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Five steps for pass-through firms amid tax reform

August 9, 2018 Article 5 min read
Authors:
Kurt Piwko
There are steps that entrepreneurs need to take to figure out the tax implications regarding pass-through entities. Here's what to do now to avoid unwelcome surprises come tax season. Read more at CFO.com.

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Several months into the 2018 tax year, many business owners remain unclear about exactly how recent tax reform legislation will impact their bottom line. That’s especially true for pass-through firms that are unsure if they qualify for a significant deduction the law provides.

The new deduction was effective January 1, 2018, as part of the Tax Cut and Jobs Act. It provides a deduction of 20% on “qualified business income” earned from pass-through entities, codified as Internal Revenue Code Section 199A.

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