Bloomberg Tax
Jan. 18, 2019, 7:30 PM UTCUpdated: Jan. 18, 2019, 8:29 PM UTC

IRS Issues Four Sets of Pass-Through Deduction Guidance (Corrected)

Siri Bulusu
Siri Bulusu
Reporter

Pass-through entities like partnerships and S corporations now have more certainty on how to qualify for a new 20 percent tax deduction on certain types of income.

The Internal Revenue Service issued final rules on how pass-through entities can aggregate income with costs to qualify for the new deduction under Section 199A of the tax code, created in the 2017 tax overhaul. Proposed regulations were released in August (REG-107892-18).

The IRS also released proposed regulations (REG-134652-18) on the treatment of previously suspended losses that constitute qualified business income and on determination of the deduction for taxpayers who ...

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