In August, the IRS issued proposed regulations explaining the new tax law’s “qualified business income” (QBI) deduction for pass-through entities (PTE) that will impact all business valuations. IRC Code Section 199a allows a 20% write-off of QBI for sole proprietors, owners of S corporations, and members of partnerships/LLCs. The S Corporation Association has submitted comments that are positive overall about the proposed rules. “Treasury made a good-faith effort to get the new regime right,” the association says in a statement. “But with any new proposal this big, there are lots of details to work out, and the S-Corp comments include a number of recommendations as to how Treasury can improve the final rules.”