The qualified business income deduction, or QBI, was one of the most popular changes to the tax code in 2017. Stephen J. Slade, CPA, tax director of Wouch Maloney & Co. LLP in Horsham, Pa., dives into the restrictions and exceptions and what they really mean for your clients. Slade also addressed this topic for CPA Now.
Section 163(j) packs a mighty punch for being just one section of the tax code. Daria Palaschak, CPA, MST, partner in the tax department of Sisterson & Co. LLP in Pittsburgh, discusses the significant changes to the limitation on the deduction of business interest expense brought on by the Tax Cuts and Jobs Act of 2017.