The law formerly known as the Tax Cuts and Jobs Act of 2017 created a 20% deduction for income from certain passthrough businesses. The deduction, under new section 199A, is broadly available for lower income taxpayers, but that greater availability is gradually phased out for higher income...

Two cases decided in late 2018 confirmed that taxpayers must pay federal income tax on their gross income from marijuana businesses, with zero allowed deductions, even if the businesses are legal under state law. A lesser-known effect of the Tax Cuts and Jobs Act of 2017 is that many taxpayers...

The tax reform and simplification law known as the Tax Cuts and Jobs Act enacted the section 199A passthrough business income deduction, which generally provides a 20 percent deduction for some types of income from 2018 through 2025. Owners of sole proprietorships, partnerships, S corporations,...