The Freedom for Small Businesses Act of 2019 (H.R. 2971) would greatly enhance the qualified business income (QBI) deduction for owners of pass-through entities. It would raise the deduction amount from 20% to 43% (47% after 2025). And it would eliminate the limit based on W-2 wages and the bar to high-income owners in specified service trades or businesses (SSTBs). If enacted (and it’s a big if), the changes would apply after 2019.
Barbara Weltman
Big Ideas for Small Business, Inc.
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BOI reporting cont'd. But this isn’t the end of the story. The government filed a notice of appeal with the appellate court, and FinCEN says “deadline stay—voluntary submission only” (https://bit.ly/3ZpKxwU Note: There are cases challenging CTA that are still pending.