Aggregation may allow a taxpayer to claim a greater QBI deduction than if the wages and capital limitation was applied separately.
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Individuals
Computing qualified W-2 wages for Sec. 199A purposes
Computing total W-2 wages under Sec. 199A appears daunting, in part because three possible methods are available to do so.
Flip the tax return with a professor-prepared tax return
Now that IRS forms have been created to reflect the changes of the TCJA, a professor-prepared
tax return assignment gives faculty an opportunity
to introduce their students to new tax law complexities.
REIT dividends and PTP income under Prop. Regs. Sec. 1.199A-3(d)
Dividends from REITs and income from PTPs generally qualify for the 20% deduction.
Minimizing federal income tax on trusts under the TCJA
The disparate tax treatment between trusts and individuals has grown even more pronounced than it was before the TCJA was enacted.
Has the TCJA changed the definition of a dependent for children with special needs?
This article provides an overview of the rules defining a dependent and addresses the issue of a child’s receipt of Supplemental Security Income.
More proposed regs. on qualified opportunity funds issued
The regulations define the term “substantially all,” the definition of which was reserved in the earlier proposed regulations issued in October 2018.
Tax consequences for professional athletes in 2018
Proper advance planning is imperative to maximize the benefits of the TCJA provisions.
Sec. 199A rental real estate activity safe harbor proposed
The IRS issued a proposed revenue procedure that would provide a safe harbor for taxpayers under which a rental real estate enterprise will be treated as a trade or business for purposes of the Sec. 199A deduction.
Qualified transportation fringe benefit and loss of deduction under tax reform
The IRS released Notice 2018-99 providing further guidance on determining the loss of the deduction under certain qualified parking fact patterns.
Exploring the undefined: Trade or business
A group of TCJA-related changes requires taxpayers to distinguish separate and specific types
of trades or businesses in order to take advantage of certain tax benefits.
Don’t let clients get grounded by a tax debt
CPAs can advise clients on the proper measures to take to address delinquent taxes so the debt does not result in a passport revocation.
Final regulations on Sec. 199A issued
The IRS issued final regulations on the QBI deduction under Sec. 199A and an anti-avoidance rule under Sec. 643 that will require multiple trusts to be treated as a single trust in certain cases.
Payments under broker agreement characterized as long-term capital gains
Payments made to a taxpayer under a broker agreement were payments for the rights to a patent owned by the taxpayer that were properly classified as long-term capital gains.
Involuntary conversion of a principal residence
Every year, many taxpayers’ principal residences are destroyed or taken through condemnation by the government. This article discusses the application of Secs. 121 and 1033 when a taxpayer suffers an involuntary conversion of a principal residence.
New proposed regulations on Sec. 199A
The IRS released new proposed regulations on the treatment under Sec. 199A of previously suspended losses, “Sec. 199A dividends” paid by a RIC, and the treatment of amounts received from split-interest trusts and CRTs.
Guidance provided on calculating W-2 wages for Sec. 199A purposes
The IRS issued Rev. Proc. 2019-11, which provides guidance on how to calculate W-2 wages for purposes of Sec. 199A.
Traps for the unwary: Tax Cuts and Jobs Act changes
This article lists the changes together, along with some unexpected nuances.
IRS expands relief from underpayment penalty
The IRS announced that it is lowering from 85% to 80% the amount taxpayers are required to have paid in order to escape an underpayment of estimated income tax penalty for 2018.
Opportunities beckon in new qualified opportunity zones
With their prospects for deferral or even exclusion of gains from certain investments in them, the newly created qualified opportunity zones offer an intriguing tax planning option for investors and a potential boon for distressed communities.
INDIVIDUALS
Current Developments in Taxation of Individuals: Part 1
This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the six months ending October 2025.
