The IRS is expected to issue proposed guidance on some questions related to the 20% deduction on income for passthrough entities. As the 20% deduction has a significant effect on the value of a passthrough entity, stay tuned for proposed guidance by the end of July.
The IRS could issue guidance on the new Code Sec. 199A passthrough deduction in a couple of weeks, Acting IRS Commissioner David Kautter has reportedly said. Kautter, speaking on June 8 at the University of Virginia 70th Annual Conference on Federal Taxation, announced that the release of the proposed regulations would likely be earlier than originally expected. Previously, Kautter estimated that the IRS would release the passthrough deduction guidance sometime in July