Tax Cuts and Jobs Act


Tax Cuts and Jobs Act Impact on Retirement Savings and Benefits

The Tax Cuts and Jobs Act (TCJA) rolled out significant changes for American taxpayers and businesses for 2018. While only small adjustments were made in regard to retirement planning, they are still important to any individuals saving for their future.What Changed?Here are three of the main alterations within the TCJA:Roth Conversion Recharacterizations:…
Tax Cuts and Jobs Act

Qualified Business Income Deduction – Final Regulations and Safe Harbor for Rental Property

On Friday January 18, 2019 the Treasury Department and the Internal Revenue Service issued final regulations and some additional information on implementing the new Qualified Business Income (QBI) deduction (also called the Section 199A deduction) for the current tax season. Last August, the Treasury Department released proposed regulations on the…
Tax Cuts and Jobs Act

How the QBID Can Impact the Accuracy Related Penalty for Underpayment

  Starting in 2018, taxpayers that have income from a pass-through business will be able to claim the Qualified Business Income Deduction (“QBID”) which was enacted as part of the Tax Cuts and Jobs Act (“TCJA”). This deduction has various limitations and it has some complex provisions and/or calculations. It is found in Section 199A of the Internal Revenue…
Tax Cuts and Jobs Act

How a Specified Service Trade or Business Can Impact the Qualified Business Income Deduction

   Personal service businesses are trades or businesses where the principle asset of the business is the reputation or skill of one or more of the employees of that business. These personal service businesses are defined as a business whose primary activity involves accounting, actuarial services, architecture, brokerage services, consulting,…
Tax Cuts and Jobs Act

How TaxSlayer Pro Will Treat the Qualified Business Income Deduction in the Tax Program

In the 2018 tax program, the calculation of the Qualified Business Income Deduction (“QBID”) is found under the Tax Computation Section. The actual calculation of the deduction is done on one of two (2) worksheets (which were the subject of the January 2nd blog entry) depending on the income and items entered on the tax return. Then the allowed QBID will carry…