The Tax Cuts and Jobs Act is one of the most significant changes to tax law in 31 years. Guest Tony Nitti joins host Damien Martin to discuss the nitty gritty details of one of the most intimidating provisions of the new legislation—the newly created IRC Section 199A.

Here are some of the key questions about this new 20 percent qualified business income deduction:

• Is it just a pass-through deduction? @ 3:19
• What's the starting point for the deduction? @ 5:43
• How will be get guidance on this new provision? @ 8:26
• Does it apply to rental activities? @ 10:29
• What's a specified service trade or business? @ 16:23
• Are self-rentals included in qualified business income? @ 23:05
• Should an S corporation convert to a C corporation? @ 26:16

BIO FOR GUEST

Tony is a tax partner based in WithumSmith+Brown's Aspen, Colorado office and is a certified public accountant in the states of New Jersey and Colorado. Tony is a contributor to Forbes and his opinions and commentary on important tax issues have been quoted in Bloomberg, CNN Money and the BNA Daily Tax Report.

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ADDITIONAL RESOURCES

Forbes: "Tax Geek Tuesday: Making Sense Of The New '20% Qualified Business Income Deduction'"

Forbes: "The New 'Qualified Business Income Deduction' Varies Based On Your Business Type - Or Does It?"