The IRS made a series ofchanges to make it simpler for businesses to determine if they canor can't get the tax break, a senior Treasury official said.(Photo: Shutterstock)

(Bloomberg) –Business owners — and their accountants — can resta bit easier: the IRS has given them the long-anticipated finalword on how they can claim one of the biggest perks in the 2017Republican tax overhaul.

The regulations detailing the new 20 percent deduction forpass-through business owners are of critical importance to theoperators of such entities, who range from mom-and-pop conveniencestore owners to private equity investors.

The regulations, issued on Friday despite a partial governmentshutdown that has many Internal Revenue Service employees onfurlough, can cut their tax bills by up to one-fifth, but alsogovern what many say is one of the most complex changes inPresident Donald Trump's tax law.

The IRS made a series of changes to make it simpler forbusinesses to determine if they can or can't get the tax break, asenior Treasury official said on a call with reporters.

Veterinarians, for example, don't qualify for the deduction, butrental real estate owners that spend at least 250 hours a yearinvolved with the business can get the deduction, according to theIRS guidance.

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