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
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
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