Experience Level: Entry
1- A large majority of closely-held businesses are organized as pass-through entities, such as partnerships and Limited Liability Companies. With the new tax law changes, Congress aimed to give economic benefits and incentives to non-corporate owners of pass-through entities in the form of a new deduction (Section 199A) and lower taxes. Read “Tax Geek Tuesday: Making Sense Of The New ‘20% Qualified Business Income Deduction.”
2- While the new deduction (Section 199A) had serious potential to provide tax benefits to pass-through entity owners, as noted in the article above the statutes created more questions than answers. However, nearly one year after enactment, the IRS and U.S. Treasury released 184 pages of regulations providing additional clarity on Section 199A. Read “Tax Geek Tuesday: IRS Provides Guidance on 20% Pass-Through Deduction, But Questions Remain.”
3- After reading both articles, share your thoughts on whether the new 20% deduction in Section 199A is likely to have its intended economic effects. 3 pages font 12 times new roman.
Ahmed A.100% (3)
4 Apr 2020
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