Corporate Taxes, Section 199, IRS

IRS warns taxpayers using obsolete section 199 deductions

Eversheds Sutherland (US) LLP on 3/5/2021

On February 25, the IRS issued a warning to taxpayers seeking to secure missed domestic production activities deductions under the now obsolete section 199. The IRS maintains that a high percentage of such claims are not...more

Is calculating the 20 percent deduction for pass-through businesses simple?

Foodman CPAs & Advisors on 9/21/2018

Section 199A of the Internal Revenue Code provides Individual Taxpayers a deduction for the Qualified Business Income (QBI) of a qualified trade or business operated directly or through a pass-through entity....more

Bracewell Tax Report - September 2018 #2

Bracewell LLP on 9/20/2018

The Bracewell Tax Report is a periodic publication focused on developments in federal income tax law, including the recently enacted Tax Cuts and Jobs Act, with emphasis on how such developments impact the energy, technology...more

IRS Proposed Section 199A Regulations Would Limit Use Of "Crack And Pack" Planning

Roetzel & Andress on 9/6/2018

Section 199A was added to the Internal Revenue Code by The Tax Cuts and Jobs Act (“TCJA”), enacted in December 2017. It provides taxpayers, other than corporations, with an income tax deduction of up to 20% of Qualified...more

“The Proposed Sec. 199A Regs Are Here!”[*] Part One

Farrell Fritz, P.C. on 9/4/2018

What follows is the first in a series of posts that will review the long-awaited proposed regulations under Sec. 199A of the Code – the “20% deduction” – which was enacted by the Tax Cuts and Jobs Act to benefit the...more

Treasury and IRS Issue Proposed "Pass-Through Deduction" Regulations

Proskauer Rose LLP on 8/24/2018

On August 8, 2018, the U.S. Department of the Treasury (the "Treasury") and the Internal Revenue Service (the "IRS") issued proposed regulations regarding the "pass-through deduction" for qualified trade or business income...more

Congress Releases Revised Conference Bill on Tax Reform - A Look at How It Compares with Earlier House and Senate Bills

Holland & Knight LLP on 12/20/2017

Congress released the "Tax Cuts and Jobs Act" on late Friday evening, Dec. 15, 2017. This version of the bill is the result of a conference committee process to marry the different bills previously passed by the U.S. House of...more

Corporate Taxes › Section 199 › Internal Revenue Service