IRS Releases Draft of QBI Section of Publication 535

Tax Law and News IRS and tax professionals

On Dec. 19, the IRS released a draft of Publication 535, Business Expenses, which includes information related to the rules for determining the new qualified business income (QBI) deduction as part of the Tax Cuts and Jobs Act. Specifically, it covers the taxpayers who may take the QBI deduction, how to figure the deduction, coordination with other Code sections and special rules.

As a draft, this information is subject to change. If you wish, you can submit comments about draft or final forms, instructions, or publications at IRS.gov/FormsComments.

Please stay tuned for a further analysis of Publication 535 from Intuit® ProConnect™ experts.

Comments (9) Leave your comment

  1. Mike: Thanks for the opportunity to ask questions. I was reading draft of Pub 535. I did not see where Real Estate salespersons are subject to SSTB. Also what about Real estate Appraisors on SSTB. Thank you

    1. Hi Timm. You’re correct — in the Jan. 7 draft of Pub 535, real estate agents and brokers are not subject to SSTB. I don’t see real estate appraisers listed as an SSTB in the publication either.

  2. Probably wrong site but does anyone know if there is a bank that offers refund anticipation loans compatible with Pro Series? With the government shutdown, people may benefit from this service if we have to delay the start of the new tax season.

  3. Hello Mike:

    Good to know that you are working for Intuit. We are customers of Intuit since over 20 years.
    Can we ask any legal question to you if we need help to find legal solution for any tax related problem?

  4. Wow Mike you’ve worked there a long time! I work at a Jackson Hewitt and use Pro Series to do several out of my home.

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