Category: Small Business Tax and Accounting

Rental Owners, 1099s, And the New QBI Guidance

The IRS released a revenue procedure today (Friday) that clarifies the treatment of rental properties and the “qualified business income” deduction. The revenue procedure provides a safe harbor where rental activity can be presumed to be a “trade or business” for QBI purposes. This ties back into the 6-part series I posted a month ago […]

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S-Corps Don’t Make All Taxes Go Away

Every year, I have a few S-corporation clients who complain that they have a tax liability on their personal return. Typically there’s also a comment made about how “other people” they’ve talked to have S-corps and “never pay anything in taxes.” This conversation happens several times a year, and oftentimes it’s the same conversation with […]

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