The IRS has issued proposed regulations for Section 199A. This is the piece of the tax reform legislation which we all refer to as the Tax Cuts and Jobs Act of 2017, a/k/a TCJA.
I have been busy today with an ASC 740-10 memo (the old FIN 48) for a fiscal year client so I haven’t had time to do much more than print out the proposed regulations and flip through the pages. However, there are a lot of professional tax writers who are doing a great job at digesting the information and interpreting them into regular English. This post is my accumulation of great articles which you should read to get up to speed quickly on this complex topic.
I usually build these lists for myself because otherwise I end up with too many disorganized bookmarks. Since these might be helpful, I am sharing them with everyone.
The actual text of the regulation: IRS Regulation 107892-18.
Notice 2018-64 which provides guidance on computing W2 wages.
IRS FAQs on the regulations.
I’ll be adding to this list as I find them or you refer them to me:
- IRS Issues Proposed Regulations On Section 199A Deduction For Solos & Pass-through Businesses – Start with this one from Kelly Erb, who writes for Forbes and goes by the twitter handle @TaxGirl
- Treasury, IRS issue 199A business tax deduction guidance – Kay Bell (@TaxTweet) is an Austinite who has a great blog on taxes called Don’t Mess with Taxes. You should know that anyone clever enough to combine Texas and Taxes gets my attention right away!
- IRS Provides Guidance on 20% Pass-Through Deduction, But Questions Remain – by Tony Nitti on Forbes (@nittiaj). Tony wrote the first in-depth analysis of this law when it was first released and he’s done it again with this write-up. This is a long read, textbook like analysis of the proposed regulations.
- IRS Targets Loopholes for $415 Billion Business Owner Tax Break – from Lynnley Browning & Ben Steverman
- Who Gets a New 20% Tax Break? The Treasury Dept. Speaks, and Trump May Save – from Jim Tankersley on the New York Times.
- IRS Cracks Down on the ‘Crack and Pack’ – from Ruth Simon and Laura Saunders on the Wall Street Journal.
- Jeff Levine posted a thread of his observations, I’m not sure if this link will work since I’ve never tried linking to a thread before. Here goes nothing: Link to thread.
- Pass Through Regulations – a post to Medium by David Kamin
- Scott Greenberg (formerly from the Tax Foundation) have also posted a thread of his observations.
- Qualified Business Income Deduction Regs Proposed – Sally Schreiber has posted a summary on the Journal of Accountancy website.
- Summary of Proposed IRS Guidelines for Pass-Through Business Entities – Lee Reams, EA from TaxBuzz.com gives his take on proposed regulations.
- IRS Issues Proposed Regulations on Which Taxpayers May Rely on Section 199A – by Ed Zollar, CPA from Kaplan Tax Developments.