Tax Facts
8594 / What is the result if a pass-through entity receives income in a year that began before tax reform became effective?
If a pass-through entity received income in a tax year that began before January 1, 2018, but after December 31, 2017 (i.e., a non-calendar year entity), the income is treated as though received or incurred in the year in which the entity’s tax year ends.1 Therefore, these taxpayers will be entitled to claim the QBI deduction with respect to income received in 2017 if all other requirements for claiming the deduction are satisfied.
Tax Facts Premium Tools
Calculators
100+ calculators specifically designed to help you easily assist clients with specific planning situations and calculations.
Practice Guidance
Designed to help you discover new ways for which to build and maintain client relationships.
Concepts Illustrated
Specifically designed to help you easily assist clients with specific planning situations and calculations.
Tax Facts Archives
Access to the entire library of Tax Facts dating back to 2012 allowing you to look up the exact tax figures from prior years.
Recently Updated Q&As