What is the Security Summit?
The Security Summit was established in 2015 after the Internal Revenue Service reported a significant increase in identity theft tax refund fraud scams.…
What is employee unauthorized access?
Employee unauthorized access occurs when an employee illicitly gains access to proprietary information or company-held personally identifiable information and financial data.…
What is a virtual private network?
A virtual private network, or VPN, is a third-party service that creates an encrypted connection that can be used to securely access the Internet.…
What is an intranet?
An intranet, unlike the Internet, is generally a private network that is only accessible to directly connected or credentialed devices.…
What is remote desktop connection software?
Remote desktop connection software, like Microsoft’s Remote Desktop Protocol, is a program that allows users to remotely control another device via a network connection, like the Internet.…
What is the QBI rental real estate safe harbor rule?
Taxpayers who derive income from a rental real estate enterprise and meet the following requirements may claim the QBI safe harbor outlined in Rev. Proc. 2019-38:Separate books and records are…
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How is QBI determined?
The 20 percent QBI deduction is based on qualifying business income from a sole proprietorship, partnership, S corporation, trust or estate, farm, and certain rental property. The amount of the deduction can be further limited if the taxpayer’s income exceeds the inflation-adjusted threshold established for that tax year.…
What is the taxable income QBI threshold for 2020?
There are two income thresholds for claiming QBI in tax year 2020:…
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What is the taxable income QBI threshold for 2018?
There are two income thresholds for claiming QBI in tax year 2018:…
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What types of business income qualify for the QBI deduction?
Taxpayers who have taxable income that is connected to the following types of businesses may qualify for QBI:…
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