Recently, proposed regulations were issued to provide some clarity concerning the new Section 199A deduction.
As part of the Tax Cuts and Jobs Act, which became effective as of the beginning of this year, this new deduction generally provides a 20 percent deduction for a pass-through businesses (primarily partnerships and LLCs taxed as partnerships, S Corporations, Sole Proprietorships and single member LLCs) that generate Qualified Business Income (QBI). This deduction is taken at the individual level and is allowable after one takes the greater of their itemized deductions or the standard deduction.
QBI does not include wages earned by an employee, guaranteed payments paid to a partner or reasonable compensation paid to an S Corporation shareholder.
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Business Income (QBI) deduction under the Tax Cuts and Jobs Act (TCJA.) One of the weaknesses of the QBI provision of the TCJA was a lack of clarity in section 199A, which allows some taxpayers with pass-through businesses (e.g. LLCs and S-Corps,) to deduct 20% of their qualifying income.
marriage in the United States is 11 years. Divorce is a reality and there are some important things you need to know from a financial and tax perspective.
change their withholding under the Tax Cuts and Jobs Act (TCJA). 
organizations since the passage of the Tax Cuts and Jobs Act (TCJA) in December of 2017. Under the TCJA, the payment of Qualified Transportation Fringes (QTFs) by not-for-profit organizations falls under unrelated business taxable income (UBTI) and is subject to a tax of 21%. 
The tax code is long and complicated and oftentimes, taxpayers do not know what deductions or credits are available, which means they cannot take advantage of possible savings.
