Welcomes Guidance on Main Street Deduction – Suggests Improvements
Today, the Parity for Main Street Employers coalition of national trade groups submitted comments to Treasury and the IRS in response to the notice of proposed rule-making on the qualified business income deduction under Section 199A.
PMSE commends Treasury for crafting rules that will help Main Street businesses get the pass-through deduction Congress intended. To improve the rules, PMSE recommends that Treasury streamline the test for aggregating trades or businesses by dropping the “majority ownership” requirement and eliminating the requirement that all aggregated trades or businesses use the same tax year.
You can read the full press release here.