The IRS issued proposed regulations on the new 20 percent deduction for pass-through business income. The deduction was established as part of the Tax Cuts and Jobs Act of late 2017 and will be reported starting on 2018 tax returns. Some points to note about the deduction:
For details see Rudler PSC e-tip Proposed Regulations for New Pass-Through Deduction. This new law has many caveats and limitations so if you have any questions how this will affect you and your particular tax situation please contact a member of our tax department 859-331-1717.