IRS Form: Schedule C Instructions for Form 1040 Released (IRC §162)

Revised Instructions for Form 1040, Schedule C, Profit or Loss from Business (2018), released November 30 with changes made to reflect the 2017 tax act, Pub. L. No. 115-97. The instructions note changes to deductions and credits, including the tax code Section 199A pass-through entity deduction for qualified business income, excess business loss limitation reported on Form 461, the expanded allowance of the cash method of accounting for small businesses, the business interest expense limitation under Section 163(j), and the elimination of the deduction for entertainment expenses. The instructions also note the current expiration of ...