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Deduction LLC, and LLP Returns

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Deduction LLC, and LLP Returns ® Quickfinder Small Business Quickfinder® Handbook (2019 Tax Year) Updates for December 2019 Legislation and Other Recent Guidance Replacement Pages for Two-Sided (Duplex) Printing Instructions: This packet contains “marked up” changes to the pages in the Small Business Quickfinder® Handbook that were affected by December 2019 legislation, which was enacted after the Handbook was published. Additionally, changes were made based on other guidance issued after the Handbook was published. This is a specially designed update packet for owners of the 3-ring binder version of the Handbook who have access to a printer that prints two-sided (duplex). Simply print the entire PDF file (make sure to select two-sided or duplex printing), three-hole punch the pages, and then replace the pages in your Handbook. It’s that easy. Reference Materials and Worksheets Tab A Topics Where to File: Business Returns Estate Inventory Worksheet ..................................Page A-13 Filing Addresses—2019 Returns ..........................Page A-1 Reconciliation of Income Reported on Principal Business Activity Codes— Final Form 1040 and Estate’s Fiduciary Forms 1065, 1120, and 1120S .............................Page A-1 Return (or Beneficiary’s Return) .........................Page A-14 Business Quick Facts Data Sheet ..........................Page A-1 Allocation of Indirect Costs to Ending Inventory Under IRC Sec. 263A .........................Page A-15 Types of Payments—Where to Report ...................Page A-2 Business Valuation Worksheet .............................Page A-16 Guide to Information Returns ..................................Page A-3 Foreign Asset Reporting—Forms 8938 Cash and Accrual Accounting Methods— and FinCEN 114 .................................................Page A-17 Treating Commonly Encountered Items ...............Page A-6 Types of Foreign Assets and Whether S Corporation Shareholder’s Adjusted They are Reportable ...........................................Page A-17 Basis Worksheet ...................................................Page A-7 Worksheet to Allocate Purchase/Sale Partner’s Adjusted Basis Worksheet .......................Page A-8 Price to Specific Assets ......................................Page A-18 Tax Info for Partnership, Corporation, Qualified Business Income (QBI) Deduction LLC, and LLP Returns ..........................................Page A-9 Planning Checklist ..............................................Page A-19 Transferor’s Section 351 Statement ..................... Page A-11 Qualified Business Income (QBI) Deduction Tax Info Sheet for Gift Tax Returns .......................Page A-12 Flowchart ............................................................Page A-20 Where to File: Business Returns Filing Addresses—2019 Returns Note: At the time of publication, the IRS had not released the 2019 filing addresses for business returns. This information will be posted to the Handbook Updates section of tax.thomsonreuters.com/quickfinder when available. Principal Business Activity Codes—Forms 1065, 1120, and 1120S Note: At the time of publication, the IRS had not released the 2019 principal business activity codes for business returns. This information will be posted to the Handbook Updates section of tax.thomsonreuters.com/quickfinder when available. Business Quick Facts Data Sheet 1 2020 2019 2018 2017 2016 FICA/SE Taxes Maximum earnings subject to tax: Social Security tax $ 137,700 $ 132,900 $ 128,400 $ 127,200 $ 118,500 Medicare tax No Limit No Limit No Limit No Limit No Limit Maximum tax paid by: Employee—Social Security $ 8,537.40 $ 8,239.80 $ 7,960.80 $ 7,886.40 $ 7,347.00 SE—Social Security 17,074.80 16,479.60 15,921.60 15,772.80 14,694.00 Employee or SE—Medicare No Limit No Limit No Limit No Limit No Limit Business Deductions Section 179 deduction—limit $ 1,040,000 $ 1,020,000 $ 1,000,000 $ 510,000 $ 500,000 Section 179 deduction—SUV limit (per vehicle) 25,900 25,500 25,000 25,000 25,000 Section 179 deduction—qualifying property phase-out threshold 2,590,000 2,550,000 2,500,000 2,030,000 2,010,000 Depreciation limit—autos (1st year with special depreciation) 2 18,100 18,000 11,160 11,160 Depreciation limit—autos (1st year with no special depreciation) 2 10,100 10,000 3,160 3,160 Depreciation limit—trucks and vans (1st year with special depreciation) 2 18,100 18,000 11,560 11,560 Depreciation limit—trucks and vans (1st year with no special depreciation) 2 10,100 10,000 3,560 3,560 Retirement Plans SIMPLE IRA plan elective deferral limits: Under age 50 at year end $ 13,500 $ 13,000 $ 12,500 $ 12,500 $ 12,500 Age 50 or older at year end 16,500 16,000 15,500 15,500 15,500 401(k), 403(b), 457, and SARSEP elective deferral limits: Under age 50 at year end 19,500 $ 19,000 $ 18,500 $ 18,000 $ 18,000 Age 50 or older at year end 26,000 25,000 24,500 24,000 24,000 Profit-sharing plan/SEP contribution limits 57,000 56,000 55,000 54,000 53,000 Compensation limit (for employer contributions to profit-sharing plans) 285,000 280,000 275,000 270,000 265,000 Defined benefit plans—annual benefit limit 230,000 225,000 220,000 215,000 210,000 Key employee compensation threshold 185,000 180,000 175,000 175,000 170,000 Highly compensated threshold 130,000 125,000 120,000 120,000 120,000 Estate and Gift Taxes Estate tax exclusion $11,580,0003 $ 11,400,0003 $11,180,0003 $ 5,490,0003 $5,450,0003 Gift tax exclusion 11,580,0003 11,400,0003 11,180,0003 5,490,0003 5,450,0003 GST tax exemption 11,580,000 11,400,000 11,180,000 5,490,000 5,450,000 Gift tax annual exclusion 15,000 15,000 15,000 14,000 14,000 1 See Tab 3 in the 1040 Quickfinder® Handbook for an expanded Quick Facts Data Sheet. 2 Amount not released by IRS at publication time; will be posted to the Handbook Updates section of tax.thomsonreuters.com/quickfinder when available. 3 Plus the amount of any deceased spousal unused exclusion and/or any restored exclusion related to lifetime gifts to a same-sex spouse—see Tab H. Replacement Page 1/2020 2019 Tax Year | Small Business Quickfinder ® Handbook A-1 Types of Payments—Where to Report Source: 2019 General Instructions for Certain Information Returns (Forms 1096, 1097, 1098, 1099, 3921, 3922, 5498, and W-2G). 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