As we’ve all seen countless times over the past several years of frenetic regulation, deregulation, executive orders, and global policy whipsaws, any business’ fortunes can be changed literally overnight if they are not nimble enough to bend and flex with the turbulent forces of legislation, regulation, and litigation.
A trade war between the world's two biggest economies would have repercussions across the world. President Trump's tariffs are meant to be a blow to Beijing, but their secondary effects will hit the countries involved in the production chains of goods that come out of both the U.S. and China — and that list, depicted above, includes nearly every economy in the world.
¿Cuando incorporar? ¿Por qué una LLC, una Corp o un Trust?
Tax professionals are pleading with the IRS for details as soon as possible. The American Institute of CPAs asked for “immediate guidance” on the pass-through provision in a Feb. 21 letter to the IRS. “Taxpayers and practitioners need clarity” to comply with their tax obligations and “make informed decisions regarding cash-flow, entity structure, and other tax planning issues,” the AICPA said.
This much is clear: If you’re a pass-through business owner who earns less than $157,500, or $315,000 for a married couple, you get full access to the deduction no matter what you do.
Above those thresholds, the deduction fades for certain “service” industries specified in the law including health, law, consulting, athletics, financial and brokerage services. (The break is completely eliminated for service business owners earning more than $207,500 if they’re single, or $415,000 if they’re married.)