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Tag: qualifiedbusinessincome

Treasury Publishes Proposed Regulations on 20% QBI Deduction

On August 8 the U.S. Treasury and Internal Revenue Service (IRS) released highly anticipated proposed regulations providing rules and clarification regarding the 20% Qualified Business Income (QBI) deduction.  Concurrently, the IRS also released a FAQ listing, which walks through the basics of the QBI deduction and Notice 2018-64, which provides guidance on ways in which taxpayers can compute “W-2 wages” with regard to the QBI deduction limitation.  The regulations attempt to clarify...

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QBI and Guaranteed Payments

While there is much to say about the complexity and application of the new Qualified Business Income (“QBI”) deduction provided under the recently enacted Tax Cuts and Jobs Act, I am going to focus on a narrow aspect of these rules that could have a significant impact on partners and partnerships. Under the new QBI deduction provisions, effective after January 1, 2018, an owner of a sole proprietorship, S corporation or partnership is entitled to a deduction equal to 20% of the “qualified...

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