I used the QBI definition all along but know that many did not. I taught that definition based on “past practice” when looking at net self employment income. And how many will see this? Thanks Tom, Ryan and Josh!
This is a perfectly timed article. I know this was about Schedule C's. but I have a partnership partner that owns a brewery and wishes to take the tip deduction. Knowing that if there is a loss, there can be no tip deduction means I don't need to worry about how to report this for at least another year.
Thanks Tom, we really love these people!!!! Mid season change. Ha Ha!!!!
I'm happy I have not only 1 so far.
Kay Hill
So this is where we are…it takes an internet sleuth on the dark web to track what IRS is changing!
So ProSeries was doing it correctly all along. Wonders never cease. Thanks!
Thanks to all of you! What important information. Only had one person claim it so far but they will be coming in soon!
I used the QBI definition all along but know that many did not. I taught that definition based on “past practice” when looking at net self employment income. And how many will see this? Thanks Tom, Ryan and Josh!
This is a perfectly timed article. I know this was about Schedule C's. but I have a partnership partner that owns a brewery and wishes to take the tip deduction. Knowing that if there is a loss, there can be no tip deduction means I don't need to worry about how to report this for at least another year.
Perfect timing I say.
Partners in a partnership cannot claim the deduction under the current rules.
This is an issue we identified in our comments to the proposed regulations.
Do we expect that to change?
If they make changes due to our comments!
For me, that is a good thing then. ;-)