The Section 199A deduction for qualified business income is widely regarded as the most complicated and least understood provision of The Tax Cuts and Jobs Act. Now that the IRS has just issued final Section 199A regulations, we can find answers to questions about which many tax practitioners were concerned, because they were not addressed in the proposed regulations or elsewhere. The just-released final regulations are designed to provide much needed guidance to practitioners regarding this deduction. It is critical that tax practitioners understand the details of this provision now so that they can correctly prepare 2018 tax returns for those entitled to claim this deduction. This 4-hour course provides the insights necessary to understand this complex guidance.
- When is a rental activity a trade or business?
- How to calculate the Section 199A deduction
- Definitions that apply for purposes of the Section 199A deduction
- New insights into the definition of a specified service trade or business
- Sec. 199A rules for owners of pass-through entities
- Requirements for aggregation of separate trades or businesses
- Understand the important changes to the Sec. 199A rules that the final regulations have made
- Understand the new final regulations as they apply to a rental activity treated as a trade or business
All tax practitioners who anticipate advising clients with respect to the Section 199A 20% deduction
A basic understanding of the federal tax rules relating to individuals and businesses