On January 18, 2019, the IRS issued four new items providing IRC §199A guidance:
- Notice 2019-07: Provides a safe harbor under which a rental real estate enterprise will be treated as a trade or business solely for purposes of the IRC §199A deduction.
- Rev. Proc. 2019-11: Provides methods for calculating W-2 wages, as defined in IRC §199A(b)(4) and Treas. Regs. §1.199A-2.
- A set of regulations: Finalizes proposed regulations issued last summer.
- A set of proposed regulations: Provides guidance on the treatment of the following:
- Previously suspended losses that constitute qualified business income; and
- The determination of IRC §199A deductions for taxpayers that hold interests in regulated investment companies (RICs), charitable remainder trusts (CRTs), and split-interest trusts.
Links to the full text of all four of these items can be found at:
We will provide more information on the latest guidance in upcoming publications, webinars, and live seminars.
Stay updated with all state tax due dates and filing requirements with Spidell’s California Taxletter.