What Do You Need to Know About Section 199A?
Understanding the new Sec. 199A business income deduction. Sec. 199A allows taxpayers other than corporations a deduction of 20% of qualified business income earned in a qualified trade or business, subject to certain limitations.
Which is an example of a qualified trade under Sec 199A?
Sec. 199A defines a qualified trade or business by exclusion; every trade or business is qualified, other than: The first prohibition prevents an employee from claiming a 20% deduction against his or her wage income. Example 3: A is an employee, but not an owner, of a qualified business.
Who is Debbie fields of KPMG section 199A?
The following video “shorts”—brought to you by Debbie Fields, one of KPMG’s leaders in the area of passthroughs taxation—identify key issues raised by the new section 199A regulations and what they may mean for your business.
