Major tax changes were approved by Congress in the Tax Cuts and Jobs Act (TCJA) on December 22, 2017. Along with large corporations and individual taxpayers, small businesses will be impacted.
What is probably one of the most discussed and misunderstood aspects of the Act is the 20 percent deduction on qualified business income. While there a large number of items and changes in the TCJA, this particular deduction has caused both anticipation and consternation because of the language in the law.