Tax Law's Accounting Rules Lack Clear Definitions

Provisions of the new tax law have several definitional issues that concern businesses, which can lead to accounting problems, Michael Resnick, an associate at Eversheds Sutherland LLP, told Bloomberg Tax.

Tax code Section 199A, a new provision of the 2017 tax act, intends to provide a significant deduction to individuals and pass-throughs that are engaged in certain kinds of business and trade. But it fails to define the terms "business" and "trade."