On August 8, 2018, the IRS issued new guidance on the 2017 Tax Reform Act, and more specifically, on the eligibility and limitations of the 20% deduction for Qualified Business Income (QBI), also referred to as the “20% pass-through deduction”. The recent guidance offers taxpayers some clarity for 2018 tax planning, though areas of uncertainty still remain. This article expands on our previous MichaelSilver News Alert that introduced the QBI deduction in February 2018.
Eligibility and Limitations of the Deduction for Qualified Business Income