Tax Act First Look: The Complex New World Of The Qualified Business Deduction Rule

By Jerald David August
The CPA Journal
January 2018 Edition

Implications for Partnerships, S Corporations, and Sole Proprietorships

President Trump signed the Tax Cuts and Jobs Act (TCJA), H.R. 1, into law on December 22, 2017. The law was passed by Congress two days earlier, on December 20, 2017. In general, the effective date of the TCJA is January 1, 2017. Many of the provisions of the TCJA will sunset on January 1, 2027, although some provisions are permanent. While the conference committee resolved the differences between the House and Senate bills— and there were indeed many differences—the Conference Committee selected the final parts of the bill and sent it back or passage.