The computation of the QBI deduction may actually be made easy by our software programs. However, putting in the proper information into the system, the definitions of each item in computing the deduction, the determination of which trades or businesses qualify for the deduction, and planning to maximize the deduction will make the computation more complex than our clients may believe it should be.
n the end, it wasn’t a November to remember for Kentucky Democrats. The party had high hopes of pouncing on the public pension controversy and making a significant dent in the GOP’s supermajorities in both chambers of the General Assembly. However, Election Day on November 6 ended with results similar to the so-called red wave two years ago – Republicans only lost one net seat in the House and gained one seat in the Senate.
The Tax Cuts and Jobs Act (TCJA) has reformed business taxation with many changes to depreciation and the expensing rules for business assets. Little attention has been drawn to depreciation changes, but the new rules offer new opportunities for additional tax savings especially when applied with cost segregation.
On November 1, the Kentucky Supreme Court affirmed the appellate court’s decision that the Department of Revenue must publish redacted final rulings, which will enhance transparency in the administration of our tax laws.
Delegation may be one of the best time-management tools and is key to a successful organization. As you’ve probably noticed by now, YOU can’t do everything. Your goal should be to delegate projects down into your organization and profit from the staffers underneath you.
The Kentucky General Assembly passed a significant a tax reform bill (HB 487) on April 14, 2018, and it officially became law on April 27. KyCPA is working with the Kentucky Department of Revenue on guidance and will provide more information on the law as it becomes available.