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Month: January 2019

199A for REITS & Publicly-Traded Partnerships

During our seminars, we discussed that income from real estate investment trusts (REITs) and publicly-traded partnerships is generally eligible for the new qualified business income deduction under §199A.  During this upcoming tax season, practitioners should be on the alert for such income being reported to clients. Dividends from REITs are generally reported on Forms 1099-DIV.  Box 5 of t...

Real Estate Safe Harbor for 199A

As discussed in our last post, on January 18, 2019, the Treasury Department issued final regulations governing the qualified business income deduction under §199A.  In addition the IRS issued Notice 2019-7, which provides a safe harbor whereby a real estate activity will be treated as rising to the level of a trade or business, which is required for such an activity to be eligible for the §199...

Final Regulations for 199A

On January 18, 2019, the Treasury Department issued final regulations governing the qualified business income deduction under §199A.  For tax years that end in calendar year 2018, taxpayers can rely on the final regulations or on the proposed regulations (in their entirety) that were issued in August of 2018. In many ways, the final regulations mirror the proposed regulations.  However, the...

New Penalty Relief from IRS

The IRS issued Notice 2019-11 earlier today, January 16, 2019.  The notice provides possible relief for some individual taxpayers who may have insufficient withholding due to the new tax law that was enacted on December 22, 2017.  In response to the new law, in January 2018, the IRS issued revised withholding tables that generally reduced the amount of withholding for federal income taxes durin...