02/09/2018 | News release | Distributed by Public on 02/09/2018 07:57
According to OMA Connections Partner, Clark Schaefer Hackett: 'Small business owners received a substantial benefit with the passage of the Tax Cuts and Jobs Act in December 2017. Owners of pass-through entities, including shareholders in S corporations, partners in partnerships and sole proprietors, are now eligible for a 20% deduction on 'qualified business income.' Not all income qualifies for the deduction, however. One type of income, guaranteed payments, is not eligible for the deduction. But careful analysis to ensure that items are correctly classified, as well as possible restructuring of this income, could allow organizations to benefit from the new deduction.'
Read more from CSH here. 2/7/2018