The TCJA changed the tax rates for C corporations and created the Qualified Business Income Deduction for sole proprietorships and pass-through entities. Do these changes move the needle, so that businesses should change their entity structure? What does 'separable books and records' mean in the context of Section 199A?
Compare C corporations to flow-through entities under the TCJA to understand when a change in entity may be beneficial for the taxpayer.
Distinguish separate from separable in understanding the significance of a business' books and records.