Nitti, Tony
The new QBI deduction is finally clearer
The article looks at proposed regulations released by the U.S. Internal Revenue Service that address uncertainties related to the Sec. 199A of the Internal Revenue Code, enacted by the Tax Cuts and jobs Act. A brief overview of Sec. 199A, which provides deduction of qualified business income, is offered. Topics include specified service trade or business, aggregation of qualifying businesses, and allocation of W-2 wages to common law employers.
The new QBI deduction is finally clearer
The article looks at proposed regulations released by the U.S. Internal Revenue Service that address uncertainties related to the Sec. 199A of the Internal Revenue Code, enacted by the Tax Cuts and jobs Act. A brief overview of Sec. 199A, which provides deduction of qualified business income, is offered. Topics include specified service trade or business, aggregation of qualifying businesses, and allocation of W-2 wages to common law employers.