As we near the business filing deadline, we wanted to recap some of the topics related to the qualified business income (QBI) deduction, or sec. 199A, about which our team most commonly receives questions. I hope this summary helps you...
In this episode of TaxProTalk, Jim and Tony discuss some additional details around qualified business income deduction as well as some information about safe harbor provisions for rental real estate. TaxProTalk has a channel on YouTube. Subscribe to be notified about all...
In analyzing filings for prior years, the IRS documented that nearly a third of all taxpayers have itemized deductions. Of those who do, nearly all of them take the state and local tax (SALT) deduction. Prior to the Tax Cuts...
In just five screens, our Standard vs. Itemized Tax Deduction Interactive tool can help your clients understand the changes in the standard deduction and itemized deductions. This tool can also help you discuss the tax law changes and their impact...
What effect is tax reform having on your tax practice and delivery of services to your clients? We asked our tax accountants at QuickBooks® Connect, and here’s what they had to say. Are you still getting up to...
On Jan. 18, 2019, the Treasury Department and the IRS issued final regulations and three pieces of guidance around the new qualified business income (QBI) deduction. The Tax Cuts and Jobs Act established a 20 percent QBI deduction for sole...
The IRS released Publication 535 on Jan. 30, 2019. Chapter 12 covers the qualified business income (QBI) deduction, including guidance, worksheets and instructions in arriving at the new 20 percent deduction. Under the Tax Cuts and Jobs Act, and beginning...
The hobby loss rules limit the deductibility of expenses related to activities not engaged in for a profit; determining this is based on the facts and circumstances of each situation, but regulations under IRC Sec. 183 provide a safe harbor...
Something as complicated as tax reform can be difficult to explain in simple terms to clients who would rather focus on their businesses than be overwhelmed by one more phone call, newsletter or even email string. We feel their pain;...
Anthony and Jim share three updates in this episode of TaxProTalk: IRS Publication 535, Business Expenses, is final, and chapter 12 covers the basics of qualified business income. Leading with tax planning starts during your tax season engagements. Proactively educate...
As we near the business filing deadline, we wanted to recap some of the topics related to the qualified business income (QBI) deduction, or sec. 199A, about which our team most commonly receives questions. I hope this summary helps you... 
