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IRS Issues Final Regulation, Clarifying the New Qualified Business Income Deduction

Despite a partial government shutdown, the Treasury Department and the Internal Revenue Service issued final regulations and guidance addressing implementation of the new qualified business income (QBI) deduction (section 199A deduction). The new QBI deduction, created by the Tax Cuts and Jobs Act (TCJA) allows entrepreneurs, selfemployed individuals, and investors to deduct 20 percent of …

The Internal Revenue Service recently issued the 2019 optional standard mileage rates to be used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. As of January 1, 2019, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) are:: 58 cents …

The influence technology has on businesses today is undeniable. Business professionals can leverage technology to reach, or even succeed, company objectives. To better position themselves for success in the digital marketplace, firm leaders should consider the following tips when building their digital identity. 1. Create a game plan It is important to show employees the …

It is important for us to recognize the tax impact of implementing a succession plan. A large consideration for many of you will be the estate tax. This is a transfer tax on the value of assets passing from one generation to the next. Each individual is exempt from tax on the first $5,450,000 of …

Key Areas to discuss as you formulate your plan are the Successor(s), the Structure and Management Continuity. Questions to consider when selecting a Successor(s): Will all of your children be involved with the day to day farming or business decisions? Will you have some children involved with the farm or business decisions and others not …

As a small business owner, you probably like what you do and are good at it. Bookkeeping is most likely not your favorite thing to do. You may see it as a necessary evil and put record keeping off as long as possible, perhaps even until year end when it’s time prepare your tax return! …