SIMPLIFICATION - NOT

[Max W]

Here is an article from Forbe's magazine that deals with the 20% Qualified Business Income Deduction.  It's a long read, but provides many examples.  The problem with the QBID is in determining what is qualified income and then later dealing with limitations on W-2 income, exceptions and depreciation.  Hopefully, when the regs are issued some of the confusion will be cleared up, but that's just a hope.

At the end, the suthor states -

"With no regulations, no form instructions, and most unfortunate of all, no one who helped craft the bill or vote on the thing who actually understands what it says, it may be a while before clarity is forthcoming. So for now, I"m all ya' got."

Have fun reading -  https://www.forbes.com/sites/anthonynitti/2017/12/26/tax-geek-tuesday-making-sense-of-the-new-20-qualified-business-income-deduction/#3bf1c5e444fd

[Medlin Software, Dennis]

As long as the voters can be (insert your desired term here) until they cast their midterm votes... could be what the authors were focused on.

[jklcpa]

The substantial understatement penalty, as it relates to the 20% passthrough deduction, has a lower threshold also.  That section of the JCTA specifically states that 5% is to be substituted in irc sec 6662 instead of the prescribed 10% for other understatement-related causes. 

[Lee B]

When I was reading the bill I noticed several interested clauses:

1.  If your W-2/W3s are not timely filed, the deduction will be disallowed.

2.  If you have a "Qualified Business Loss", the QBL will be carried forward and will reduce any future QBI.

Fun Times 

[Medlin Software, Dennis]

17 minutes ago, cbslee said:

When I was reading the bill I noticed several interested clauses:

1.  If your W-2/W3s are not timely filed, the deduction will be disallowed.

2.  If you have a "Qualified Business Loss", the QBL will be carried forward and will reduce any future QBI.

Fun Times 

I can see item 1.  Since the owner controls the W2 submission, and may need those figures as their limit, this actually makes, dare I say it, sense.

[Abby Normal]

41 minutes ago, cbslee said:

If your W-2/W3s are not timely filed, the deduction will be disallowed.

Ouch! That could be a HUGE penalty.