The IRS issued proposed regulations on August 8, 2018 that would implement and interpret the new Section 199A provisions enacted as part of the tax reform act. Section 199A generally allows eligible owners of “pass-through” entities (sole proprietors, LLC and partnerships for example) to take an extra 20 percent deduction from the income they receive from such entities.
Click here for a complete analysis of the proposed rules, including a brief summary of section 199A, and a more-detailed outline of how the proposed regulations address significant issues, prepared by our legal team at Steptoe & Johnson.
For more on this topic, see our alerts from August 8 and August 9.