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IRS Establishes Safe Harbor for Rental Enterprises Under 199A
Tax practitioners and industry leaders alike have been offering comments and posing questions to the IRS after the proposed regulations were released for the new Section 199A Qualified Business Income deduction. The IRS has worked diligently to analyze and clarify the new law, and issued final regulations on January 18, 2019.
Capital Gains Savings & Qualified Opportunity Funds
The Tax Cuts and Jobs Act of 2017 (TCJA) is the largest overhaul of the United States tax code in a generation. There has been much reporting about the change in the tax rates, the new benefits available for business taxpayers, and the advantages and disadvantages of many of the changes to existing law. One of the more under-reported benefits,
Section 199A Confusion: Specified Service Trade or Business
We’ve written before about the Section 199A deduction of the Tax Cuts and Jobs Act (TCJA). The new law allows individuals and trusts to take a deduction of up to 20% of qualified business income, or QBI, from a domestic qualified trade or business. However, there is a limitation placed on the deduction if your taxable income is over a
The New Business Income Deduction
The 2017 Tax Cuts and Jobs Act (TCJA) is one of the most consequential changes to U.S. tax law in decades. It features changes to individual rates, sweeping reforms to corporate taxation, and much more. One of the most important provisions of the new law is the new Section 199A deduction for Qualified Business Income (QBI). Any taxpayer receiving income
New Tax Rules for Meals and Entertainment Expenses
As the 2018 calendar year end approaches, taxpayers should be aware of the new meals and entertainment rules for tax deductibility.
The Corporate Transparency Act: What You Need to Know
Beginning October 19, 2023, the Electronic Federal Tax Payment System (EFTPS) now requires multifactor authentication (MFA) for individuals and businesses to use the system. MFA is a cybersecurity best practice and adds another layer of security to the EFTPS.