One of the most profound changes brought about by the Tax Cuts and Jobs Act of 2017 was the introduction of Section 199A, the Qualified Business Income Deduction, also referred to as the 20% of pass-through income deduction. In the first part of this blog, Sharrard, McGee & Co., PA Tax Manager, Doug Brown, CPA, CGMA gave an overview of Section 199A. In this second part, he identifies exceptions and limitations to the tax code based on the income of the shareholder, member, and partner.
If you have questions about Section 199A or any other changes resulting from the enactment of the TCJA, please call your tax advisor at Sharrard, McGee & Co., PA. Doug and the other experienced members of our team are happy to provide the most timely information to help you understand the nuances of the new law as we prepare your individual or business tax returns. Call us at (336) 884-0410 in High Point or at (336) 272-9777 in Greensboro.