State responses to the new IRC Sec. 199A pass-through deduction differ. The IRC Sec. 199A deduction can be taken by individuals, trusts, and estates with income from: partnerships, S corporations, and sole proprietorships. The deduction is also known as the qualified business income deduction or QBID. Smart tax planning requires understanding these differences, maximizing the […]
The post State Response to IRC Sec. 199A Pass-Through Deduction appeared first on Tax & Accounting Blog.