Earlier this year, Don Farmer presented an informative 4-hour seminar on the final §199A regulations. This topic continues to be at the forefront of practitioners' minds, especially if you need to review Section 199A provisions before filing extended partnership, S corporation and individual returns.
The VSCPA will be replaying the seminar in case you missed Don's presentation or need help with deciding if the proposed or final regulations are best for a particular business.
According to the IRS, taxpayers may rely on either the proposed regulations in their entirety or the final regulations in their entirety when filing 2018 tax returns. Don’s presentation will help you decide if the proposed or final regulations are best for a particular business. In addition, he explains the application of the safe-harbor provision treating real estate rentals as §199A Qualified Business Income.
The webcast materials will include a supplement reviewing §199A developments since Don’s February presentation.
- When rental income qualifies for the 20% §199A deduction
- Treatment of wages paid to S corp owners and guaranteed payments to partners
- When an “aggregation election” may be made, when the election is advisable and how to make the election
- Clarification on when a business is a "specified service trade or business" (SSTB), including planning with the anti-abuse rules to prevent the loss of a §199A deduction
- §199A reporting rules (i.e., reporting §199A information on Forms K-1)
- Whether activities of a business are one trade or business or separate trades or businesses
- Which produces the largest §199A deduction, S corp, partnership or proprietorship?
- And much more!