By: Dan Thrailkill
When the Tax Cuts and Jobs Act was passed in a whirlwind vote at the end of 2017 there were significant questions that arose regarding the implementation of the new law. One of the biggest sticking points was the “20% deduction” under IRC 199A. It took the IRS a little over seven months to officially comment. On August 8th, 2018 the IRS issued proposed regulations to help explain this deduction. The proposed regulations were a short, easy read of 184 pages. Here are five highlights:
Click here for a print-friendly PDF: 5 Things You Need To Know: The 20% Deduction
DANIEL J. THRAILKILL, CPA is a director in Ellin & Tucker’s Tax Department with nearly two decades of tax planning, compliance and consulting expertise. He is one of the firm’s foremost advisors regarding tax-efficient investment strategies and financial tools designed to meet the needs of privately held business across a multitude of industries, as well as high net-worth individuals. He can be reached at firstname.lastname@example.org.