IRS Issues Extensive Guidance to Help Clarify Calculation of the Section 199A Deduction

In January, the IRS issued eagerly anticipated guidance on the qualified business income (QBI) deduction under Code Sec. 199A in final regulations, proposed regulations, and Rev. Proc. 2019-11. Code Sec. 199A generally provides a 20 percent deduction for qualified business income (QBI) from sole proprietorships, S corporations, partnerships, and LLCs taxed as partnerships. Thus, the […]