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IRS regs on Sec. 199A look ‘taxpayer-favorable’

Source: accountingtoday.com - Aug 17, 2018

Long-awaited and highly anticipated proposed regulations for Code Section 199A, the new 20 percent deduction on “qualified business income” of pass-through entities, were released August 8 by the Treasury Department and the Internal Revenue Service, and experts are saying they're broadly taxpayer-friendly.

“The government did a good job of responding to practitioner concerns during the comment period,” said Jerry August, shareholder and chair of Philadelphia Federal Tax Practice at law firm Chamberlain Hrdlicka. “The regulations cover important definitional, computational and anti-avoidance guidance. There are still open issues, and the government has requested comments and scheduled a public hearing for Oct. 18, 2018.”

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Category: General Business