Thomson Reuters has released a robust Checkpoint Tax Cuts and Jobs Act Toolkit offering accounting firms resources to help them identify planning opportunities and guide clients through recent changes in tax law. The Toolkit includes a Checkpoint special report, Practice Aids, tax law summaries, checklists, client letters, and more.
The special report, The Tax Cuts and Jobs Act: Qualified Business Income Deduction – Special Provisions Related to Specified Service Businesses, examines the limitations on an individual’s ability to benefit from the new federal tax deduction for qualified business income (QBI). It focuses on the income thresholds attached to certain specified service businesses and advises on the associated federal tax considerations and potential opportunities to limit a negative impact.
The report first provides an explanation of what constitutes a specified service business. It then addresses the threshold amounts for specified service businesses beyond which income from such a business is not eligible for the QBI deduction. In light of these restrictions, the report also provides suggestions for how to attain more favorable tax consequences. Multiple examples depicting various taxpayer scenarios and the associated calculations are provided throughout the report.
“The Tax Cuts and Jobs Act has generated important new questions for tax and accounting professionals to address with their clients,” said Salim Sunderji, managing director, Checkpoint, with the Tax & Accounting business of Thomson Reuters. “Our comprehensive Tax Cuts and Jobs Act Toolkit provides practitioners with ‘must-have’ information all in one place, so they don’t have to go searching for answers and can better advise their clients.”
To access the Tax Cuts and Jobs Act Toolkit and to download the free special report, click here.
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