Proposed regulations were published in August 2018 to provide guidance useful in determining whether and to what extent an individual (including a trust or estate) is entitled to a deduction under section 199A with regard to trade or business income earned through a sole proprietorship, partnership, or S corporation.
KPMG has issued a detailed report that does the following:
- Provides an overview of the statute and the proposed regulations and certain implications for taxpayers.
- Focuses on provisions that likely will be welcomed by taxpayers because they favorably resolve some uncertainties raised by the statutory language and areas—including the anti-abuse rules—that take a less taxpayer-favorable approach
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.