LUTZ BUSINESS INSIGHTS
2019 Year-end tax review for the ag industry
Curtis Thompson, Lutz Tax Director, was recently featured in the Nebraska Cattleman Magazine, December 2019, Volume 75, Issue 10 on page 42, for an article about 2019 year-end tax reviews relating to the agriculture industry.
“As we near the end of the second year of the Tax Cuts and Jobs Act (TCJA) of 2017, many of the questions we had at this time last year have been answered, but there are still some questions that remain. The most extensive piece of the Tax Cuts and Jobs Act was IRC Section 199A, commonly referred to as the qualified business income (QBI) deduction. In recap, the QBI deduction is a deduction of 20 percent of the net qualified business income from taxable income for all taxpayers other than C Corporations. There are, however, phaseouts for the QBI deduction for 2019, starting with taxable income as follows: married filing jointly $321,400, married filing separately $160,725, and single/head of household $160,700.”
ABOUT THE AUTHOR
CURTIS THOMPSON + TAX DIRECTOR
Curtis Thompson is a Tax Director at Lutz with over seven years of experience in public accounting. His experience includes tax planning, consulting and compliance for individuals and closely-held businesses with a focus in the agriculture industry.
AFFILIATIONS AND CREDENTIALS
- Amerian Institute of Certified Public Accountants, Member
- Nebraska Society of Certified Public Accountants, Member
- Certified Public Accountant
- BSBA, Peru State College, Peru, NE
- Hastings Give Day, Volunteer
- Our Lady of Assumption Catholic Church, Member
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