The Hill sought out Atlanta partner Gerald V. Thomas II for authoritative legal insights in a story on upcoming guidance from the Internal Revenue Service and the Treasury Department that tax professionals and businesses are eagerly awaiting.
The IRS has been formulating guidance since last December’s tax reforms became law. Businesses in particular want to see guidance soon on the 20 percent deduction for non-corporate businesses (including partnerships) known as “pass-throughs,” so they can plan to take maximum advantage of the deduction while ensuring legal compliance.
Thomas, who chairs the firm’s business tax group, said one area of special interest to tax pros, including lawyers and accountants, will be anti-abuse rules defining the tax planning strategies the IRS will and won’t allow.
“There’s always a fine line between what’s permitted tax planning and what’s considered abuse,” he said.