TAXATION

IRS Expects Consistency for Rental Businesses Claiming 20-Percent Deduction
 

IRS Expects Consistency for Rental Businesses Claiming 20-Percent Deduction

Posted: February 1, 2019
Guidance included with the recently released Qualified Business Income deduction regulations makes clear that taxpayers hoping to take the 20 percent deduction against their rental real estate income should be sure they are consistently applying the requisite trade or business standard in other areas of the tax code.


The Ins and Outs of the Section 199A Regulations
 

The Ins and Outs of the Section 199A Regulations

Posted: January 29, 2019
The IRS has issued final regulations providing guidance on the Section 199A deduction for qualified business income. The final regulations provide clarification on issues such as when businesses may be aggregated in determining QBI, how real estate rented to an operating business is treated and what constitutes a specified service business.



The Surprising Impact of the SALT Deduction Limit
 

The Surprising Impact of the SALT Deduction Limit

Posted: January 18, 2019
As we move through the current tax season, clients will be reminded how the Tax Cuts and Job Act (TCJA) has impacted their tax situation. When it was enacted, many of our clients were justifiably concerned that the new $10,000 limit on the deductibility of those taxes on their Form 1040 would negatively affect them. Find out how they fared.

Beyond Section 199A: Other TCJA Tax Changes
 

Beyond Section 199A: Other TCJA Tax Changes

Posted: January 18, 2019
While the Section 199A deduction has overshadowed many of the other various federal tax changes — as it should, it’s a pretty big deal — let’s not forget about additionally important business and individual provisions that will affect just about everyone.


Understanding Section 199A
 

Understanding Section 199A

Posted: January 8, 2019
While the addition of a SALT deduction limitation in the Tax Cuts and Jobs Act hurt many taxpayers, the new Section 199A deduction may create a more favorable tax outcome for some. Learn the basics.


The Federal Taxation Interest Group provides an open forum to discuss and educate members on Federal taxation issues, both domestic and international. 

Join