Corporate Taxes, Tax Deductions, Section 199

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

New Proposed Regulations Clarify What Constitutes Qualified Business Income

Dentons on 9/18/2018

Proposed regulations for the Qualified Business Income (or QBI) deduction were recently released which helped to further define and make rules on this new tax incentive for certain business owners. What is QBI? In order...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

A Comparison of the House and Senate Tax Bills

Holland & Knight LLP on 11/13/2017

It has been a busy week in Washington, D.C., as Congress works its way through tax reform. The House Ways and Means Committee completed its "markup" of the House bill this week, paving the way for a floor vote on the measure...more

Republicans Announce Tax Reform Framework, Which Includes Repealing Estate Tax

Lowndes on 10/5/2017

After months of speculation, President Trump and the Republicans have announced their framework for tax reform. While specific details are not known, the key elements of the framework include...more