News & Analysis as of

Section 199 Corporate Taxes

Eversheds Sutherland (US) LLP

IRS warns taxpayers using obsolete section 199 deductions

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

Farrell Fritz, P.C.

Trusts And The Section 199A Deduction

Farrell Fritz, P.C. on

If there was one part of the Tax Cuts and Jobs Act (“TCJA”) that estate planners were especially pleased to see, it was the increase in the basic exclusion amount from $5.49 million, in 2017, to $11.18 million for gifts made,...more

Foodman CPAs & Advisors

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

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 LLP

Bracewell Tax Report - September 2018 #2

Bracewell LLP on

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

Dentons

New Proposed Regulations Clarify What Constitutes Qualified Business Income

Dentons on

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

Farrell Fritz, P.C.

The Section 199A Deduction . . . And M&A?

Farrell Fritz, P.C. on

I realize that the last post began with “This is the fourth and final in a series of posts reviewing the recently proposed regulations (‘PR’) under Sec. 199A of the Code” – strictly speaking, it was. Yes, I know that the...more

Roetzel & Andress

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

Roetzel & Andress on

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

Farrell Fritz, P.C.

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

Farrell Fritz, P.C. on

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

Proskauer Rose LLP

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

Proskauer Rose LLP on

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

McGuireWoods LLP

It’s a Fixer-Upper

McGuireWoods LLP on

A technical corrections bill is still all talks at this point. Congressional tax writers are unlikely to drop a bill until the Joint Committee on Taxation (JCT) issues its bluebook. Even if a package of corrections is...more

Baker Donelson

Major Changes in Taxation of Business Under Tax Cuts and Jobs Act: Is Pass-Through Right for You?

Baker Donelson on

Effective for tax years beginning in 2018, the tax rates for C corporations will be reduced from 35 percent to 21 percent. The stated top rate for individuals, trusts and estates, including owners of pass-through businesses,...more

Holland & Knight LLP

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

Holland & Knight LLP on

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

Proskauer - Tax Talks

The Senate Finance Committee’s proposal for tax reform, and how it compares with the bill passed by the House Committee on Ways &...

Proskauer - Tax Talks on

UPDATE: The Senate Finance Committee last night released a revised version of the Chairman’s Mark of the Tax Cuts and Jobs Act. We are reviewing these changes and will release an update soon... On Thursday, November 9, the...more

Holland & Knight LLP

A Comparison of the House and Senate Tax Bills

Holland & Knight LLP on

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

Lowndes

Republicans Announce Tax Reform Framework, Which Includes Repealing Estate Tax

Lowndes on

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

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