August 2018 Tax News
The IRS issued additional guidance to a very significant deduction for flow through entities, small business and self-employed. The significant developments are:
Contract or employee – Now more important than ever and we think this will be looked at if examined.
Rental Activities – Should that get the deduction? – Still not totally clear.
Value of property – Make sure your records are clear as to what is depreciated and not depreciated since this a part of the computation.
Aggregation Rules – Should all your entities be aggregated or not?
Specified Service Trade or Business – Unless taxable income thresholds are met, certain business are not eligible.
This 182 page clarification guidance from the IRS continues is complex and nuanced. We will continue to focus on this clarification and other related issues for all of our clients.
Please send us a note or give us a call to discuss these and any other questions or issues you may have.
Rob Lynch 781-871-5850
Tony Marini 580 650-0018