The American Institute of CPAs made recommendations to the U.S. Department of Treasury and the Internal Revenue Service on Monday about the proposed rules regarding the deduction for qualified business income under section 199A of the Internal Revenue Code.
![]() The proposed guidance, issued Aug. 16, 2018, provides rules addressing how the regulation will affect individuals, partnerships, S corporations, trusts and estates engaged in domestic trades or businesses. In its letter, the AICPA outlined the 11 areas it believes to be the highest priority in needing guidance and included proposed answers. Those areas are:
The AICPA also included an appendix of other issues it believes impact qualified business income and need guidance. -Danielle Lee https://www.accountingtoday.com/news/aicpa-makes-recommendations-on-irs-and-treasurys-proposed-rules-for-qbi-deduction?utm_campaign=daily-oct%202%202018&utm_medium=email&utm_source=newsletter&eid=e824c393448fa665e9e55af0552c322a
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March 2020
CategoriesThe NY Accounting, Tax and Advisory Expert Blog |