IRS Finalizes Section 199A Regs

Just a week or so ago, the IRS issued final regulations and guidance implementing the new qualified business income (QBI) deduction (sec. 199A deduction), created by the Tax Cuts and Jobs Act signed into law in 2017. The QBI deduction, available in tax years beginning with 2018, allows owners of sole proprietorships, partnerships, trusts, and…

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IRS Closes REIT Tax Option

The Internal Revenue Service (IRS) has shut down the last legal option for businesses to spin off their real estate holdings into separate Real Estate Investment Trusts (REITs) for the tax benefits.  The REIT option carried tax-exempt status and thereby was often used as a tax avoidance vehicle by non-real estate companies.  In fact, it…

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