As 2025 approaches, members of Congress are seriously evaluating many of the 2017 tax reform provisions that are scheduled to expire after 2025. One provision gaining significant attention is the 20% ...

QBI includes the income, minus wage income, deductions, applicable gains and losses, for every eligible pass-through business that a taxpayer operates in the United States or Puerto Rico. This income ...

The Tax Court held that W-2 wages paid by two S corporations that were not deductible under Sec. 280E in computing their taxable income could not be taken into account in calculating the Sec. 199A ...

And in computing that 199A deduction, they included all the wages they had paid in their W-2 wage limit, and the IRS said, "No can do." If the wages are not deductible, they shouldn't be in your W-2 ...

Rep. Gwen Moore, D-Wisconsin, a member of the tax-writing House Ways and Means Committee, introduced legislation Thursday to expand the Section 199A Qualified Business Income deduction to provide a ...

In this fourth installment of my multi-part series on the One Big Beautiful Bill Act (the “Act”), Steve Nofziger and I discuss a provision of the Act that impacts pass-through business entities and ...

Cannabis businesses' wages are ineligible for business income deductions for pass-throughs because they sell controlled substances, according to the U.S. Tax Court. The ruling on Sept. 11, 2025 ...

A collective of financial services organizations is urging Congress to extend and expand the Section 199A tax deduction, arguing that it currently disadvantages independent financial advisors relative ...

Tax season continues on Capitol Hill, and just like so many Americans ahead of the April 15 deadline, lawmakers are tired and confused as they work on this large and sweeping legislation. In a hearing ...

SALT deduction cap temporarily raised from $10,000 to $40,000. PTETs allow businesses to bypass federal deduction limits. OBBBA permanently instates the 20% qualified business income deduction. Tax ...

The American Society of Travel Advisors (ASTA) is applauding the advancement of important legislation impacting travel advisors' tax returns. New legislation promoted by the House Ways and Means ...