IRS Reconsidering Parts of Pass-Through Write-Off Rules: Official

The IRS is re-evaluating some of the guardrails its proposed regulations would place on the 2017 tax law’s 20 percent write-off for pass-through businesses, an official said.

“There is a discussion around every single word,” Holly Porter, Internal Revenue Service associate chief counsel (Passthroughs and Special Industries), said of the proposed rules for new tax code Section 199A during an American Institute of CPAs Fall Tax Division Meeting in Washington.

Porter said the IRS plans to finalize the pass-through regulations by the end of December.

“We are working in haste to try and get that done,” she said, citing ...