Partnerships and S Corporations Could Qualify for New Deduction

The Taxing Subjects Podcast sat down with two tax analysts from Drake Software to discuss the new Section 199A qualified business income (QBI) deduction that will affect some pass-through entities this filing season. Lead Tax Analyst Bob Nolan, CPA EA and Tax Analyst Olena Romanchuk CPA briefly outline what QBI is, explain why it could be more confusing than the new C corporation tax rate, and highlight little-discussed aspects of the new business deduction.