WebMay 20, 2024 · Gray areas make it important for financial advisors to help their clients determine if they own an SSTB or not. (Getty Images) The Tax Cuts and Jobs Act of 2024 created the qualified business income, or QBI, deduction, which allows owners of eligible businesses to deduct up to 20% of qualified business income. ... law, accounting, actuarial … WebSection 199A regulations address treatment of consulting services as an SSTB by defining consulting as “the provision of professional advice and counsel to clients to assist the client in achieving goals and solving problems.”
Schedule C: What is a qualified trade or business? What is an SSTB?
WebOct 3, 2024 · If an individual has taxable income below the threshold amount, the individual is eligible to receive the 20% QBI deduction, notwithstanding that a trade or business is an SSTB (Q7). A “specified service trade or business” includes personal-service-type trades or businesses involved in the following performance of services: health, law, WebFeb 13, 2024 · Design services can be considered consulting services and if the receipts were 10 percent or more from the consulting, the entire business would be treated as a SSTB. It is the consulting... g6a54
Is consulting activity a qualified business income (QBI
WebJan 17, 2024 · January 17, 2024 One of the areas that accountants are most interested in regarding tax reform is Sec. 199A guidance — and, more specifically, how the deduction for qualified business income relates to a specified service trade or business. In this episode of the podcast, Tony Nitti, CPA, addresses some popular questions on that topic. WebDec 20, 2024 · I think, additionally, from the definition of an SSTB, real estate could probably be considered a winner because management-type services don’t seem to be captured within any of the definitions of consulting or investment management or things of that nature. From a loser perspective, a big surprise, at least to me and some others that I’ve ... WebUSI is a leading national insurance brokerage and consulting firm delivering customized employee benefit, property and casualty, personal risk, and retirement solutions … g6c-bm1n2b/3t elj