Surgent's Update on Section 199A: What We Now Know in Light of NEW IRS Guidance (S19U)More Courses
SU19915 | Webcasts & Webinars | Update | Scheduled
Just updated based on guidance released January 18, 2019
The Section 199A deduction for qualified business income was widely regarded as the most complicated and least understood topic of The Tax Cuts and Jobs Act. Now, the IRS has just released 274 pages of regulations on this statute. These regulations are designed to provide much needed computational, definitional, and anti-avoidance guidance regarding the application of Section 199A. It is critical that tax practitioners understand the details of this provision now, so that their clients can take advantage of the enormous planning opportunities it offers. This 4-hour course provides the comprehensive coverage necessary to understand this complex guidance.
A basic understanding of the federal tax rules relating to individuals and businesses
Tax practitioners who anticipate advising clients with respect to any aspect of Section 199A, the 20% deduction
- Understand how the 20% deduction for pass-through entity owners work.
- Implement the benefits of this deduction for income tax returns.
- Operational rules for calculating the Section 199A deduction.
- Definitions that apply for purposes of the Section 199A deduction.
- Computation rules and examples for individuals whose taxable income does not exceed the threshold amount.
- Computation rules and examples for individuals who taxable income exceeds the threshold amount.
- Calculating the deduction for taxpayers with taxable income within the phase-in-range.
- What is a specified service trade or business?
- Special rules for pass-through entities, SE tax, and net investment income tax.
- Treatment of non-calendar year taxpayers.
- Guidance on methods for calculating W-2 wages for purposes of Section 199A.
- Requirements for aggregation of separate trades or businesses.
- Anti-abuse rules targeting use of trusts.
Michael J. Tucker
Michael J. Tucker is an employee of Surgent McCoy CPE, LLC and a consultant for the accounting firm of T.M. Byxbee Co. in Hamden, CT. He is the author of many professional articles and a veteran TV and live-seminar presenter. In addition, he heads up Surgent McCoy's webinar efforts, where he writes and hosts many of the webinars Surgent McCoy sponsors and presents. Mr. Tucker was a professor at Quinnipiac University in Hamden, CT and worked with KPMG Peat Marwick and Deloitte & Touche. Mr. Tucker received his J.D. from New York University, his LL.M. from Georgetown University Law Center, and his Ph.D. from the University of Houston. 10/2013