Tax Reform & Section 199A: What The Qualified Business Income Deduction Means To Business
Overview
The 2017 Tax Cuts and Jobs Act included many provisions of interest including the Section 199A deduction (also known as the deduction for qualified business income) applicable to pass-through entities and their owners for tax years beginning after December 31, 2017. In this bulletin we share an overview to the deduction, however, calculating and applying the limitations and exclusions is complex. As always, we encourage you to contact your Perkins & Co advisor for assistance in your particular situation.