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Expert Analysis

A Close Look At IRS Proposed Pass-Through Deduction Rules

By Stephen Looney and Edward Waters (August 15, 2018, 5:52 PM EDT) -- On Aug. 8, 2018, the Internal Revenue Service issued proposed regulations under Section 199A of the Internal Revenue Code as enacted by the Tax Cuts and Jobs Act. The TCJA generally provides a deduction of 20 percent of an owner's allocable share of the "qualified business income," or QBI, from a sole proprietorship or pass-through entity, such as an S corporation, partnership, LLC taxed as a partnership. The proposed regulations address computational, definitional and anti-abuse guidance and are generally favorable to taxpayers....

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