Draft Updates to Corporate Return Instructions for Qualified Business Income Deduction, Other Changes (IRC §199A)

Draft Instructions for Form 1120-S, U.S. Income Tax Return for an S Corporation, released October 16 with changes regarding the qualified business income deduction and the qualified opportunity fund investment. The instructions also include new item J checkboxes for aggregated activities for at-risk purposes, as well as new lines 18 and 19 checkboxes added to Schedule K-1 to alert shareholders to statements attached to provide information on more than one at-risk activity or passive activity. [Draft IRS Instructions for Form 1120-S]

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