• IRS is Prioritizing Certain Guidance Related to Pass-through Entities
  • February 16, 2018
  • As the IRS continues to work on guidance for the new tax legislation (formerly known as the Tax Cuts and Jobs Act), the agency is prioritizing certain complex provisions that relate to pass-through entities. In comments to the New York State Bar Association, Clifford Warren, special counsel to the IRS associate chief counsel, identified section 199A (qualified pass-through business income deduction) and section 163(j) (interest expense deduction limitation) as being high on the list for further guidance due to their complexity. Warren also indicated that section 1061 (carried interest rules) would not be a priority for guidance due to its limited impact.

    Read more: Tax Bill Triage Not Complete But Guidance Priorities Emerging