If you operate a rental real estate business, you may qualify to claim the business income deduction under Section 199A in one of two ways. Qualified Business Income Deduction (QBID) Congress enacted Section 199A to provide a deduction to non-corporate taxpayers of up to 20 percent of the taxpayer’s qualified
This is National Small Business Week. The IRS acknowledges that small business employers have unique tax responsibilities, and they make valuable contributions to the economy. The agency has a variety of information and resources to help employers understand and meet these unique tax responsibilities. Most of these resources are available
Individuals who sell goods through direct sales may be susceptible to audits from the IRS due to the potential “tax gap” in income reporting (i.e., the difference between what taxpayers should pay and what they actually pay). Therefore, it is very important that direct sellers follow IRS guidance on reporting
The IRS has issued a safe harbor allowing employers to exclude certain items from their gross receipts solely for determining eligibility for the employee retention credit (ERC). Eligible employers may claim the credit against employment taxes equal to a percentage of qualified wages paid to employees beginning after March 12,
