The IRS has released the long hoped for final regulations for the deduction under Section 199A. While most of the regulations were pretty much as expected, there are some surprises allowing taxpayers more freedom in how they calculate their maximum deduction under the Code.
However, not all of the news is good news and the broad anti abuse rules threaten to sweep up well meaning tax payers and deprive them of their full deduction for missing arbitrary deadlines. Even if you are not the type to engage in tax planning to lower your taxes, the new rules are poised to punish taxpayers who do not do minimal planning by sharply increasing their taxes.
As always, call or email P. Christopher Wegner at 239.499.9200 or firstname.lastname@example.org today for a free consultation as to how Section 199A will impact you.