Ukrainian Law Blog
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Tuesday, January 2, 2018
U.S. Tax Reform: A Golden Ticket for Partnerships and S Corporations?
On December 22, 2017, the president signed the Tax Cuts and Jobs Act (the “Act”). While the Act will impact many taxpayers, some of the more significant changes relate to how individuals and other non-corporate taxpayers are taxed on income from certain types of businesses and investments. Chief among these is the so-called “pass-through” deduction, sometimes referred to as the “
Super 199 deduction
” for its section number (new section 199A) in the Internal Revenue Code of 1986, as amended (the “
Code
”). Although there are significant ambiguities in the Act and material limitations on who may benefit from the Super 199 deduction and to what extent, the Super 199 deduction should be helpful for many taxpayers operating a business as a sole proprietor or through a partnership or S corporation. With careful tax planning, other taxpayers may be able to benefit as well.
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