By clarifying the terms of its rule implementing statutorily mandated pass-through tax deductions for institutions covered under Subchapter S of the Internal Revenue Service code, the Treasury Department addressed concerns raised by community bank advocates after the release of its previously proposed rule on the matter.
Subchapter S banks and other pass-through entities are allowed to take a 20 percent deduction on “qualified business income” under Section 199A of the Tax Cuts and Jobs Act.
Find out what concerns related to the rule still need to be addressed.