SUPREME COURT HOLDS TAX COURT NOT HELD

Supreme Court holds tax court not held. The 30 day limit of Sec. 6330(d) for taxpayers to file a petition with the Tax Court to review an IRS determination is nonjurisdictional, the U.S. Supreme Court held, meaning it can be extended in certain instances. The Court’s unanimous opinion, written by Justice Any Coney Barrett, was […]

STATUTORY EMPLOYEES AND QBI

Statutory employees and qbi. Section 199A of the Internal Revenue Code provides many taxpayers a deduction for qualified business income (QBI) from a qualified trade or business operated directly or through a pass through entity. The deduction has two components. Eligible taxpayers may be entitled to a deduction of up to 20 percent of qualified […]