IRS Issues Proposed Regulation on a New 20 Percent Deduction for Pass Through Businesses

The Internal Revenue Service (IRS) issued a proposed regulation on August 8, 2018 for a new provision know as Internal Revenue Code (IRC) Section 199A. Section 199A of the IRC allows many owners of sole proprietorships, partnerships, trusts and S corporations to deduct twenty-percent of their qualified business income. Please contact us to discuss how these changes affect your individual tax situation.