Image source: Getty Images In 2017, Congress passed the Tax Cuts and Job Act (TCJA), which introduced sweeping changes to the tax code, including a tax cut called the Qualified Business Income ...

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.

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 ...

One of the top-of-mind questions business clients look to accounting professionals for guidance on is, "Which entity type will maximize my tax deductions and minimize tax liability?" Processing ...

An observant reader noticed that in our post entitled “What We Still Don’t Know about Section 199A?” that we did not reduce QBI by the DPAD of $5,000. We have gone back to the post and updated the ...

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 ...

The AICPA recommended in a letter Tuesday to Senate tax-writing leaders eight ways to improve the deduction for qualified business income (QBI) under Sec. 199A. Five of the recommendations address ...