IRS Publishes Final Guidance On The 20% Pass-Through Deduction: Putting It All Together
It was less than 13 months ago that Congress dumped 500 pages of sloppy statutory language on the Service in the form of the Tax Cuts and Jobs Act, and somehow, in that span the IRS has managed to provide final regulations on the most controversial, convoluted and complicated provision of the new law: Section 199A, better known as the “20% pass-through deduction.”
Before final regulations could be published, a LOT had to happen. As 2018 tax filing season is to begin on January 28th, the IRS published 274 pages of final regulations — along with two key Revenue Procedures — yesterday afternoon. A Herculean effort, indeed.
To see what those final regulations have to say, follow original Story at Forbes.