Small Business Prosperity Act Reintroduced

This measure, which was originally introduced in 2019, would make the qualified business income (QBI) deduction permanent along with some other favorable changes to the deduction, permit tax-free changes in entity election (e.g., going from an LLC to an S corporation), and repeal the estate tax (which hits family-owned businesses). In this mid-term election year, there’s not much hope of enactment. #IdeaoftheDay