Tax Laws

  • What are the signs of identity theft tax refund fraud?

    The IRS’ “Taxpayer Guide to Identity Theft” details seven signs that your information may have been stolen: You get a letter from the IRS inquiring about a suspicious tax return that you did not file. You can’t e-file your tax return because of a duplicate Social Security number. You get a tax transcript in the mail…

  • What is a specified service trade or business (SSTB)?

    Businesses or trades involved in the following service fields are considered a specified service trade or business for the purposes of claiming the QBI deduction: Health Law Accounting Actuarial science Performing arts Consulting Athletics Financial services Brokerage services Investing and investment management Trading or dealing in securities Partnership interests Commodities The IRS also identifies “any…

  • What is Identity Theft Tax Refund Fraud?

    Identity theft tax refund fraud occurs when identity thieves use stolen personal identifying information (PII) to file fraudulent tax returns to receive a tax refund check from the Department of Treasury. Identity thieves commonly steal PII through phishing scams, Dark Web auctions, hacking databases, installing malware, and employee unauthorized access. Return to Taxing Subjects Frequently…

  • What is the QBI rental real estate safe harbor rule?

    Taxpayers who derive income from a rental real estate enterprise and meet the following requirements may claim the QBI safe harbor outlined in Rev. Proc. 2019-38: Separate books and records are maintained to reflect income and expenses for each rental real estate enterprise. For rental real estate enterprises that have been in existence less than…

  • What is the Qualified Business Income Deduction?

    The section 199A qualified business income (QBI) deduction was introduced by the Tax Cuts and Jobs Act of 2017. While the TCJA cut the C-corporation tax rate to 21 percent, the QBI deduction lets taxpayers deduct qualifying income connected to certain passthrough entities: 20 percent of net qualified business income plus 20 percent of qualified…

  • What types of business income qualify for the QBI deduction?

    Taxpayers who have taxable income that is connected to the following types of businesses may qualify for QBI: Sole proprietorship Partnership (as a partner) S corporation (as a shareholder) Trust or estate (as a beneficiary) Farms Certain rental properties Income from a specified service trade or business may also qualify if it is below a…

  • Frequently Asked Questions

    Data Security What is the Security Summit? What is Identity Theft Tax Refund Fraud? What are the signs of identity theft tax refund fraud?   What is Personally Identifiable Information? What are phishing scams?  What is the Dark Web?   What is the Deep Web? What is malware?   What is employee unauthorized access? What is a virtual…