NFIB’s Kuhlman: "This new guidance provides certainty for small business owners."
As W-2’s and other tax forms hit mailboxes around the nation, the Internal Revenue Service released final regulations on the Small Business Deduction of Section 199A—one of the biggest triumphs following the passage of the Tax Cuts and Jobs Act in December 2017.
The IRS posted the final regulations here.
“The Small Business Deduction, created in the Tax Cuts and Jobs Act, has encouraged a historic small business economic boom,” said Kevin Kuhlman, NFIB’s senior director of federal government relations. “This new guidance provides more certainty for small business owners and makes it clear that the majority of small businesses will benefit from the full 20% Small Business Deduction.”
The vast majority of small business owners—87 percent—think the new tax law will have a positive effect on the general economy, according to a recent NFIB survey that captures small business owners’ initial reactions to the Tax Cuts and Jobs Act.
Unless lawmakers act, tax cuts for many small businesses expire after Dec. 31, 2025, complicating long-term planning for small business owners.
NFIB will continue to keep members abreast on navigating the new tax law.
For more news and updates on the recent tax relief, visit NFIB’s tax reform page.
