Tax Cuts and Jobs Act

Proposed Regulations to Section 199A Pass-Through Business Deductions

On August 8th, the IRS issued proposed regulations addressing the new Section 199A 20-percent deduction for pass-through business. Section 199A of the Internal Revenue Code provides owners of pass-through businesses, generally partnerships and S corporations, a deduction for qualified business income from a qualified trade or business. The new proposed regulations clarify some previously ambiguous sections… Read more »

Switching Accounting Methods Can Provide Instant Tax Savings For Manufacturers

As a manufacturer or distributor, you probably determine taxable income using the accrual method of accounting, but switching accounting methods from accrual to cash basis provides tax savings. In the past, anyone with inventory was generally required to file tax returns under the accrual method. The Tax Cuts and Jobs Act changed this requirement in… Read more »