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Wage limitation for section 199 deduction

โœ Scribed by Shirley Dennis-Escoffier

Book ID
102297008
Publisher
John Wiley and Sons
Year
2007
Tongue
English
Weight
81 KB
Volume
18
Category
Article
ISSN
1044-8136

No coin nor oath required. For personal study only.

โœฆ Synopsis

the IRS issued regulations and a revenue procedure providing guidance on the calculation of the W-2 wage limitation for the domestic production activities deduction. This new guidance addresses changes made by the Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA) and contains several safe harbor methods for determining the amount of wages allowable for companies whose operations include some activities that do not qualify for the deduction. A working knowledge of the wage limitation is particularly important to small businesses, as well as industries where the labor costs are relatively small compared to material and overhead costs.

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