Proposed regulations for the Qualified Business Income (or QBI) deduction were recently released which helped to further define and make rules on this new tax incentive for certain business owners.
What is QBI?
In order...more
The Iowa Legislature adopted new tax law last May relating to the federal Qualified Business Income (or QBI) deduction allowed by the Internal Revenue Code. As discussed in previous posts, the QBI is a new federal deduction...more
Late in 2017, H.R.1, the federal tax reform bill (the “Federal Tax Act”) was signed into law. Effective January 1, 2018, the maximum federal corporate income tax rate decreased from 35% to 21%. ...more