US IRS releases proposed
tax regulations for new 20% income tax deduction for owners of
businesses organized as pass-through entities (introduced through US Tax
Code legislated in December 2017) for stakeholders comments within 45
days; The regulations will affect individuals, partnerships, S
corporations, trusts, and estates engaged in domestic trades or businesses; As
a measure to prevent a tax loophole for wealthy Americans, the proposed
regulations also contain an anti-avoidance rule to treat multiple trusts as a
single trust in certain cases; For the purpose of claiming deduction,
‘qualified trade or business’ is proposed to exclude Specified service
trade or business (‘SSTB’), which is any business involving the
performance of services in the fields of health, law, consulting, athletics,
financial services, brokerage services
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