Just a week or so ago, the IRS issued final regulations and guidance implementing the new qualified business income (QBI) deduction (sec. 199A deduction), created by the Tax Cuts and Jobs Act signed into law in 2017. The QBI deduction, available in tax years beginning with 2018, allows owners of sole proprietorships, partnerships, trusts, and others to deduct up to 20% of their qualified business income. In addition, eligible taxpayers can deduct up to 20% of their qualified REIT dividends and publicly traded partnership income. Generally speaking, the QBI deduction is available to eligible taxpayers with $315,000 or less in joint income and $157,500 for single filers. Those with incomes above these levels may still be eligible for the deduction subject to additional limitations, fully described in the final regulations.