Updated Guidance on Sec 199A: The Qualified Business Income Deduction

The IRS finally issued its highly anticipated guidance on the new “QBI” deduction through a series of proposed regulations. The most significant detail in the regulations relates to which activities are considered Specified Service Trade or Businesses that may be completely phased-out of the deduction. The IRS includes specific examples of activities in each field that will or will not full under this category.

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