The Tax Cuts and Jobs Act, the most comprehensive tax legislation in the past 30 years, has brought about many changes and opportunities for business owners to consider. One big change is the Section 199A – 20% deduction for Qualified Business Income (QBI). QBI generated through sole-proprietors, and pass-through entities (partnerships, S corps, and certain LLCs) may present some restructuring opportunities. The Treasury Department and IRS just released proposed regulations interpreting this new 20 percent deduction under Section 199A.
Adam Sweet, JD, Principal
Mac Stevens, CPA
Todd Laney, CPA, Manager
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