The American Institute of CPAs (AICPA) issued a letter to the United States Treasury and the IRS in February requesting immediate guidance on new Internal Revenue Code Section 199A. Guest Amy Wang, AICPA tax policy and advocacy senior manager, joins host Damien Martin to talk about this request and the AICPA's Qualified Business Income Task Force. Here's some of what's covered:

• Why was the task force formed? @ 4:57
• How were the areas and recommendations from the letter identified? @ 7:20
• What was the process for developing the letter? @ 12:06
• What's next for the task force? @ 13:46
• When do we expect a response from the Treasury and IRS? @ 15:38
• What are some of the pressing challenges taxpayers face? @ 16:32
• What area is Amy most hoping for Treasury and IRS guidance on? @ 19:29

BIO FOR GUEST

Amy Wang is a member of the AICPA Tax Policy & Advocacy Team, whose mission is to serve the public interest by helping AICPA members to be the most trusted professional providers of tax services while also advocating sound tax policy and effective administration. She plays a key role in the development of AICPA testimony for tax-related congressional hearings.

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ADDITIONAL RESOURCES

Request for Immediate Guidance Regarding IRC Section 199A – Deduction for Qualified Business Income of Pass-Through Entities (Pub. L. No. 115-97, Sec. 11011)

AICPA's Tax Reform Resource Center