On March 7, 2018, David J. Kautter announced that official guidance on the qualified business income deduction will not be available until the late summer or early fall. Mr. Kautter was responding to a letter dated February 21, 2018 from the American Institute of CPA’s (“AICPA”) requesting immediate guidance to resolve the many ambiguities in the qualified business income deduction (Section 199A).
Taxpayers and their tax advisers, however, are not willing to wait for reliable guidance until the late summer or early fall. We have therefore posted to our website our own article entitled The Qualified Business Income Deduction (Section 199A): Interim Guidance. Our article discusses how Section 199A “works” and how it might be applied in a number of different circumstances. Our article joins a similar article by Tony Nitti, CPA that was recently published on Page 224 of the April 2018 edition of The Tax Adviser. These two articles were both informed by the AICPA letter dated February 21, 2018, but were otherwise written independently. Thus, these two articles provide tax practitioners with reliable but unofficial interim guidance on the qualified business income deduction.
M. Robinson Tax Law is located in the heart of Boston’s Financial District. Our firm emphasizes tax planning, tax audit defense and tax compliance for closely-held businesses and individuals. Attorney Morris N. Robinson looks forward to consulting with business owners and their legal, accounting and tax advisers on how they can minimize United States income taxes using the new qualified business income deduction.