Lawyers Largely Left Out of New Tax Law’s Benefits
Tax attorney Jen Green was recently quoted in the latest issue of Massachusetts Lawyers Weekly in an article entitled "Lawyers Largely Left Out of New Tax Law's Benefits."
The front page story discussed how in the new tax law, lawyers, in addition to doctors and other service providers, were excluded from the full benefits of a 20-percent deduction in the taxation of "qualified business income" ("QBI provision").
In the article, Jen said that a number of "creative solutions" in regards to the QBI provision may reveal themselves over time. She also went on to explain, "the entire landscape may change with the next presidential election in 2020. Even if it doesn't, the provisions benefiting individuals, including the one involving QBI, are set to expire in 2025, at least as written."