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New IRS rules on pass-through

August 17, 2018 --


By National Small Business Association

On Aug. 8, the U.S. Treasury Department and Internal Revenue Service (IRS) released proposed regulations (REG-107892-18) concerning a provision enacted under the new tax law that allows certain owners of sole proprietorships, partnerships, trusts, and S corporations to deduct 20 percent of their qualified business income (QBI).

The IRS also released in connection with the proposed regulations a list of “frequently asked questions” (FAQs) and Notice 2018-64 as a proposed revenue procedure for guidance on methods for calculating W-2 wages for purposes of section 199A.



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