199A Planning Webcast | 4204324B CANCELED
Date: July 27, 2020
Event Start time: 8:30 AM End time: 12:00 PM
Facility: Webcast Event
4.00 CPE: Continuing Professional Education Technical
4.00 CTEC-Fed: Certified Tax Preparers (CTEC) Federal Hours Technical
4.00 IRS-TX: IRS Federal Tax Update Technical
4.00 MCLE LS-TX: Legal Specialization-Taxation Law Technical
4.00 MCLE: MCLE Technical
Field of Interest:
Review the Qualified Income Deduction of Section 199A. Learn what's required to qualify for the section 199A deduction, compliance issues, and planning opportunities; including restructuring existing businesses to obtain a larger deduction. The determination of whether the business is a specified service trade or business (SSTB), and the income limitation applicable to SSTBs, will be discussed.
- Determine how to compute the QBI Deduction including:
- The taxable income phase-out for a specified service traes or business;
- The phase-in of the limit based upon W-2 wages and unadjusted basis;
- Maximizing W-2 wages and unadjusted basis;
- Calculating the Combined QBI Amount
- Calculation of the limit based upon taxable income minus net capital gain.
- Identify special strategies for partners and S shareholders to maximize the QBI deduction.
- Recognize the impact of fiscal year partnerships and S corporations.
- Determine the interaction of section 199A with other IRC sections such as the passive loss rules and the new limit on nonpassive business losses.
- Understand the rules for REITS, Publicly Traded Partnerships, and Agricultural Cooperatives as well as recipients of Qualified Cooperative Dividends.
- Recognize Trust and Estate considerations.
- Determine when rental real estate is a trade or business.
- Identify special stratiegies to maximize the QBI deduction with rental real estate.
- Recognize the impact of the QBI deduction on choice-of-entity considerations.
Level of Difficulty:
- The definition of specified service trade or business
- Computation of the QBI Deduction
- Special considerations for partners and S shareholders
- Interaction of section 199A with other code sections
- Special rules for REITS, PTPs, and Cooperatives
- Special considerations involving real estate
- Choice-of-entity considerations
- Planning opportunities to maximum the Section 199A deduction
Designed For: Advanced Prep: Event Notes:
General knowledge of taxation of sole-proprietors, partners and S shareholders.