Dear Clients and Friends,
On December 22, 2017 the Tax Cuts and Jobs Act (the “Act”) was signed into law. The new tax law creates numerous tax-saving opportunities for businesses of all shapes and sizes. Notably, the new law carves out a brand new tax deduction for owners of pass-through entities and sole proprietors. This letter addresses the Section 199A deduction for qualified business income of pass-through entities and sole proprietors.
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