Did you, or your tax advisor, use the wrong Section 199A rules when filing your tax return?
The IRS issued “final” regulations in January and then made a few changes before making them truly final in February.
Most recently, on April 11 and then updated on April 22, the IRS expanded its Section 199A frequently asked questions (FAQs) from 12 to 33 questions and answers.
And this should come as no surprise: some of the IRS answers are not in favor of you as a small-business owner.
We’ll tell you three things you need to know, and help you decide whether you have to follow the IRS’s website guidance on your 2018 federal income tax return. ... Log in to view full article.