IRS targets loopholes for $415B business owner tax break

THE IRS has proposed regulations designed to prevent businesses from trying to dodge income limits on the business pass through tax break that was included in the 2017 Tax Cuts and Jobs Act. / BLOOMBERG NEWS FILE PHOTO/ANDREW HARRER
NEW YORK - The Internal Revenue Service provided some long-awaited answers for business owners hoping to dodge the limits on a juicy new tax break. The IRS’s proposed regulations make it clear that the agency considers a planning technique known as “crack and pack” to be abusive. The move had been eyed by professional service…

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