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Comments on Sub S Deduction Due Monday

Sept. 25, 2018 — Comments on a proposed regulation affecting the small-business tax deduction for Subchapter S banks are due Monday, Oct. 1. Community bankers can use ICBA’s action center to contact the IRS and Congress.

Under the proposal to implement Section 199A of the Tax Cuts and Jobs Act, financial services such as wealth management and retirement planning would not qualify for the law’s 20 percent deduction. In a comment letter last week, ICBA said the agency should allow all permissible banking activities to be eligible for the deduction.

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