New Pass-Through Rules Could Add $1.3 Billion In Compliance Costs
Earlier this week, the Internal Revenue Service (IRS) issued proposed regulations for Section 199A, a key element of the Tax Cuts and Jobs Act. The section 199A deduction, sometimes called the pass-through deduction, allows sole proprietors and owners of pass-through businesses a deduction of up to 20% on business-related income to bring the overall rate lower. If…