Tim Speiss Talks QBI on Bloomberg
November 26, 2019
Co-Leader of the EisnerAmper’s Personal Wealth Advisors Group, Timothy Speiss, chatted with John Tucker from the Bloomberg Small Business Report. The pair discussed tax tips for business owners as we close out the 2019 tax year. One area specifically discussed is what some call the tax break of the century: the deduction for qualified business income (“QBI”). This allows taxpayers to deduct up to 20% of qualified business income from a domestic business operated as a sole proprietorship, partnership, S corporation, or trust and estate; or, if lower, 20% of taxable income net of any capital gain.
Speiss mentioned that the QBI deduction continues to be analyzed by tax advisors to advise clients as to appropriate 2019 and 2020 tax-planning opportunities. Treasury interpretations of QBI deductions and related IRS guidance continue to be released, including guidance pertaining to nearly 60 FAQs most recently updated and released by the IRS in November 2019. Accordingly, tax planning considering QBI is something to bring up with your trusted business advisor.