The new Qualified Business Income Deduction under Code Section 199A is one of the most talked-about changes signed into law as part of the Tax Cuts and Jobs Act. This is a new provision of the Code that, on the surface, will allow owners of pass-through entities (partnerships, s-corporations, sole proprietorships, etc.) a 20% deduction against the income from their business. C corporations and their shareholders do not qualify for this deduction, nor do employees.
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