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...

The law formerly known as the Tax Cuts and Jobs Act of 2017 made significant changes to tax deductions for individuals, which can adversely affect some married couples compared to their unmarried counterparts. The article discusses the state and local tax deduction (the same $10,000 annual limit...

With the continuous upgrading of industrial technology and information technology, consumers can deeply participate in the whole life cycle of products and realize customized production. These unprecedented changes have brought consumers and manufacturers closer together, resulting in the...

The Tax Cuts and Jobs Act enacted new section 461(l), which generally limits an individual's deductions for some business losses. For a tax provision that is expected to raise $150 billion of federal revenue over 10 years (more than global intangible low-taxed income (GILTI) or the base erosion...

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 code limits some deductions to a fixed percentage of the taxpayer’s taxable income, such as for business interest deductions, net operating losses (NOL), foreign derived intangible income (FDII), global intangible low-taxed income (GILTI), charitable contributions, and so on. When...

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,...