IRS proposes deductions for “pass through” businesses
WASHINGTON — Aug. 8, 2018. The Internal Revenue Service issued proposed regulations today for a new provision allowing many owners of sole proprietorships, partnerships, trusts and S corporations to deduct 20 percent of their qualified business income. The new deduction... Read More →
Tax Cuts and Jobs Act
Below are answers to some basic questions about the new 20-percent deduction for pass-through businesses. Also known as the section 199A deduction or the deduction for qualified business income, the deduction was created by the 2017 Tax Cuts and Jobs... Read More →
Qualified business income deduction regs proposed
Journal of Accountancy, August 2018 — The IRS issued proposed regulations on Wednesday regarding the qualified trade or business income deduction under Sec. 199A, which was enacted by P.L. 115-97, the law known as the Tax Cuts and Jobs Act... Read More →