Business Owners: Be Aware of Filing Deadlines for the Qualified Business Income Deduction

There has been a great deal of ‘buzz’ lately over the Qualified Business Income Deduction (QBID). The QBID was recently made available to pass through business owners under the Tax Cuts and Jobs Act that the President signed into law in 2017. Under new Internal Revenue Code Section 199A, pass through business owners are eligible to take up to a 20% deduction against their income from a qualified business. However, there is a risk that if the business is not compliant or late in filing its W-2 wage statements, its owners could lose their entire deduction for the year. While reasonable cause penalty abatement is available for late or incorrectly filed W-2 wage statements, there is no such exception in new Section 199A. This makes it an all or nothing proposition to qualify to take the QBID. [More]

Firearms Require Special Considerations in Estate Planning

Of all the unique assets that may be covered in the estate planning process, firearms perhaps present the most unique set of challenges and considerations. Owners of firearms need to make sure they disclose said ownership upfront in the planning process and seek counsel from an attorney who knows the right questions to ask. Important considerations include the type of firearm involved, its value, background on the beneficiary and location of the beneficiary. [More]