![]() 8, 2018 ( REG- 107892- 18), while also soliciting comments for a public hearing that was held on Oct. Since the law was enacted, the IRS issued proposed regulations on Aug. Unlike the qualified business income (QBI) deduction, the corporate rate change is permanent, and the TCJA also eliminated the alternative minimum tax (AMT) for corporations (TCJA §§1301 see also Notice 2018- 38). The new deduction was enacted to provide tax relief to small businesses that do not operate as C corporations, because C corporation tax rates were significantly reduced under the TCJA, from graduated rates with a top rate of 35% to a flat rate of 21%. 199 domestic production activities deduction. 199A deduction replaces the now- repealed Sec. It provides a deduction of up to 20% of income from a domestic trade or business operated as a sole proprietorship or through a partnership or S corporation, trust, or estate, for tax years beginning after Dec. 22, 2017, as part of the law known as the Tax Cuts and Jobs Act (TCJA), P.L. and Other Guidance Issued.” The article below has been updated to reflect the final regulations. For coverage, see “ Qualified Business Income Deduction Regs. Editor’s note: The IRS issued final regulations under Sec.
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