199A

The Small Business Tax Deduction: Impact of Proposed Section 199A Regulations on Life Insurance Businesses

Topics: 199A

The Treasury Department and IRS recently released proposed regulations regarding the 20% tax deduction for income earned by owners of passthrough businesses that was enacted in the Tax Cuts and Jobs Act of 2017 (TCJA). The proposed guidance regarding the provisions of section 199A of the tax code is lengthy and complex, and there are…