The new Section 199 deduction, a boon to taxpayers who qualify, is anything but to the filers who are struggling with the new concepts, rules, exceptions and safe harbors of the legislation.The domestic production activities deduction, enacted as part of the American Jobs Creation Act of 2004,went into effect for tax years beginning after 2004 and permits taxpayers to claim a deduction from taxable income attributable to domestic production activities.

This is the first tax season that practitioners have had to deal with it, either at the corporate or the individual level.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access