Monthly Archives: January 2019
Section 199A Deduction: 2019 Tax Year Implications for Real Estate, Service Businesses and Partnerships
By Nick Spoltore, Esq.
Section 199A Deduction: 2019 Tax Year Implications for Real Estate, Service Businesses and Partnerships The Section 199A deduction was rolled out in December 2017 as part of the Tax Cuts and Jobs Act. Almost as soon as it was introduced, it was met with claims that it was convoluted and needed significant clarification. In response […]
As you probably are aware, final regulations were issued January 18, 2019 implementing the new Qualified Business Income (QBI) deduction of §199A. In response to arguably the most requested clarification from tax professionals, Notice 2019-07 separately issued a proposed revenue procedure containing a safe harbor under which a rental real estate enterprise will be treated […]
The rollout of the Section 199A deduction has been cause for celebration for many businesses and business owners, but the calculation of the deduction isn’t easy, especially if taxable income is between the deduction threshold amounts. As a CPA or tax preparer, you need to be ready to help calculate the Sec 199A deduction for […]