Contact Us Follow Us :      | Find Us |
CBIZ Tofias

Subscribe to Our Blog

Client Satisfaction Survey Results


Follow Us

Take a Closer Look at the Final QBI Deduction Regulations
Posted by Jeremy Sherman on Thu, Jun 13, 2019 @ 02:38 PM

One of the most significant provisions of the tax reform law known as the Tax Cuts and Jobs Act (TCJA) has been Internal Revenue Code Section 199A. This new provision introduced the qualified business income (QBI) deduction, which allows pass-through entity owners to deduct up to 20 percent of their share of business income. The new law initially left pass-through entities and their tax preparers with many questions about how the QBI deduction would work. In August 2018, the IRS released proposed regulations that fleshed Section 199A and gave taxpayers substantial guidance about how it would impact their returns. The final version of these regulations was released on Jan. 18, 2019, which deviates only slightly from the proposed version – with a few key exceptions.

Read More

Topics: tax planning, Tax Cuts and Jobs Act, TCJA, Jeremy Sherman, Section 199A

Popular Posts