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Course Detail

Section 199A: Applications and Challenges

Description:

Section 199A is easily the least understood topic of The Tax Cuts and Jobs Act. Your clients will look to you for explanations and best practices to maximize the 20% deduction. Pass-through entities and real estate investors stand to gain valuable tax cuts, and the average practitioner cannot afford to be uninformed on Section 199A. This program incorporates the experiences many tax practitioners had over the last tax season calculating and applying this deduction. This course will cover all relevant facets and nuances of the deduction, as well as implementation issues and lessons that will be useful in advising clients this year. This program will include all relevant IRS guidance.

Highlights:

Latest guidance issued by the IRS, whether by way of regulations or administrative announcements What happens when the taxpayer owns multiple entities; aggregation rules Calculating qualified business income (QBI) How to identify a specified service trade or business Taxable income limits on specified service trade or businesses The wage limitation and associated limits Maximizing the 20% deduction for pass-through entities and Schedule Cs Proper treatment of REIT, PTP, and Cooperative income Treatment of carryover amounts Entity choice and the Section 199A deduction Rental activities as a trade or business and the rental safe harbor Completion of Forms 8995 and 8995-A

Objectives:

Understand how the 20% deduction for pass-through entity owners works Implement the benefits of this deduction for income tax returns

Prerequisites:

A basic understanding of the federal tax rules relating to individuals and businesses

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