The revised text of the Tax Cuts and Jobs Act (TCJA) of 2017 provides some support for sole-proprietorships, partnerships and S-corporations, but yet has eliminated certain miscellaneous deductions. Are sole proprietorships, partnerships and S-corporations truly benefitting from the revisions proposed by the TCJA of 2017? **************NEED NEW ANSWER PLEASE*****************
The revised text of the Tax Cuts and Jobs Act (TCJA) of 2017 provides some support for sole-proprietorships, partnerships and S-corporations, but yet has eliminated certain miscellaneous deductions. Are sole proprietorships, partnerships and S-corporations truly benefitting from the revisions proposed by the TCJA of 2017? **************NEED NEW ANSWER PLEASE*****************
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter5: Business Deductions
Section: Chapter Questions
Problem 4RP
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Question
The revised text of the Tax Cuts and Jobs Act (TCJA) of 2017 provides some support for sole-proprietorships,
**************NEED NEW ANSWER PLEASE*****************
Expert Solution
Tax Cuts and Jobs Act of 2017 (TCJA):
It is the act that made several changes to the Revenue Code of 1986. The following are those changes to that are made to the code established earlier:
- Across multiple areas of the tax code.
- Reducing the corporate tax rate.
- Increasing the standard deduction, and
- Increasing the applicable exclusion amounts for estate taxes etc.
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