Private Equity Investors Get IRS Rules on 20 Percent Tax Break (1)

Business owners -- and their accountants -- can rest a bit easier: the IRS has given them the long-anticipated final word on how they can claim one of the biggest perks in the 2017 Republican tax overhaul.

The regulations detailing the new 20 percent deduction for pass-through business owners are of critical importance to the operators of such entities, who range from mom-and-pop convenience store owners to private equity investors.

The regulations, issued on Jan. 18 despite a partial government shutdown that has many Internal Revenue Service employees on furlough, can cut their tax bills by up to one-fifth, but ...