MarketWatch Report on new IRS Regulations

Written by Charley Blewett

Published: October 1, 2018

Updated:
Oct 1, 2018

MarketWatch Article about new IRS regulations affecting Pass-Through business entities.

 

According to this article by BILL BISCHOFF over at MarketWatch, the IRS has issued new regulations affecting pass through small businesses.

The IRS has issued eagerly-awaited regulations that provide details on the new deduction for up to 20% of qualified business income (QBI) from pass-through entities. The QBI deduction was a major piece of the Tax Cuts and Jobs Act. It’s available for tax years beginning in 2018-2025 to eligible individuals, estates, and trusts that own interests in pass-through entities.

Mr. Bischoff goes into great detail outlining how these will affect pass-through entities such as a sole proprietorship, partnerships, S-Corporations, and single and multiple member LLC’s. These QBI’s — Qualified Business Income — deductions will require your due diligence in understanding what is and is not allowed to be deducted. As always, consult your preferred tax advisor for your business and personal tax situations.

To Read the complete MarketWatch article

 

0 Comments

Submit a Comment

We would love to talk you about your business & success

We can help you avoid many pitfalls business owners experience. Your payroll obligations and financial account records will be treated with respect.

QuickBooks logo

Save 30% - QuickBooks Online

Small business’s #1 preferred accounting software. Powerfull organization to help run your business smoothly. Click here to get 30% off for 6 months. Try it out and save!

QuickBooks Accounting Software is geared towards helping the small business owner. QuickBooks Online is great for busy owners needing an easy method of bookkeeping.

We help our clients get the most out of their QuickBooks Online service. Click the button above to save 30% off the regular subscription price for 6 months.

We are here to help with any questions you might have about the role and function of accounting in business. Stay on top of your company’s financial picture to stay relevant with your customers.

You May Also Like…