Qualified Business Income Deduction (Section 199A): A Deeper Dive into Applying IRS Final Regulations & Revenue Procedures Webinar
Overview
The Section 199A Deduction in the Tax Cuts & Jobs Act of 2017 offers a substantial break for qualified individuals and pass-through entities. However, the law itself is vague and ambiguous. The final regulations, revenue procedures and notices recently issued by the IRS provide definitive guidance. In this comprehensive, hands-on webinar, an expert will:
- Guide you through the maze of rules and definitions to help you compute tax deductions and prepare the various tax forms, schedules and worksheets
- Help you apply the rules for rental real estate
- Provide you with the requirements and rules for aggregation, as well as specific examples illustrating compliance
- Explain definitions, computations and regulations for Specified Service Trades or Businesses (SSTB) relating to Section 199A
- Cover Computational and Reporting Rules for RPEs, PTPs, Estates and Trusts
- Share a host of planning strategies to help business owners and pass-through entities maximize the tax benefits
Objective
To provide accountants and tax professionals with an in-depth examination of Section 199A, and guidance on applying IRS final regulations and revenue procedures on computations and deductions of qualified business income for sole proprietors, partnerships, S corporation shareholders, qualified real estate investors, trusts and estates. This webinar will also enable you to identify when rental real estate is entitled to the Section 199A deduction, and understand the proper application of aggregation. You’ll also have the opportunity to pose your questions for answers to your specific challenges.
Emphasis
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Treatment of rental real estate for Section 199A Deduction—Notice 2019-07
– Requirements to be treated as a trade or business
– Rental services
– Non-rental services
– Excluded rental arrangements - In-depth analysis of the final Section 199A regulations
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Computing the Section 199A Deduction
– Formulas and examples - Reporting by flow-through entities
- Examination of definitions
- Negative QBI amount, netting and carryover rules
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W-2 wages and UBIA
– Who are employees for W-2 wages?
– Revenue procedure 2019-11 -
Unadjusted basis immediately after acquisition of qualified property
– Improvements to qualified property
– Not qualified property
– Depreciable period
– Like-kind exchanges/involuntary conversions - QBI, qualified REIT dividends and qualified PTP income
- Allocation of items among directly conducted trades or businesses
- Aggregation requirements, rules and examples
- Required tax return disclosure
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Specified service trades or businesses
– Review of examples explaining definitions and computations
– Effect of being an SSTB
– Trade or business of performing services as an employee
– Presumption that former employees are still employees - Trading in securities, commodities and partnership interests
- Trade or business where principal asset of such trade or business is the reputation or skill of one or more employees or owners
- SSTB de minimis rule
- Services or property provided to an SSTB
- 50% or more common ownership
- Non-calendar RPEs
- RPE, PTP, estate and trust computational and reporting rules
- Grantor and non-grantor trusts and Section 199A
- Electing Small Business Trusts (ESBTs)
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