2025 Tax Season

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…

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…

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…

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…