The Tax Cuts and Jobs Act (TCJA) added Internal Revenue Code §199A. This Code section creates “pass-through” rules that allows individuals, estates, and trusts may to deduct up to 20% of their qualified business income from sole proprietorships and pass-through entities. Many of your clients will benefit from this deduction. However, IRC §199A has many vague points which needed clarification. On August 8, 2018, the Internal Revenue Service release proposed regulations on IRC §199A. As a practitioner, you need to understand these proposed regulations in order to best serve the needs of your client.
This course will give the practitioner a thorough understanding of Internal Revenue Code §199A and the recently released proposed regulations. The following is an outline of the course topics:
- Brief overview of Internal Revenue Code §199A
- Understanding the calculation of the 20% pass-through deduction
- Understanding of the term “Specialized Service Trade or Business”
- Potential planning ideas for the client
- Understanding Proposed Regulation §1.199A-1 (Operational Rules)
- Understanding Proposed Regulation §1.199A-2 (Wages and UBIA of Qualified Property)
- Understanding Proposed Regulation §1.199A-3 (Qualified Business Income, Qualified REIT Dividends, and Qualified Publicly Traded Partnership Income)
- Understanding Proposed Regulation §1.199A-4 (Aggregation)
- Understanding Proposed Regulation §1.199A- 5 (Specified Service Trade or Businesses or Business of Performing Services as an Employee)
- Understanding Proposed Regulation §1.199A-6 (RPEs, PTPs, Trusts, and Estates)
- Understanding Proposed Regulation §1.643(f)-1 (Anti-avoidance Rules for Multiple Trusts)
No matter what your experience or skill level is, all practitioners who take this program will find that their ability to understand Internal Revenue Code §199A and the recently released proposed regulations will improve. In addition to attaining a superior comfort level with the pass-through entity deduction and the Internal Revenue Service’s position on IRC§199A, the practitioner will learn how to integrate planning ideas for their clients in this area. As a practitioner, you should not miss this opportunity to improve your ability to expand your practice!
**Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to [email protected].
Delivery Method: Individual webcast
CPE Credit: Taxes
Program Level: Intermediate