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 ...

Last week, we provided a high-level overview on the application of Section 199A as it relates to estates, trusts, and beneficiaries. This post will cover the details of calculating and reporting the ...

One of the more dramatic provisions of the Tax Cuts and Jobs Act of 2017 is known as the “Qualified Business Income Deduction” (QBI). The new QBI deduction is complex and regulations to explain the ...

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 ...

High-earning business owners now have an opportunity to take a massive tax deduction thanks to the One Big Beautiful Bill Act. Still, they may have to implement some financial planning advice to ...

The American Institute of CPAs made recommendations to the U.S. Department of Treasury and the Internal Revenue Service on Monday about the proposed rules regarding the deduction for qualified ...

(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 ...

Entities that are taxed under the rules governing pass-through taxation are generally entitled to a 20 percent deduction for qualified business income (QBI, see Q ). This deduction is equal to the sum ...

Good news for traders: Section 199A final regs confirm QBI includes Section 475 ordinary income and loss. On Jan. 18, 2019, the IRS issued final 199A regs for the 2017 Tax Cuts and Jobs Act (TCJA) 20% ...