The Internal Revenue Service will likely issue further guidance on the rule that affects how pass-through entities are taxed under the new federal tax law by late summer or early fall, the agency’s top official said Monday.
David Kautter, the acting IRS commissioner and Treasury assistant secretary for tax policy, said the IRS was working to provide answers surrounding this provision of the rule, Internal Revenue Code § 199A, in the wake of the federal tax overhaul. The guidance is essentially being built from the ground up.
Until then advice to client should be limited. If late summer means early fall...will there be any time to plan?
David Kautter, the acting IRS commissioner and Treasury assistant secretary for tax policy, said the IRS was working to provide answers surrounding this provision of the rule, Internal Revenue Code § 199A, in the wake of the federal tax overhaul. The guidance is essentially being built from the ground up.
Until then advice to client should be limited. If late summer means early fall...will there be any time to plan?
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