The IRS issued guidance on the new Sec. 199A deduction for qualified business income in the form of proposed regulations and a separate notice on how to calculate W-2 wages for those purposes.
Source: Journal of Accountancy
Archives for August 2018
Who Gets a New 20% Tax Break? The Treasury Dept. Speaks, and Trump May Save (via nyti.ms)
Spa owners and authors appear eligible for the new break for professionals, along with some of President Trump’s real estate entities. Doctors, however, are out of luck.
Source: nyti.ms