Guidance for cooperatives expected under section 199A | KPMG | US
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Separate guidance for cooperatives expected under section 199A

Guidance for cooperatives expected under section 199A

The U.S. Treasury Department and IRS today released proposed regulations (REG-107892-18) concerning a provision enacted under the new tax law that allows certain owners of sole proprietorships, partnerships, trusts, and S corporations to deduct 20% of their qualified business income.

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The IRS also released in connection with the proposed regulations a list of “frequently asked questions” (FAQs). According to the FAQs:

Q12. How do co-ops qualify for the 199A deduction?

A12. The IRS will be issuing separate guidance for co-ops.

 

Read more on TaxNewsFlash

 

For more information, contact KPMG’s National Director of Cooperative Tax Services:

David Antoni | +1 (267) 256-1627 | dantoni@kpmg.com

 

Or Associate National Director of KPMG’s Cooperative Tax Services:

Brett Huston | +1 (916) 554-1654 | bhuston@kpmg.com

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