The Tax Cuts and Jobs Act of 2017 was a sweeping tax package that has brought significant tax changes to individuals and corporations. A cornerstone of the Act is the new deduction for “qualified business income” (QBI), also referred to as the “pass-through deduction.” The new law provides individuals, as well as trusts and estates, with a deduction generally equal to 20% of qualified business income from a pass-through entity, such as a partnership, LLC, S-corporation,
