In this week's Ask the Editor Q&A, Joy Taylor answers tax questions on the 20% deduction for qualified business income or QBI ...

In our last post we mentioned that the IRS had finally released the draft instructions for the new Form 8995 (used to calculate the Section 199A Qualified Business Income deduction). In the ...

As part of the Tax Cuts and Jobs Acts passed in December of 2017, IRC Section 199-A was created, which allows owners of small businesses — including partners, owners of S corporations and sole ...

Owners of pass-through entities may be able to take a 20 percent deduction for their qualified business income (QBI) (Code §199A). This personal deduction lowers the effective tax rate on profits from ...

Most attorneys, accountants, and other professionals operate as unincorporated sole practitioners, or through partnerships and limited liability partnerships (LLPs), making them owners of pass-through ...

The Internal Revenue Service is estimating that nearly 23.7 million taxpayers may be eligible to claim a new 20 percent tax deduction for qualified business income provided by the Tax Cuts and Jobs ...

The 2017 Tax Cuts and Jobs Act has resulted in numerous changes to the tax laws— both on the individual and business levels. Some of the most impactful changes affecting 2018 and beyond are those ...

The IRS on Friday posted a draft of a form that affected taxpayers will submit with their 2019 tax returns showing how they computed their qualified business income (QBI) deduction under Sec. 199A.

I believe in giving credit where credit is due, and I'll be damned if the IRS doesn't deserve some serious credit. It was less than 13 months ago that Congress dumped 500 pages of sloppy statutory ...

A little-noticed consequence of the proposed regulations on the 20% qualified business income (QBI) deduction introduced by the legislation known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, is ...

Freelancing can be notoriously difficult, but a new tax break might make things easier" that is, if you're already wildly successful. The One Big Beautiful Bill Act will permanently extend and enhance ...