New IRC Section 199A – Qualified Business Income Deduction

Sec. 199A was enacted as part of the Tax Cuts and Jobs Act. It provides a deduction of up to 20% of income from a domestic trade or business operated as a pass-through entity. This new deduction was enacted to provide tax relief to small businesses that do not operate as C corporations. Please read more to find out if you can benefit from the deductions provided by Sec. 199A.