Congress created a temporary 20% tax deduction for pass-through entities, which report business income on personal tax forms, but the deduction is phased out for certain types of businesses that reach specified income levels, and Congress left it to the IRS to define exclusions. AVMA Chief Government Relations Officer Dr. Kent McClure says the organization is working with the IRS and Congress to "improve tax provisions impacting veterinary medicine," and the IRS says guidelines will be issued by June.
Sign up for Animal Health SmartBrief
News for animal health professionals
Get the intelligence you need: news and information that is changing your industry today, hand-curated by our professional editors from thousands of sources and delivered straight to your inbox.