IRS releases proposed regs under Section 199a
The Internal Revenue Service this week released the proposed regulations for Section 199a, the section of the new tax law that provides a 20 percent deduction for non-corporate businesses, such as partnerships, limited liability companies or sole proprietorships for farm and ranch businesses, also known as pass-throughs.
The proposed regulations could be beneficial for pass-through entities, but cash rent or crop-share landlords will not qualify for the new deduction, Sorghum Notes, a publication of the National Sorghum Producers, reported.
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The House Agriculture Committee Wednesday held a hearing on the impact of electric vehicles on rural communities and agriculture.