Tax Alert: Proposed Regulations Issued for the 20% Qualified Business Income Deduction
On August 8, 2018, the Treasury Department and the IRS issued proposed regulations that provide guidance on Code Section 199A (added by the Tax Cuts and Jobs Act), which permits certain taxpayers a deduction up to 20% of their Qualified Business Income (“QBI deduction”). Qualified Business Income is income from either a pass-through entity (i.e.…
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