you make more than $5 million in a year—even if it is from a one-time transaction like selling your family business, farm or the estate—you could face over a 50% tax burden. We talk about the government's plan to monitor all transactions over a certain dollar amount. We talk about how small business owners face paying the biggest portion of the taxes. The possible loss of the 199A deduction and a 3.8% surtax for small-business owners are two notable examples. We talk about what a person can do at the end of the year to deal with these possible tax increases!

A new hour-long mini-episode features yet another John McGraw insult, a discussion of vaccine mandates, Holocaust analogies, and the logical fallacy of hasty generalization both in and out of baseball (Babe Ruth has two legs and plays baseball and Isan Diaz has two legs and plays baseball, so they must be exactly the same), and a tale of catching great Ernie Lombardi mouthing off to his boss with predictable consequences. Guests resume next week!TABLE OF CONTENTSPart 1, in which Charles Ebbets is Insulted*Hasty Generalizations, Distortions, Vaccines, the Holocaust, and Why Various Players Are Not Fish*Ernie Lombardi Says Exactly What He Thinks of His Boss*Goodbyes.The Infinite Inning is not only about baseball but a state of mind. Steven Goldman, rotating cohosts Jesse Spector, Cliff Corcoran, and David Roth, and occasional guests discuss the game's present, past, and future with forays outside the foul lines to the culture at large. Expect stats, anecdotes, digressions, explorations of writing and fandom, and more Casey Stengel quotations than you thought possible. Along the way, they'll try to solve the puzzle that is the Infinite Inning: How do you find the joy in life when you can't get anybody out?

A new hour-long mini-episode features yet another John McGraw insult, a discussion of vaccine mandates, Holocaust analogies, and the logical fallacy of hasty generalization both in and out of baseball (Babe Ruth has two legs and plays baseball and Isan Diaz has two legs and plays baseball, so they must be exactly the same), and a tale of catching great Ernie Lombardi mouthing off to his boss with predictable consequences. Guests resume next week!TABLE OF CONTENTSPart 1, in which Charles Ebbets is Insulted*Hasty Generalizations, Distortions, Vaccines, the Holocaust, and Why Various Players Are Not Fish*Ernie Lombardi Says Exactly What He Thinks of His Boss*Goodbyes.The Infinite Inning is not only about baseball but a state of mind. Steven Goldman, rotating cohosts Jesse Spector, Cliff Corcoran, and David Roth, and occasional guests discuss the game's present, past, and future with forays outside the foul lines to the culture at large. Expect stats, anecdotes, digressions, explorations of writing and fandom, and more Casey Stengel quotations than you thought possible. Along the way, they'll try to solve the puzzle that is the Infinite Inning: How do you find the joy in life when you can't get anybody out?

Today on the Finance Flash Go! podcast, I'll talk about the QBI, or 199A, tax deduction. Please enjoy the Finance Flash Go podcast! We plan to release a new episode every weekday answering important finance questions. If you ever want to submit a question to our podcast, send an e-mail to financeflashgo@gmail.com, and please be sure to check out Jordan Frey's blog prudentplasticsurgeon.com where he gives great financial advice. A brief disclaimer, while we are providing knowledge and awareness around financial topics in this show, we are not held responsible for any financial decisions you choose to make in response to the podcast. We hope to provide accurate information in regards to money and different methods of wealth creation, but it is always the learner's responsibility to due their due diligence before making important financial decisions. We hope you enjoy the show and thanks for tuning in, and if you like the podcast please subscribe, share, and leave us a review on the podcasting platform of your choice!

Exodus 1&2:1-10 & Acts 17:26 We will continue our exodus series that we started last year, picking up after the parting of the red sea. In preparation, we will be re-releasing the 1st episodes in this exciting series. We've been waiting all year to continue this story and can't wait for you to hear what we have in store. This is part 1 in our series on Exodus. There is so much to unpack here that I have turned it into multiples episodes so the kids get the whole context. I respect each families ages/stages of life so I have adapted some of this. PLEASE go back and read the scriptures including what is appropriate for your family. In today's episode, we will be introduced to Moses and what was happening to the Israelites during this time. We will hear how God had a plan for Moses just like He has a plan for us. To connect with me, simply go to kbspodcast.com Subscribe for just $2.99 a month to get ALL episodes AD FREE! If you have enjoyed this podcast, would you please consider subscribing? This is also the BEST way to help support this ministry. SUBSCRIBE HERE --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

This is a mini-episode to let you know about an exciting new coaching opportunity for you if you’re feeling stuck about your midlife career. It’s called Clear on Career and it starts May 12, 2021. If you’re in a midlife career funk, you don’t have to feel so alone. It can be extremely frustrating to waste so much time feeling stuck like this. Learn more.

For FIRE week on the White Coat Investor podcast, we have a guest host, Physician on Fire https://www.physicianonfire.com/credit-cards/ , discussing travel hacking and answering listener questions. You can earn free travel and he shows you how with regular spending and credit card welcome bonuses. Now credit cards are for convenience and only use them if you are disciplined enough to pay them off every month. Use autopay for all your cards and make sure you are getting at least 1.5% to 2% back on your everyday purchases. If you’re willing to pick up a new card a couple of times a year, and maybe cancel a card or two if you don’t think a card is worth the annual fee, you can get a LOT more bang for your buck by taking advantage of welcome bonuses. Let Leif show you how in this episode. He also answers many questions about bonds and their role in your portfolio, as well as maximizing the 199A deduction, turnover rates in index funds, and understanding your taxes on side income. This podcast is sponsored by Bob Bhayani at https://drdisabilityquotes.com He is an independent provider of disability insurance planning solutions to the medical community in every state and a long-time white coat investor sponsor. He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. If you need to review your disability insurance coverage or to get this critical insurance in place, contact Bob today at https://drdisabilityquotes.com , by email info@drdisabilityquotes.com or by calling (973) 771-9100 The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs for specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor channel is for you! Main Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  Facebook: https://www.facebook.com/thewhitecoatinvestor  Twitter: https://twitter.com/WCInvestor  Instagram: https://www.instagram.com/thewhitecoatinvestor  Subreddit: https://www.reddit.com/r/whitecoatinvestor  Online Courses: https://whitecoatinvestor.teachable.com  Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter 

Recharacterization of excess Roth IRA contributions, converting post-tax contributions to Roth 401(k), and the pro-rata rule. Plus, target date fund ladders? Also, investing 529 plan money, section 199A dividends from real estate investment trusts (REITs), and how Matt Stafford should save for retirement with his new $34M LA Rams contract (just in case you’re expecting a football player’s salary anytime soon.) Access the transcript and financial resources, ask your money questions: https://bit.ly/YMYW-319

2021 started off with an administration change, which (potentially) means new tax policies! While there haven't been any policies put into effect as of yet, we wanted to make sure our listeners were prepared for changes that may come. From real estate tax, income tax, and more, we've got everything you need to know in this episode.(As of recording & uploading in February 2021, none of these changes are official. These are changes we are anticipating based on the Biden administration's tax proposals. Some of these changes may be retroactive, and could be applied beginning in January 2021.)Episode Highlights:Capital Gains Tax RatesThere are currently three capital gain tax rates- 0%, 15%, and 20%. The new administration is considering increasing the capital gains rate for high income individuals making over $1,000,000/year.Income Tax RatesThe U.S. has a progressive tax bracket, meaning we have brackets between 10% and 37%, so your income threshold will depend on your income as well as your filing status (single, head of household, etc.). One proposed change is to increase the top bracket to 39.6% or add a whole other tax bracket on top of the 37% bracket.FICA - Social SecurityWhen you have employees, the employer pays and the employee has withheld 6.2% of their wages. There is currently a cap at $137,700. The proposed tax plan would increase that cap to $400,000.Pass Through IncomeThere are proposed changes for the QBI deduction. The Tax Cuts and Jobs Act of 2017 allows eligible self-employed and small-business owners to deduct up to 20% of their qualified business income on their taxes. Under the new administrations, the proposed change would phase out section 199A of the Tax Cuts and Jobs Act.Estate TaxEstate Tax in the United States is a tax on the transfer of the estate of a deceased person. As of now, current law has estate tax set at 40%, and the proposed changes would increase this to 45%. There are some exclusions to this, and the proposal would also reduce those exclusions. It is best to consult an estate attorney for these instances.Links & Resources:GreenOak AccountingTherapy For Your Money Podcast

Sign up now to learn about the Conservation Easement Program. [gravityform id=24 title=false description=false ajax=true tabindex=49] https://vimeo.com/378143877 (Ep. 033 – W-2 Employee Tax Savings Strategies (also for Self Employed/1099 workers) (Video Podcast)) Today on the Physician's Road podcast we talk about a Tax Savings strategy that even W-2 employed workers can use along with self employed business owners and 1099 workers. It has the double benefit of being great for the environment as well. So you can do well, why you do good at the same time. So get out a pen and paper because you'll want to take notes on this important topic. In this Episode you will learn: What is conservation easement and how can you use it to help the environment and save on taxes at the same time. Why the IRS is coming after unscrupulous operators in the industry and how to avoid companies that run afoul of the rules. Learn what you need to ask operators of Conservation Easements to ensure that they are running them in compliance with IRS guidelines. Learn what the Conservation Easement Audit Techniques guide is and how it is used to determine the validity of an Easement. Learn about the 2 aspects that the IRS looks at when looking at Conservation Easements. -         Technical Aspects -         Appraisal value The present value of future profit and how that process creates a charitable deduction above the level of investment made. What is the process of creating an IRS compliant conservation easement? 1)     Physically Possible 2)     Legally Permissible 3)     Financially feasible 4)     Maximally productive Some conservation easements are registered through FINRA so they are highly regulated when provided by the best operators. Why a Conservation Easement will not trigger an audit on your personal tax return. Does the Conservation Easement company protect themselves and their investors from the IRS and what is their process of defending their projects? How you can use this to reduce your taxable income up to 50% of your adjusted gross income (AGI). How you can carry forward any excess deduction for 15 years into the future. How you can use a ROTH conversion in combination with a conservation easement to move your money from a tax deferred status to a tax free status. How state tax can also be mitigated through a C.E. program How using a C.E. can bring you back into the QBI (qualified business income) 199A tax bracket especially if you are in high tax states like New York, California, Minnesota, etc… Here is a Webinar on the benefits of participating in a Conservation Easement Program. https://www.truenorthresources.net/webinar (www.TrueNorthResources.net/webinar)   https://player.vimeo.com/video/378143877 Download our White Paper "What is a Conservation Easement" [gravityform id=24 title=false description=false ajax=true tabindex=49] https://www.facebook.com/groups/thephysiciansroad/ (Join our Facebook Group)

Equitable interviews Robert Keebler, CPA/PFS, MST, AEP (Distinguished) on the recent release of regulations under Code Section 199(A), covering the major provisions and lucrative planning opportunities resultant from these regulations. Our guest is Robert Keebler, CPA/PFS, MST, AEP (Distinguished). IU-2440199 (3/19) (Exp. 3/21)

CPA Cory Kohutek joins us this week on our show to answer some important questions about Tax Reform. You don't want to miss this!

Equitable's Tom McGlynn interviews Robert Keebler, CPA/PFS, MST, AEP (Distinguished) on the recent release of regulations under Code Section 199(A) focused primarily on the general rules, aggregation rules, anti-abuse rules and the definition of specified services. Guest: Robert Keebler, CPA/PFS, MST, AEP (Distinguished). IU-139159 (8/18) (Exp. 8/20)

Friday on Adams on Agriculture Dale Moore with the American Farm Bureau Federation outlines what is in the spending bill for agriculture, Chuck Connor with the National Council of Farmer Cooperatives discusses the 199A tax fix, Jim Monroe with the National Pork Producers shares concerns about Chinese retaliation on U.S. pork and NCGA member Bruce Peterson talks about potential use of DDGs for aquaculture.

Tuesday on Adams on Agriculture Creighton University economist Ernie Goss gives an update on the ag economy, National Farmers Union President Roger Johnson discusses farm bill and trade issues and CPA Paul Neiffer explains the section 199A tax issue.

Shalee talks with Al Dutcher on late spring patterns John Meurete talks with Bryce Doeschot on the 199A tax debate from the independent grain buyers perspective Brandon Benitz chats with Dr. Ron Rosati, Dean of the campus of the Nebraska College of Technical Agriculture in Curtis about how proposed budget cuts will impact the NCTA campus and more

Thursday on Adams on Agriculture the National Biodiesel Board gives an update on a Congressional hearing on tax extenders, the President of the National Grain and Feed Association explains the proposed fix to the 199A tax issue, Mary Kay Thatcher with Syngenta gives a Farm Bill update and Chandler Goule, CEO of NAWG talks farm bill and trade.