
Business Advisory
Business Advisory Services
Everything you need to help you launch your new business entity from business entity selection to multiple-entity business structures.
Everything you need to help you launch your new business entity from business entity selection to multiple-entity business structures.
Designed for rental property owners where WCG CPAs & Advisors supports you as your real estate CPA.
Everything you need from tax return preparation for your small business to your rental to your corporation is here.
Fermentum aliquet amet
tristique purus vitae. Adipiscing
id rhoncus quisque mauris amet.
Table Of Contents
By Jason Watson, CPA
Posted Wednesday, November 1, 2023
Section 199A deduction also known as the Qualified Business Income Deduction (QBID) arises from the Tax Cuts & Jobs Act of 2017. This is a significant tax break for small business owners but there are rules and limits of course.
As with any major revision to the tax code, there will be modifications and interpretations which will change how Section 199A can be used for pass-through businesses such as S Corps and partnerships. On August 8, 2018, the IRS released Proposed Regulations 1.199A that introduced new definitions, procedures and restrictions. On January 18, 2019 the Treasury Department and the IRS released the final regulations for Section 199A after reviewing the comments from the proposed regulations.
Here is a quick list links to various things that we’ve put together for Section 199A enthusiasts-
wcginc.com/8323 | Section 199A Final Regs (1.199A) PDF (Full) |
wcginc.com/8326 | Section 199A Final Regs (1.199A) PDF (Pertinent Pages) |
wcginc.com/8313 | Section 199A Tax Return Samples |
Stay tuned to updates as additional guidance is released by visiting our blog-
Taxpayer’s Comprehensive Guide to LLCs and S Corps 2023-2024 Edition This KB article is an excerpt from our 420+ page book (some picture pages, but no scatch and sniff) which is available in paperback from Amazon, as an eBook for Kindle and as a PDF from ClickBank. We used to publish with iTunes and Nook, but keeping up with two different formats was brutal. You can cruise through these KB articles online, click on the fancy buttons below or visit our webpage which provides more information.
Please use the form below to tell us a little about yourself, and what you have going on with your small business or 1099 contractor gig. WCG CPAs & Advisors are small business CPAs, tax professionals and consultants, and we look forward to talking to you!
The tax advisors and business consultants at WCG are not salespeople; we are not putting lipstick on a pig expecting you to love it. Our job remains being professionally detached, giving you information and letting you decide within our ethical guidelines and your risk profiles.
We see far too many crazy schemes and half-baked ideas from attorneys and wealth managers. In some cases, they are good ideas. In most cases, all the entities, layering and mixed ownership is only the illusion of precision. As Chris Rock says, just because you can drive your car with your feet doesn’t make it a good idea. In other words, let’s not automatically convert “you can” into “you must.” Yes, it is fun to brag about how complicated your world is at cocktail parties, but let’s not unnecessarily complicate it for the bragging rights.
We typically schedule a 20-minute complimentary quick chat with one of our Partners or Senior Tax Professionals to determine if we are a good fit for each other, and how an engagement with our team looks. Tax returns only? Business advisory? Tax prep, and more importantly tax strategy and planning?
Should we need to schedule an additional consultation, our fee is $250 for 40 minutes. Fun! If we decide to press forward with a Business Advisory or Tax Patrol Services engagement, we will credit the consultation fee towards those services.
Taxes are complicated. We make them simple. Get in touch with a pro here at WCG!
Everything you need to help you launch your new business entity from business entity selection to multiple-entity business structures.
Designed for rental property owners where WCG CPAs & Advisors supports you as your real estate CPA.
Everything you need from tax return preparation for your small business to your rental to your corporation is here.
Fermentum aliquet amet
tristique purus vitae. Adipiscing
id rhoncus quisque mauris amet.