New IRS 199A Regulations Benefit Out-of-Favor Service Businesses

The recently passed tax reform law included the new Section 199A deduction,generally referred to as the 20% income reduction.  The law raised many questions regarding its implementation for “out-of-favor service businesses” such as: physicians, dentists, CPA’s and attorneys.  As is often the case with new tax laws, the application is a work in progress and the IRS recently released new regulations to assist with its implementation.  The attached article New IRS 199A Regulations Benefit Out-of-Favor ServiceBusinesses provides a current synopsis regarding the application of the law to impacted professions.  The deduction can be significant to professional practices and with the proper understanding and planning your practice may qualify.  If you have any questions, please don’t hesitate to contact me.Lee Pennington, CPA     Email: lee@cpapennington.com or at 678-999-3800.

Lee Pennington, CPA     Email: lee@cpapennington.com or at 678-999-3800.