The Tax Cuts and Jobs Act (TCJA), signed into law on December 21, 2017, resulted in sweeping changes in the US tax laws for the first time since 1986. While much of the focus has been placed on TCJA’s impacts on domestic activities of individuals and businesses (e.g., 20 percent pass through deduction, lower corporate tax rate), the impact on international activities also warrants a similar level of attention and analysis.

On August 8, the IRS released taxpayer-friendly proposed regulations on the new qualifying business income deduction (QBID). The QBID is generally allowed for 20 percent of an individual or trust’s business income. In total, the regulations were 184 pages long. This article focuses on a few of the more interesting provisions of the regulations.

With today’s breakneck pace of technological change, marketplace globalization, regulatory complexity, and workforce changes, disruption is real. It is transforming all business and the CPA profession.The WSCPA is committed to support you in this journey in a thoughtful way. Follow the WSCPA as we change too.

See our new logos for WSCPA, CPAPAC, Washington CPA Foundation, and logos you can use as a member of the WSCPA.

Be on the lookout over the next few years for the following updates to WSCPA programs and services as the new strategic plan is implemented. Our Purpose: We are a community of CPAs and financial professionals cultivating authentic relationship, unique learning experiences, and purposeful advocacy for our future.