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IRS Proposes New QBI Deduction Regulations

December 27, 2018

The U.S. Internal Revenue Service (IRS) issued proposed regulations regarding the qualified trade or business income deduction under Sec. 199A, which was enacted by P.L. 115-97, the law known as the Tax Cuts and Jobs Act (TCJA) (REG-107892-18). At the same time, it issued Notice 2018-64, which provides guidance on how to compute W-2 wages for purposes of the deduction, along with FAQ. Click here for more information.