New Section 199 list describes exclusions — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily
Under Section 199, a company can claim a deduction of 9% of income from domestic production activities. The deduction is available to traditional manufacturing firms as well as certain others. But now the IRS Large Business and International (LB&I) division has issued a directive listing several activities that don’t qualify for the Section 199 deduction. (LB&I-04-0315-001, 3/16/15)
The IRS says too many employers misunderstand which fringe benefits are taxable and how they should be reported for payroll purposes. That's resulted in a major tax gap, the IRS says. And the agency is on a mission to get that money back from you!...Click here to find out more.