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Pass Through Entities Tax Risks

Navigate through the evolving tax treatment of pass through entities and understand the framework of Section 199A deductions post tax reform.

This topic will help you understand the framework of the recently enacted Section 199A deduction and considerations essential to effectively advise your clients. Section 199A allows qualifying taxpayers to deduct up to 20% of 'qualified business income.' The new provision offers substantial opportunities for tax savings as well as significant complexity and uncertainty in its application. This information will explain the deduction and its limits and explore planning strategies, cautions, and the gray areas that planners face.

Runtime: 110 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

The New Section 199A "Qualified Business Income" Deduction

  • Overview
  • Calculation

Understanding Key Terms

  • Qualified Business Income
  • Qualified Trade or Business
  • Taxable Income
  • W-2 Wages
  • Qualified Property
  • Specified Service Trade or Business

Applicability

  • Taxpayers Other Than Corporations
  • Application to Partnerships and S Corporations
  • Application to Trusts and Estates
  • Does Not Apply to Tax Years Beginning After December 31, 2025

Limitations

  • Threshold Amount
  • Specified Service Trades and Businesses
  • Wages and Qualified Property

Planning Considerations and Cautions

  • So What Companies Benefit?
  • What Changes Should Be Contemplated?
  • Unanswered Questions
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on February 21, 2018.

Call 1-866-352-9540 for further credit information.

  • AL CPE
     
  • This course is acceptable for 2.0 live credit hour(s) through the Alabama State Board of Public Accountancy.
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • GA CLE 1.7
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.75
     
  • NJ CLE 2.0
     
  • NV CLE 1.5
     
  • NY CLE 2.0 including Areas of Professional Practice 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.75
     
  • WV MCLE 2.0
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.75
     
  • NJ CLE 2.0
     
  • NV CLE 1.5
     
  • NY CLE 2.0 including Areas of Professional Practice 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.75
     
  • WV MCLE 2.0
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

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Cullen I. Boggus

Holton & Mayberry, P.C.

  • Associate at Holton & Mayberry, P.C.
  • Practice emphasizes Trusts and Estates, Asset Protection, and Tax planning for Ultra-High-Net-Worth clients
  • Conducts presentations in the area of Trusts and Estates law
  • J.D. degree, University of Florida; LL.M. degree, University of Florida
  • Member ABA Real Property, Trust, and Estate Law Section; Nashville Estate Planning Council
  • Can be contacted at 615-957-1656 or [email protected]
Michael S. Goode, J.D., LL.M.

Michael S. Goode, J.D., LL.M.

Stites & Harbison, PLLC

  • Counsel at Stites & Harbison, PLLC, a law firm with offices throughout the Southeast United States
  • Focuses on tax, business, estate planning and international law
  • Chair of the tax section of the Tennessee Bar; vice-chair of the estate planning section of the Tennessee Bar and member of the Atlanta International Tax Study Group
  • Has written and taught CLEs on Series LLCs, as well as on many other tax and corporate issues
  • Has formed many Series LLC entities and has helped real estate attorneys with deed issues with Series LLCs
  • In addition to Series LLCs, he has practiced in a variety of tax, corporate and estate planning areas, from writing new pension legislation under state law for a large county school district, to reviewing and creating new tax provisions for large merger and acquisition transactions, to serving as the business attorney for a mid-sized Asian company purchasing its first United States factory, to assisting a European executive with his foreign account reporting issues and negotiations with the IRS
  • LL.M. degree in taxation, New York University; J.D. degree, William and Mary
  • Can be contacted at 404-680-6295 or [email protected]
Hannah Smith

Hannah Smith

Sherrard Roe Voigt & Harbison, PLC

  • Attorney in the taxation group at Sherrard Roe Voigt & Harbison, PLC
  • Practice concentrates on tax, estate, and business planning
  • Advises individuals and businesses with respect to tax issues as well as business succession and compensation planning
  • J.D. degree, Vanderbilt University Law School; LL.M. degree in taxation, University of Florida Levin College of Law
  • Can be contacted at 615-742-4200 or [email protected]
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 401911
Published 2018
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