Time Captis Helps You in the Section 199A Final Regulations in the USA

Time Captis can help you with Part C of the Section 199A Final Regulations in the USA. On January 18, 2019, the IRS and U.S. Department of the Treasury (Treasury) released the final regulations under Internal Revenue Code (IRC) Section 199A, i.e., the qualified business income (QBI) deduction.

Notice 2019-07, which was concurrently released with the final regulations, provides a proposed safe harbor under which a rental real estate enterprise may be treated as a trade or business for purposes of Section 199A. To qualify for treatment as a trade or business under this safe harbor, the rental real estate enterprise have to satisfy some requirements during the taxable year including maintaining of separate books and records to reflect income and expenses for each rental real estate enterprise; 250 or more hours of rental services and maintaining time reports, logs, or similar documents.

Time Captis can help you with Part C that requires you to maintain contemporaneous records, including time reports, logs, or similar documents. As a Subscriber of Time Captis, you can maintain, view and generate the Collective Productivity Report that provides you with an overview of the total time and the time spent by you and your Users on all services performed, the description of all services performed; dates on which such services were performed; who performed the services and whether it is billable or non-billable.

The filters allow you to generate customized reports based on individual Users and date range. You can download the report easily and analyze the data for various purposes including billing and invoicing and can make it available for inspection at the request of the IRS.

If you do not have an account, sign up for Time Captis for free. If you don’t already have Time Captis app, you can download the same for Android and iOS and can start using them in your latest smartphones

If you have any questions about how to use Time Captis, check out our Help Resources – we have exhaustive documentation and online help resources available, to help you get started.

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