Howdy folks,
Ali is home-bound and recovering. She saw her doctor on Tuesday for a post-op, and all is going according to plan. Man-Servant Jeff is doing what he can to make her a little more comfortable, but stubborn Ali still has to do things on her own and not rest (except after taking a pain pill, then nighty-night).
The Super Bowl participants are set. The Patriots won in OT over the Chiefs. I hate to say it but, The GOAT, Brady is unbelievable. However, I am a sports nut, and I have to admire his skill and tenacity. In the earlier game, the Saints lost to the Rams, also in OT. They should have won except for a blown call which the league and the cornerback who hit the receiver early acknowledged was a penalty. It was a lousy way to lose a game.
I will watch the Super Bowl in two weeks (I am sure Ali will watch the food channel), though I wished it was the Saints (I love their future Hall of Fame Quarterback, Drew Brees). However, now I have to root hard for the Rams to beat the Patriots because I feel about them as I feel about the Red Sox. Any team that plays either of them are my new 2nd favorite teams (only the Yankees stay at #1).
Anyway, tax season, even with the shutdown, is hopping, though not all forms are out draft mode, YET. Give us a call to make your appointments for your business and personal returns sooner rather than later. By the time you read this, I will have just completed another four hour course related to the 20% Qualified Business Deduction (referred to as the 199A Deduction) for the self-employed, partners in partnerships and shareholders in S-Corps (that would make over 70 hours of study time on this section and the rest of the TCJA since last April).
The IRS issued proposed regulations with regards to the “199A” rules in August; then last week released the final version of another 241 pages (with proposed regulations on rentals on the same day, of another ten pages.) With so many changes, it was like the proposed rules from August where not even written. Can you believe it? Of course, you can; it’s the Treasury Department and the IRS.
So, when you come to see me or send me your information, please do not kill the messenger. I may have to and probably will be asking lots of questions as all affected returns became so much more complicated, and will take longer to prepare than in prior years. If you were “just” an employee, your tax return was not affected by 199A just the overall TCJA.
I will be making a big announcement with regards to those government employees on furlough and not getting paid as it relates to their tax return. Watch your inbox and the social media sites you follow us on.
So until next time,
C YA
Jeffrey “Rooting for anyone but the Pats & Red Sox (and maybe the Mets)” Schneider
