By: Sharon Kreider

Final §199A Regs Help Clarify the De Minimis Rule for a Business with SSTB Income

Individuals with taxable income above $157,5001 ($315,000 MFJ) are not entitled to a QBI deduction if their business income is from a specified service trade or business (SSTB). But wonder if your client has two sources of income in her LLC - income from a specified service business and income from a non specified service business. Does the LLC have all specified service income and, thus, the pass-through owner has no QBI deduction? Or can you report two business activities and qualify the LLC owner for some deduction? The IRS has some answers in its recently released 199A regulations.

Read this article




By: Sharon Kreider

Is my rental property a qualified trade or business? IRS provides a few answers

The 20% QBI deduction is only allowed for qualified trade or business income. The bothersome question in the whole year since §199A was enacted was if and when a rental activity is a trade or business. In Notice 2019-7, the IRS proposes a revenue procedure (now designated as Rev. Proc. 2019-xx) that will provide a safe harbor for determining if a rental activity is a trade or business for purposes of the §199A deduction.

Read this article




By: Sharon Kreider

2019 Tax Season Staff Meeting Agenda

A staff meeting to begin another tax season is a good idea, whether your staff is just your beleaguered spouse, one admin, or includes partners, preparers, reviewers and bookkeepers. Changes occur and communicating them to all workers who deal with tax returns is crucial. If you have ever discovered that your most valuable person didn’t know what you thought was a simple “everyone-knows- that” change, and had errors because of that assumption, then you know the necessity to start the tax season right with staff. Here are a few ideas for your staff meeting agenda.

Read this article




By: Sharon Kreider

2017 Tax Season Staff Meeting Agenda

2017 Tax Season Staff Meeting Agenda

A staff meeting to begin another tax season is a good idea, whether your staff is just your beleaguered spouse, one admin, or includes partners, preparers, reviewers and bookkeepers. Changes occur and communicating them to all workers who deal with tax returns is crucial. If you have ever discovered that your most valuable person didn’t know what you thought was a simple “everyone-knows- that” change, and had errors because of that assumption, then you know the necessity to start the tax season right with staff. Here are a few ideas for your staff meeting agenda.

Read this article