IRS FAQ: Qualified Business Income Deduction (IRC §199A)

Updated frequently asked questions covering the qualified business income deduction (QBID) under tax code Section 199A posted to IRS website February 26. A qualifying trade or business does not include the trade or business of performing services as an employee, the IRS added. Provided is an explanation of a de minimis rule’s applicability to a single trade or business that has multiple sources of income, some from specified service activities and some from other activities. A further explanation of W-2 wages and the W-2 wage limitation when paid to an officer of an S corporation is provided. The concept of ...