As part of the Tax Cuts and Jobs Acts passed in December of 2017, IRC Section 199-A was created, which allows owners of small businesses — including partners, owners of S corporations and sole ...
The ambitious legislative proposal, known as the 'One Big, Beautiful Bill,' is currently under scrutiny in the U.S. Congress. Spearheaded by President Trump, this bill promises to bring about ...
Most attorneys, accountants, and other professionals operate as unincorporated sole practitioners, or through partnerships and limited liability partnerships (LLPs), making them owners of pass-through ...
A significant but complicated tax deduction for business owners that could expire at the end of next year has delivered savings for some — especially the wealthiest owners. Its impact on jobs and ...
Editor’s note: The IRS issued final regulations under Sec. 199A on Jan. 18. For coverage, see “Qualified Business Income Deduction Regs. and Other Guidance Issued.” The article below has been updated ...
New Sec. 199A, enacted by P.L. 115-97, known as the Tax Cuts and Jobs Act (TCJA), provides taxpayers a deduction of up to 20% of qualified business income (QBI) earned from a business operated as a ...
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