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Qualified Business Income Regulations Update

August 8, 2018
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Qualified Business Income Regulations Update

Last May, Acting IRS Commissioner David Kautter was quoted as saying the IRS will issue guidance on the new Code Section 199A Qualified Business Income deduction in July. We recently learned that these proposed regulations were sent to the Office of Management and Budget (OMB) for review on July 23rd or July 24th. If the OMB does an expedited 10-day turnaround, OMB might finish its review by August 3rd or 4th, which assumes no back and forth for fine-tuning. However, given the complexity of these new regulations and that OMB has taken 31 to 60 days to review other regulations, we may not see this much need guidance for another month or two.