2018 Tax Reform Update | Understanding the New "Qualified Business Income Deduction"
The Tax Cuts and Jobs Act of 2017 made significant changes to the Internal Revenue Code effective for tax years beginning after December 31, 2017. Among the changes is a new deduction for income from businesses operated as flow through entities. The deduction, often referred to as the Qualified Business Income Deduction (the “QBI Deduction”), is codified as Section 199A of the Code. This Tax Reform Update discusses the QBI Deduction and how it may affect your business.