Tax,
Corporate
Feb. 20, 2018
What you need to know about the new pass-through deduction
The recently enacted Tax Cuts and Jobs Act institutes sweeping changes to the tax code on many levels, but one of the most significant adjustments is the new Code Section 199A
Phil Jelsma
Partner and Chair of the Tax Practice Team
Crosbie Gliner Schiffman Southard & Swanson LLC (CGS3)
Email: pjelsma@cgs3.com
Phil is chair of the tax practice team at CGS3. He is recognized as a leading joint venture and tax attorney, with a 30-year background in real estate exchange transactions, syndications, nonprofit corporations and international tax planning.
The recently enacted Tax Cuts and Jobs Act institutes sweeping changes to the tax code on many levels, but one of the most significant adjustments is the new Code Section 199A which provides for a 20 percent deduction on certain qualified business income earned by pass-through entities such as sole proprietorships, partnerships, LLCs and S corporations. This deduction reduces the effective maximum tax rate on eligible pass-through income from 37 to 29.6 percent and is...
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