Tax Law and News IRS Releases Draft of QBI Section of Publication 535 Read the Article Open Share Drawer Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window) Written by Mike D'Avolio, CPA, JD Modified May 20, 2020 1 min read On Dec. 19, the IRS released a draft of Publication 535, Business Expenses, which includes information related to the rules for determining the new qualified business income (QBI) deduction as part of the Tax Cuts and Jobs Act. Specifically, it covers the taxpayers who may take the QBI deduction, how to figure the deduction, coordination with other Code sections and special rules. As a draft, this information is subject to change. If you wish, you can submit comments about draft or final forms, instructions, or publications at IRS.gov/FormsComments. Please stay tuned for a further analysis of Publication 535 from Intuit® ProConnect™ experts. Previous Post Tax Reform Brings Changes to Qualified Moving Expenses Next Post Withholding Under Tax Reform: More Than Just a Number Written by Mike D'Avolio, CPA, JD Mike D’Avolio, CPA, JD, is a tax law specialist for Intuit® ProConnect™ Group, where he has worked since 1987. He monitors legislative and regulatory activity, serves as a government liaison, circulates information to employees and customers, analyzes and tests software, trains employees and customers, and serves as a public relations representative. More from Mike D'Avolio, CPA, JD 9 responses to “IRS Releases Draft of QBI Section of Publication 535” Mike: Thanks for the opportunity to ask questions. I was reading draft of Pub 535. I did not see where Real Estate salespersons are subject to SSTB. Also what about Real estate Appraisors on SSTB. Thank you Hi Timm. You’re correct — in the Jan. 7 draft of Pub 535, real estate agents and brokers are not subject to SSTB. I don’t see real estate appraisers listed as an SSTB in the publication either. does 1-9-19 Lacerte release have an automatic calculation of qualified business income deduction? Hi Martin. You can find some details about 2018 Lacerte qualified business income resources here. If you have further questions, we ask that you reach out to our Lacerte Customer Success team via our Community and Support site: https://accountants-community.intuit.com/proconnect-lacerte-us-en Probably wrong site but does anyone know if there is a bank that offers refund anticipation loans compatible with Pro Series? With the government shutdown, people may benefit from this service if we have to delay the start of the new tax season. I use Pro series Hello Mike: Good to know that you are working for Intuit. We are customers of Intuit since over 20 years. Can we ask any legal question to you if we need help to find legal solution for any tax related problem? Wow Mike you’ve worked there a long time! I work at a Jackson Hewitt and use Pro Series to do several out of my home. Hey, Bill! Happy Busy Season 2019! Browse Related Articles Tax Law and News IRS Releases Publication 535 With Details Around Qualif… Tax Law and News TaxProTalk: QBI Deduction and Forms Availability Tax Law and News New and Improved: Intuit’s QBI Entity Selection C… Tax Law and News IRS Issues Final Sec. 199A Regulations Tax Law and News Qualified Business Income Deduction Hot Topics Tax Law and News Guidance Issued on Deductions for Cooperatives and Thei… Tax Law and News The Treasury and IRS Issue Additional Guidance on Quali… Tax Law and News How Do You Optimize Wages to Maximize the 20% QBI Deduc… Tax Law and News TaxProTalk: QBI Deduction and Safe Harbor for Rental Re… Tax Law and News Professional services: QBI deduction (SSTB)
Mike: Thanks for the opportunity to ask questions. I was reading draft of Pub 535. I did not see where Real Estate salespersons are subject to SSTB. Also what about Real estate Appraisors on SSTB. Thank you
Hi Timm. You’re correct — in the Jan. 7 draft of Pub 535, real estate agents and brokers are not subject to SSTB. I don’t see real estate appraisers listed as an SSTB in the publication either.
Hi Martin. You can find some details about 2018 Lacerte qualified business income resources here. If you have further questions, we ask that you reach out to our Lacerte Customer Success team via our Community and Support site: https://accountants-community.intuit.com/proconnect-lacerte-us-en
Probably wrong site but does anyone know if there is a bank that offers refund anticipation loans compatible with Pro Series? With the government shutdown, people may benefit from this service if we have to delay the start of the new tax season.
Hello Mike: Good to know that you are working for Intuit. We are customers of Intuit since over 20 years. Can we ask any legal question to you if we need help to find legal solution for any tax related problem?
Wow Mike you’ve worked there a long time! I work at a Jackson Hewitt and use Pro Series to do several out of my home.