Most attorneys, accountants, and other professionals operate as unincorporated sole practitioners, or through partnerships and limited liability partnerships (LLPs), making them owners of pass-through ...
The 2017 Tax Cuts and Jobs Act has resulted in numerous changes to the tax laws— both on the individual and business levels. Some of the most impactful changes affecting 2018 and beyond are those ...
Owners of pass-through entities may be able to take a 20 percent deduction for their qualified business income (QBI) (Code §199A). This personal deduction lowers the effective tax rate on profits from ...
Proposed regulations for the Qualified Business Income (or QBI) deduction were recently released which helped to further define and make rules on this new tax incentive for certain business owners. In ...
The qualified business income deduction is for self-employed people and small-business owners. Here's who qualifies. Many, or all, of the products featured on this page are from our advertising ...
Enacted via the Tax Cuts and Jobs Act of 2017, the qualified business income deduction, or QBI, is worth up to 20% of eligible revenue, subject to limitations. That tax break is scheduled to expire ...
(2) 20 percent of the combined amount of qualified REIT dividends and qualified PTP income. This amount is then compared to 20 percent of the amount by which the taxpayer’s taxable income exceeds net ...
Under the newly enacted Internal Revenue Code Section 199A, owners of pass-through entities, such as LLCs, partnerships, trusts, sole proprietorships, and S corporations, may deduct up to 20% of their ...
In our last post we mentioned that the IRS had finally released the draft instructions for the new Form 8995 (used to calculate the Section 199A Qualified Business Income deduction). In the ...
Karla Dennis, EA, MST, is CFO/CEO of the award-winning tax accounting firm KDA Inc.—specializing in tax planning. Business owners, it’s time to talk about one of the most powerful deductions still on ...
A little-noticed consequence of the proposed regulations on the 20% qualified business income (QBI) deduction introduced by the legislation known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, is ...
The Internal Revenue Service hasn’t been properly vetting millions of dollars in deductions claimed for the qualified business income tax break that could be erroneous, according to a recent report.
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