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
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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*****************

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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