Clarity on 199A: Be Informed and Prepared

The U.S. Treasury issued proposed regulations in August intended to clarify the newly enacted Section 199A, a complex tax code section that allows a tax deduction of up to 20% of the income from many types of domestic businesses. This new deduction is expected to impact millions of taxpayers. The proposed regulations address many questions raised by the new law, and although the regulations are only in proposed form, taxpayers are permitted to rely on them until final regulations are issued. Get answers from CohnReznick subject matter experts here.