Permanent Relief for Pass-Throughs? | Quick Tax Tip

The 199A deduction just got a second life — and a boost.

Quick Tax Tip
With Art Werner
CPE Today

When Section 199A was introduced under the 2017 Tax Cuts and Jobs Act, it was hailed as revolutionary. For the first time, owners of pass-through entities — partnerships, S corporations, and sole proprietorships — received a significant tax break meant to level the playing field after the corporate rate dropped dramatically.

• Click here for more Art Werner

“The idea was simple but powerful,” says tax guru Art Werner in the latest episode of Quick Tax Tip. “You lop off 20% of the income from flow-through businesses, making sure they weren’t left behind when C corporation rates fell.”

But that popular deduction — and many others tied to the individual provisions of the 2017 Act — was scheduled to sunset...Until now.