Anything and Everything
Qualified Business income limitations are based off of this calculated income amount on the individual tax return.
What is Taxable Income?
An RPE for purposes of 199A
What is a relevant passthrough entity ?
This threshold range of taxable income represents the range in which a single taxpayer, who has an SSTB may phase-out of receiving any 199A benefit.
What is $157,500 to $207,500? (MFJ - $315,000 - $415,000)
Operation of health clubs or health spas
What is NOT to be an SSTB?
This section 199A term represents tangible property of a character subject to the allowance for depreciation under code section 167, held by and available for use in, the trade or business at the close of a taxable year.
What is Qualified Property?
Under the proposed regulations, each RPE is required to identify each separate trade or business and then report QBI, W-2 wages, and this for each associated trade or business
What is UBIA?
When a taxpayer exceeds the maximum threshold amount of taxable income, the 199A deduction limitation includes this percentage of UBIA
What is 2.5%?
Providing advice and counsel to assist a client in achieving goals and solving problems
What is to be an SSTB? (consulting)
When a trade or business in which a person receives fees, compensation, or other income for endorsing a product or appearing at an event or on TV, that trade or business is to be built on this type of principal asset.
What is Reputation or Skill?
This acronym is a type of trade or business involving the performance of services in specific fields which are not eligible for the 199A deduction given certain taxable income limitations
What is an SSTB (specified service trade or business)?
A business entity with gross receipts of $25 million or less may apply the De Minimis rule and treat all income as non-SSTB income, if its SSTB activity is less than this percentage of total Gross Receipts
What is 10%?
Broadcasting or dissemination of performing arts or athletic events
What is NOT to be an SSTB?
This is something you generally CANNOT change once you do it, with respect to QBI
What is aggregate trades or businesses?
This is known as "UBIA".
What is Unadjusted Basis Immediately after Acquisition?
For purposes of aggregating trades or businesses at the individual level, this amount of common ownership percentage must exist, directly or indirectly, for the aggregation to be permissible.
What is 50%?
Any item of short-term capital gain, short-term capital loss, long-term capital gain, long-term capital loss
What is Not to be QBI?
If an individual aggregates his trades / businesses for purposes of QBI and fails to attach the required statement to his /her return, the Commissioner may do this.
What is disaggregate the individual’s trades or businesses?
QBI, W-2 Wages, UBIA of qualified property, qualified REIT dividends, and qualified PTP income are allocated entirely to the trust or estate when there is none of this type of income for the year.
What is DNI?
If a trade or business provides greater than this percentage of its property or services to a 50% or more commonly owned business that meets the definition of an SSTB it will be considered an SSTB as well.
What is 80%?
Net Section 1231 Losses
What is to be QBI?