News & Analysis as of

Qualified Business Income

Roetzel & Andress

Now That We’ve Seen the Eclipse, It’s Time To Plan for the TCJA Sunset

Roetzel & Andress on

As the ball drops in Times Square on December 31, 2024, many of the tax breaks established by the Tax Cuts and Jobs Act (TCJA) of 2017 will disappear. While the TCJA made some permanent tax cuts, a number of tax cuts and...more

Allen Barron, Inc.

How Does the TCJA Sunset Affect Business Taxation Going Forward

Allen Barron, Inc. on

The 2017 Tax Cuts and Jobs Act or TCJA has a number of important segments presently scheduled to expire on December 31, 2025. How does the TCJA sunset affect business taxation going forward? What planning could be...more

Foster Garvey PC

House of Representatives 5376: Current Tax Legislation Pending in the U.S. House of Representatives

Foster Garvey PC on

...The federal tax laws are certainly about to change. With the need to raise revenue as a top priority for the Biden Administration, everyone is expecting dramatic changes to the Internal Revenue Code. Tax legislation is...more

Mintz - ML Strategies

House Democrats Weigh Major Tax Changes for Businesses, Funds, and Individuals

Mintz - ML Strategies on

In May 2021, President Biden’s administration released a $6 trillion budget proposal for the coming fiscal year (Budget), including $3.6 trillion of tax increases over 10 years and generous tax credits to incentivize clean...more

Foley & Lardner LLP

Build Back Better Tax Proposals: Considerations for Private Investment Funds & Sponsors

Foley & Lardner LLP on

On September 13, 2021, the House of Representative Ways and Means Committee introduced tax proposals that, if enacted, would make significant changes to the U.S. federal income tax system. This Alert summarizes some of the...more

Goulston & Storrs PC

Big Potential Tax Changes on the Horizon for Clients

Goulston & Storrs PC on

The U.S. House Ways and Means Committee released proposed budget reconciliation legislation on September 13, 2021. The bill still must complete many steps in the legislative process – including passage by the full House of...more

Bowditch & Dewey

Impact of House Ways and Means Tax Proposal on Domestic Businesses

Bowditch & Dewey on

On September 13, 2021, the Congressional House Ways and Means Committee introduced 880 plus pages of legislative tax proposals to help fund the House’s proposed $3.5 trillion stimulus package. Below are tax proposals relevant...more

Kelley Drye & Warren LLP

House Ways and Means Committee Proposes Tax Law Changes

On September 13, 2021, the House Ways and Means Committee released draft legislation advancing a series of tax proposals (the “Ways and Means Tax Proposals”). This Client Advisory discusses some of these proposals....more

Farrell Fritz, P.C.

Can A Partnership’s Payment To A Partner For Services Not Be Treated As Such For Purposes Of Sec. 199A?

Farrell Fritz, P.C. on

Memory Lane- You may recall how clear it became, as the bill that would become the Tax Cuts and Jobs Act (“TCJA”) moved through Congress in late 2017, that C corporations were about to realize a number of tax benefits,...more

Foley & Lardner LLP

A Quick Outline of the Biden Tax Proposals

Foley & Lardner LLP on

As part of his campaign platform, Democratic Presidential nominee Joe Biden has released a tax plan that would significantly increase taxes on high net worth individuals. Although a campaign platform is only a “rough draft”...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Election Day is Coming - Will Major Tax Changes Follow?

Less than 100 days remain until Election Day, and much is uncertain as to which Party will control the White House and Congress in 2021. A Republican-controlled Congress and White House enacted the Tax Cuts and Jobs Act of...more

Jones Day

IRS Increases Enforcement Efforts on Large Businesses

Jones Day on

The IRS continues to expand its enforcement activities, announcing a new compliance campaign to examine large businesses with issues arising out of the TCJA and CARES Act. The IRS Large Business and International ("LB&I")...more

Chambliss, Bahner & Stophel, P.C.

Top 10 Tax Planning Tips for 2020

Tax season is right around the corner, but good tax planning takes place all year long! See below for some of our favorite tips and tricks. These cover a variety of areas including charitable giving, estate tax exemptions,...more

Fenwick & West LLP

Proposed Guidance on the Production Sourcing Rules under New Section 863(b)

Fenwick & West LLP on

The Tax Cuts and Jobs Act (TCJA) repealed the long-standing “50/50” sourcing rule for United States exporters of manufactured products. Under the new rules, which source income of a “producer” solely to the place of...more

Hahn Loeser & Parks LLP

Construction Business Owners Can Benefit From The Qualified Business Income Deduction

Hahn Loeser & Parks LLP on

The Tax Cuts and Jobs Act of 2017 created a lucrative new tax incentive for certain business owners: the ability to deduct up to 20% of their qualified business income. Thus, a business owner who qualified for the deduction...more

Baker Donelson

Rental Real Estate Enterprises – Section 199A Safe Harbor for Treatment as Trade or Business

Baker Donelson on

The IRS recently (September 2019) published Rev. Proc. 2019-38, finalizing the proposed safe harbor requirements under which a rental real estate enterprise (RREE) will qualify as a trade or business for purposes of Internal...more

ArentFox Schiff

IRS Provides Safe Harbor for Rental Real Estate Owner Tax Deduction

ArentFox Schiff on

On September 24, the IRS issued Revenue Procedure 2019-38, clarifying rental real estate owners’ eligibility for the highly anticipated tax break under section 199A of the Internal Revenue Code. Section 199A Deduction...more

Lowndes

IRS Finalizes Real Estate Safe Harbor for 20% QBI Deduction

Lowndes on

Section 199A introduced a 20% deduction for qualified business income. To qualify for the deduction, income must be from a trade or business.  Whether rental activity rises to the level of a trade or business can often be a...more

Burr & Forman

Section 199A – The Decision to Aggregate

Burr & Forman on

Under the 2017 Tax Cuts and Jobs Act, Congress enacted the new Section 199A 20% profit deduction for owners of pass-through businesses, and which include Subchapter S corporations, LLCs, sole proprietorships, and even certain...more

Farrell Fritz, P.C.

The Section 199A Deduction & Effectively Connected “Foreign” Income

Farrell Fritz, P.C. on

It’s Not Easy- The owners of many closely held businesses recently filed federal income tax returns on which they claimed, for the first time, the deduction based on “qualified business income” under Section 199A of the...more

Tucker Arensberg, P.C.

Real Estate and Taxes

Tucker Arensberg, P.C. on

For a lot of us, the first income tax year under the Tax Cuts and Jobs Act of 2017 is in the rearview mirror.  Now is the time for you commercial real estate owners and investors to sit down and figure out how you utilized...more

McDermott Will & Emery

Weekly IRS Roundup May 6 – 10, 2019

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 6 – 10, 2019. May 7, 2019: The IRS released Revenue Procedure 2019-22 updating Revenue...more

Lowndes

Real Estate Safe Harbor for 20% QBI Deduction

Lowndes on

Section 199A introduced a new 20% deduction for qualified business income. To qualify for the deduction, income must be from a trade or business. Many senior living communities hold their real property in a separate entity,...more

Brownstein Hyatt Farber Schreck

Taxation & Representation - April 2019

IN THIS ISSUE - Tax Tidbit - Legislative Lowdown - - Congress’s Kumbaya Moment - Biodiesel Tax Credit - Moore Trouble for Fed Pick - And the Results Are In 1111 Constitution Avenue...more

Buchalter

Comments on Proposed 199A Regs Regarding Qualified REIT Dividends Due Soon

Buchalter on

Comments are due on April 9, 2019 with respect to the recent proposed regulations regarding eligibility of qualified REIT dividends for the qualified business income deduction under Code Section 199A. On January 18, 2019...more

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