From the Desk of Jennifer Kobylarz, CPA, MST
The Tax Cuts and Jobs Act, signed into law on December 22, 2017, created §199A – Qualified Business Income (QBI). This code section allows taxpayers, other than corporations, to deduct a portion of QBI from their taxable income. The code section is long and arduous, with several areas of concern that could have the tax courts tied up for years. This article is intended to explain the new deduction, its limitations, and the areas of concern.
We would like to work with each of our clients so that the benefit of this new deduction can be optimized. We are offering our clients a full analysis of their pass-through income, billed at discounted hourly rates. Please reach out to our offices directly if you would like to have us analyze your pass-through income structure.