The new section 199A of the Internal Revenue Code (IRC) provides a potential tax break for owners of passthrough entities like S corporations, partnerships, and limited liability companies (taxed as partnerships or as disregarded entities). For higher-income taxpayers, the 20% Qualified Business Income (QBI) deduction is generally limited to the greater of 50% of the allocable W-2 wages for the trade or business, or 25% of allocable W-2 wages for the trade or business plus 2.5%» Read More
The Tax Cuts and Jobs Act created a new Section 199A of the Internal Revenue Code (IRC) that provides for a potential tax break on qualified business income of non-corporate taxpayers, beginning in 2018.
Section 199A requires that the qualified business be effectively connected with the conduct of a trade or business within the United States. » Read More
Many people are aware of the increased federal estate tax exemptions (approximately $11.2 million plus a COLA adjustment for a decedent dying in 2018 through December 31, 2025 and then reverting to $5.0 plus COLA) along with the elimination of New Jersey estate tax (but not its Inheritance tax which remains in effect). » Read More