Erroneous QBI Deductions?
That’s what a report from the Treasury Inspector General for Tax Administration (TIGTA) concluded. It said millions of dollars in potentially erroneous qualified business income (QBI) deductions are not being verified by the IRS. The TIGTA made 5 recommendations to the IRS to improve its ability to verify QBI deductions, including revising the applicable forms to include a cautionary statement reminding taxpayers only to claim the deduction if and to the extent eligible. #IdeaoftheDay