A key portion of the new Tax Cuts and Jobs Act (TCJA) is Section 199A and its deduction of qualified business income. Section 199A allows taxpayers other than corporations a deduction of 20 percent of qualified business income that is earned in a qualified trade or business, though this has some limitations.
Tax planning will become more important than ever now that the TCJA has completely transformed the tax code landscape. There are significant implications for tax planning on every level, from individuals to businesses.
With such sweeping changes coming in with that Tax Cuts and Jobs Act (TCJA), there has been a fair amount of confusion with how certain deductions are handled. In particular, there are frequent questions about how entertainment and client meal expenses are handled.
The Tax Cuts and Jobs Act (TCJA), signed by President Trump in Dec. 2017, has significant implications for how businesses will assess the choice of entity.
Artificial Intelligence (AI) has seen stunning development in recent years, and these improvements are wiggling their way into the day-to-day operations of small businesses faster than many business owners realize.
There are few experiences that conjure such dread and stress as when a taxpayer has received notification from the Internal Revenue Service that he or she will undergo an audit of their tax returns.
Frankly, it feels like a punch in the gut when you first read those words.
