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Section 199A Comments.pdf

Treasury-Comments-10-1-18-Final-1.pdf

🔗 Source: s-corp.org

📊 Size: 362 KB

👤 Author: Brian Reardon

⬇️ Downloads: 67

Summary

The S Corporation Association comments on the IRS Notice of Proposed Rulemaking for the Qualified Business Income Deduction, REG-107892-18, and appreciates the opportunity to provide feedback. The association believes that broad access to the Section 199A deduction is essential to balance the tax treatment of pass-through businesses with the new 21% tax rate for C corporations. They argue that the proposed rules are a good start, but require improvements to ensure the statute is applied fairly and broadly. The association provides recommendations, including allowing business owners to aggregate multiple business entities when calculating the Section 199A deduction, and suggests that the 50% ownership requirement for aggregation is not necessary and may be harmful in certain cases. They also request that the proposed rule allow for aggregation of unprofitable trades or businesses, including their W-2 wages and qualified property, when calculating the 199A deduction.

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Description

The S Corporation Association comments on the IRS Notice of Proposed Rulemaking for the Qualified Business Income Deduction, REG-107892-18, and appreciates the...

Technical Information

File Format: PDF
File Size: 362 KB
Pages: 9
Language: EN
Author: Brian Reardon
Total Downloads: 67
Last Updated: 1 month ago

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