It is important for nonprofit organizations to understand the rules surrounding UBI and taxation to avoid potential penalties or loss of tax-exempt status....
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With 25+ years of combined accounting, tax, and business consulting experience, Kenn M Scott, PLLC provides truly value-added services to nonprofit organizations, small businesses, individuals, and families.
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Recent Posts
Marijuana Business Related Income, Section 199A, and Section 280E
Are taxpayers that receive pass through income from marijuana related businesses eligible to claim the QBI deduction under Section 199A? Qualified Business Income Deduction The Tax Cuts and Jobs Act was enacted on December 22, 2017 and applies to tax years beginning after December 31, 2017. A major component of...
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Small Businesses and the New Section 199A Deduction
IRC section 199A provides a tax savings opportunity previously unavailable to owners of pass-through activities; however, it is a complicated provision with limited current guidance beyond the statutory language of the code section and the final regulation (RIN 1545-B071). Contact your tax advisor or tax professional for assistance in determining...
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