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Section 199A S Corp Considerations

By Jason Watson, CPA
Posted Wednesday, November 1, 2023

Section 199A deduction also known as the Qualified Business Income Deduction (QBID) arises from the Tax Cuts & Jobs Act of 2017. This is a significant tax break for small business owners but there are rules and limits of course.

As with any major revision to the tax code, there will be modifications and interpretations which will change how Section 199A can be used for pass-through businesses such as S Corps and partnerships. On August 8, 2018, the IRS released Proposed Regulations 1.199A that introduced new definitions, procedures and restrictions. On January 18, 2019 the Treasury Department and the IRS released the final regulations for Section 199A after reviewing the comments from the proposed regulations.

Here is a quick list links to various things that we’ve put together for Section 199A enthusiasts-

wcginc.com/8323 Section 199A Final Regs (1.199A) PDF (Full)
wcginc.com/8326 Section 199A Final Regs (1.199A) PDF (Pertinent Pages)
wcginc.com/8313 Section 199A Tax Return Samples

Stay tuned to updates as additional guidance is released by visiting our blog-

wcginc.com/blog

Taxpayer’s Comprehensive Guide to LLCs and S Corps 2023-2024 Edition

LLC's and S Corps bookTaxpayer’s Comprehensive Guide to LLCs and S Corps 2023-2024 Edition This KB article is an excerpt from our 420+ page book (some picture pages, but no scatch and sniff) which is available in paperback from Amazon, as an eBook for Kindle and as a PDF from ClickBank. We used to publish with iTunes and Nook, but keeping up with two different formats was brutal. You can cruise through these KB articles online, click on the fancy buttons below or visit our webpage which provides more information.

Taxpayer’s Comprehensive Guide to LLCs and S Corps

Learn the latest tax updates and insights for small business owners in the 2023-2024 Edition.

LLC's and S Corps book

Kindle - Taxpayer's Comprehensive Guide to LLCs and S Corps

Learn the latest tax updates and insights for small business owners in the 2023-2024 Edition.

PDF - Taxpayer's Comprehensive Guide to LLCs and S Corps

Read about tax updates for small business owners in the 2023-2024 Edition, in an accessible PDF!

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