AICPA Requests Guidance from IRS on Revised Section 199A

The American Institute of CPAs has requested immediate guidance from the IRS and Treasury Department on the deduction for qualified business income of pass-through entities.

This new section of the Internal Revenue Code was created in the recent tax reform act, and it affects taxpayers and practitioners. Section 199A is one of the areas in the new law that has generated the most questions among practitioners.

The AICPA’s letter highlights six (6) issues that are of immediate concern, along with other issues that need IRS guidance.