Selecting The Best Practice Business Form Under The New Tax Law
Congress added Section 199A to the tax law, providing an extra deduction for doctors operating as pass-through business entities, such as unincorporated sole proprietors (Schedule C), partnerships, limited liability companies (LLCs), and Subchapter S corporations, where year-end profits are passed through to, and reported on, the owner's individual tax return. The new law provides an extra deduction equal to 20% of the qualified business income, or practice profits after payments of reasonable compensation to S corporation doctors, and guaranteed payments made by a dental partnership to its doctor-partners.
Recently issued IRS proposed regulations don’t...
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