On 8 August 2018, the U.S. IRS issued the proposed regulations for the 20% deduction of qualified business income for passthrough businesses introduced by the Tax Cuts and Jobs Act, as well as a notice on methods for calculating Form W-2 wages for purposes of the limitations on the deduction.
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WASHINGTON — The Internal Revenue Service issued proposed regulations today for a new provision allowing many owners of sole proprietorships, partnerships, trusts and S corporations to deduct 20…