On Dec. 19, the IRS released a draft of Publication 535, Business Expenses, which includes information related to the rules for determining the new qualified business income (QBI) deduction as part of the Tax Cuts and Jobs Act. Specifically, it covers the taxpayers who may take the QBI deduction, how to figure the deduction, coordination with other Code sections and special rules.
As a draft, this information is subject to change. If you wish, you can submit comments about draft or final forms, instructions, or publications at IRS.gov/FormsComments.
Please stay tuned for a further analysis of Publication 535 from Intuit® ProConnect™ experts.