The US Treasury has issued final rules and new draft guidance on small businesses eligibility for the 20 per cent pass-through deduction introduced by the Tax Cuts and Jobs Act 2017.
Between 17 and 40 million owners of sole proprietorship, partnerships, S-corporations, trusts and estates will be allowed to deduct up to 20 per cent of their qualified business income from their taxable income, if the latter is less than USD 157,500.