Taxpayers Will File QBI Deduction Computation with IRS Next Year
The IRS posted a draft of a form that affected taxpayers will submit with their 2019 tax returns showing how they computed their qualified business income (QBI) deduction under Sec. 199A. Taxpayers who have QBI, qualified real estate investment trust (REIT) dividends, or qualified income from a publicly traded partnership (PTP) will use Form 8995, Qualified Business Income Deduction Simplified Computation, to report the computation.
To read the full article in the Journal of Accountancy, click: Taxpayers Will File QBI Deduction Computation with IRS Next Year.