By Stephen Slade
Stephen Slade examines the Code Sec. 199A qualified business income (QBI) deduction impact on business owners.
2019 regulation updates by the IRS and new tax laws passed by Congress represent the most substantive tax law changes since 1986. And, of all the tax law changes made in the past year, the Code Sec. 199A qualified business income (QBI) deduction has the biggest potential impact on business owners over the next eight years. The 20% QBI deduction is a brand-new concept that Congress created, and it is like nothing we’ve ever seen before. The final IRS regulations were issued on January 18, 2019, and the late timing had tax software companies scrambling to update their software packages as tax season commenced.