The American Institute of CPAs wants the IRS to loosen requirements for small real estate outfits seeking to qualify for the 2017 tax overhaul’s 20 percent write-off for pass-through business income.
The government should require taxpayers to spend fewer hours providing rental services and follow less-cumbersome documentation requirements to become eligible for the deduction, the AICPA said in a letter to the Internal Revenue Service and Treasury Department.
- The IRS issued final rules (T.D. 9847) in January addressing a new 20 percent deduction for income stemming from pass-through businesses, such as partnerships and limited...
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