IRS Releases Qualified Business Income Deduction (QBID) Proposed Regulations

by Posted on

On August 8, the IRS released proposed regulations on the Code Sec. 199A qualified business income deduction and they are generally favorable to taxpayers.

Here are some of the key items on them:

  • for purposes of determining whether a trade or business is a specified service trade or business (SSTB), providing “performance of services in the field of consulting” means the provision of professional advice and counsel to clients to assist the client in achieving goals and solving problems;
  • rental activities are regarded as qualified business;
  • allowing taxpayers to aggregate trades or businesses, other than a specified service business, for purposes of applying Code Sec. 199A;
  • allowing a business that pays wages to a common law employee through a third-party to count such wages as being paid by the business in applying the W-2 wage limitation.

For further details on this visit: https://www.irs.gov/newsroom/irs-issues-proposed-regulations-on-new-20-percent-deduction-for-passthrough-businesses

 

 

#LicensingTaxPreparers #gastax #gas #inflation #IndexCapitalGains #itemizeddeductions #personalcasualty #statetaxes #mortgageinterest #employeebusinessexpenses #Taxpreparationfees #Investmentexpenses #investmentmanagementfees #educationalexpenses #Jobsearchexpenses #Hobbylosses

#Safedepositboxfees #Investmentexpenses #pass-through #phit #personalhealth #taxsecurity #irs #taxreturn #fraud #taxfraud #tax #taxcut #tcja #carlosnazario #carlosjnazariodiaz #amend #amended #amended1040 #1040 #1040x #1065 #1120 #k1 #qbid #regulations #taxregs #taxregulations #IRC #veteran #veterans #CIVTFA #PuertoRico #TaxHaven #invest #Taxbreaks #Act73 #Act 20 #Act22 #incentives #taxincentives #itemizeddeductions #personalcasualty #statetaxes #mortgageinterest #employeebusinessexpenses #Taxpreparationfees #Investmentexpenses #investmentmanagementfees #educationalexpenses #Jobsearchexpenses #Hobbylosses #Safedepositboxfees #Investmentexpenses #pass-through

 

 

 

 

Published by Carlos Nazario