The Internal Revenue Service hasn’t been properly vetting millions of dollars in deductions claimed for the qualified business income tax break that could be erroneous, according to a recent report.

The 2017 Tax Cuts and Jobs Act introduced a deduction for qualified businss income (QBI) that provides a significant tax break to many business owners. The newly created Section 199A of the federal ...

Following the passage of the Tax Cuts and Jobs Act, you may be wondering how the new qualified business income (QBI) deduction affects your taxes. There are many variables that can mean a big ...

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.

The Tax Cuts and Jobs Act, passed into law in December, included a tax-code revision known as the qualified-business-income deduction. The deduction, available for the 2018 tax year and through 2025, ...

Forbes contributors publish independent expert analyses and insights. Leading writer and speaker in the area of trader tax benefits. Like many small business owners, traders eligible for trader tax ...

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 ...

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 ...

See my more recent blog post: A Rationale For Using QBI Tax Treatment For Traders. Traders in securities and/or commodities, qualifying for trader tax status (TTS) as a sole proprietor, S-Corp, or ...