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Davis Brown Tax Law Blog

The Davis Brown Tax Law Blog provides clients with updates and analysis of tax law - including asset and stock purchase/sale transactions, public and private bond financing, tax credit financing and international tax law.



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Iowa DOR Distributes Second Set of Revised Rules on WET - September 26, 2018

The IDOR has, once again, listened to the concerns and objections from the industry and responded in a positive manner for the industry. On September 24, 2018, the IDOR submitted a second set of revised proposed rules. Read More »

 

New Proposed Regulations Clarify What Constitutes Qualified Business Income - September 17, 2018

Proposed regulations for the Qualified Business Income (or QBI) deduction were recently released which helped to further define and make rules on this new tax incentive for certain business owners. Read More »

 

Overview of Limitations to QBI Deductions Under IRC Section 199A - September 12, 2018

Under the newly enacted Internal Revenue Code Section 199A, owners of pass-through entities, such as LLCs, partnerships, trusts, sole proprietorships, and S corporations, may deduct up to 20% of their qualified business income (QBI). While this deduction will be advantageous to qualifying business owners as a mechanism to reduce the amount of taxable income attributable to their business, the IRS has imposed limitations on the amount of this deduction. Read More »

 

The Old, the New, and the Delayed DPAD for Cooperatives - September 7, 2018

Prior to 2018, U.S. manufacturers, including farmers' cooperatives, enjoyed a lucrative income tax deduction popularly known as the Domestic Production Activities Deduction (DPAD). The Tax Cuts and Jobs Act of 2017 (TCJA) repealed the DPAD for everyone, including cooperatives, in exchange for the new Qualified Business Income Deduction under Internal Revenue Code § 199A. Read More »

 

QBI on Iowa State Tax Returns Starting in 2019 - September 4, 2018

The Iowa Legislature adopted new tax law last May relating to the federal Qualified Business Income (or QBI) deduction allowed by the Internal Revenue Code. As discussed in previous posts, the QBI is a new federal deduction implemented in the 2017 Tax Cuts and Jobs Act. Read More »

 

Calculating the Qualified Business Income Deduction Under Section 199A - Limitations to Avoid and Opportunities to Pursue - August 30, 2018

Section 199A of the Internal Revenue Code was enacted on December 22, 2017, as part of the Tax Cuts and Jobs Act and provides for a deduction of up to 20% of income from certain domestic businesses operated as sole proprietorships, partnerships, S corporations, and certain trusts and estates. This post focuses on the mechanics of the Section 199A deduction, how it is calculated and what factors can influence its availability and limitation. Read More »

 

Section 199A and Calculating and Reporting for Relevant Passthrough Entities, Publicly Traded Partnerships, Trusts, and Estates - August 27, 2018

Last week, we provided a high-level overview on the application of Section 199A as it relates to estates, trusts, and beneficiaries. This post will cover the details of calculating and reporting the Section 199A deductions. Read More »

 

Proposed Tax Reform Regulations: Application of Section 199A to Estates, Trusts, and Beneficiaries - August 23, 2018

This update covers the proposed Treasury regulations associated with the new IRS Code 199A as it relates to estates, trusts, and beneficiaries. Read More »

 

Iowa Department of Revenue Distributes Draft Version of Revised Proposed Rules on the Water Excise Tax Rules for Manufactured Housing Community - August 22, 2018

Shortly after Iowa's new Water Excise Tax took effect 7/1/18, the Iowa Department of Revenue issued its proposed rules for WET, only to be inundated with concerns and objections from Iowa's manufactured housing communities. The IDOR distributed a draft version of its revised proposed rules today, August 22, 2018. Read More »

 

Finding Qualified Business Income Deductions under IRC Section 199A for Owners of Specified Service Trades or Businesses - August 20, 2018

Everyone is entitled to pay the least amount of tax possible by any legal means. The newly enacted Internal Revenue Code Section 199A provides a new legal means to pay less income tax. Congress calls it the "qualified business income deduction" or QBI. Read More »

 

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