Proposed regulations have been issued for a provision which allows many owners of sole proprietorships, partnerships, trusts and S corporations to deduct 20 percent of their qualified business income. The Internal Revenue Service has proposed regulations for the Section 199A deduction, also referred to as the deduction for qualified business income was created by the Tax Cuts and Jobs Act.

Avalara is testing a software application that will enable accounting firms to prepare and file sales and use tax returns for clients. The test was announced this week by CEO Scott McFarlane as the company reported the first quarterly financial results as a public company since going public in June.

The decline in the American dollar put a dent in an otherwise decent performance for Wolters Kluwer for the half ended June 30.  The company ended up with a 7-percent drop in revenue over last year’s corresponding period. However, revenue was up 1 percent in constant currencies and 4 percent organically, WK said this week.