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 ...
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 ...
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 ...
When it was announced that the Tax Cuts and Jobs Act included a new 20% deduction for qualified business income (“QBI”) of pass-through businesses, many business owners started planning for huge tax ...
See my more recent blog post: A Rationale For Using QBI Tax Treatment For Traders. Traders in securities and/or commodities, qualifying for trader tax status (TTS) as a sole proprietor, S-Corp, or ...
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 ...
On April 9, Annette Nellen, the chair of the AICPA Tax Executive Committee, sent a letter to Treasury and to the IRS Chief Counsel’s Office asking for additional guidance on the Sec. 199A deduction ...
We had a reader send in the following comments today: Last year, if we had an “old” (Sec. 199, no cap “A”) DPAD pass-through from a cooperative, we needed to allocate a portion of farm income to that, ...
Some results have been hidden because they may be inaccessible to you
Show inaccessible results