IRS releases proposed regs under Section 199a | TheFencePost.com

IRS releases proposed regs under Section 199a

-The Hagstrom Report

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.