Up to 20% Deduction

Up to 20% Deduction. IRS released Final Sec. 199A Regulations late January 2019. Get a summary of changes in Sec. 199A final regulations with your subscription to SoundCPA Insights for Business including a new safe harbor for rental real estate businesses and how an independent contractor may still qualify for Section 199A when contracting back to a previous employer.

199A is available to individuals, as well as some estates and trusts. Not available for C corps. 2018 taxable incomes below $315,000 for married filing joint and $157,500 for others. Deductions for taxpayers with higher incomes may be limited. Taxpayers may still rely on the proposed regulations for 2018. Which is best for your situation? SoundCPA Insights Financial & Tax Reporting