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Section 199A Regulations for the Qualified Business Income Deduction

Identify cutting edge tax planning opportunities and pitfalls under the Tax Cuts Jobs Act for the §199A deduction.

New IRC section 199A provides federal income tax deductions to owners of pass-through businesses of up to 20 percent of their shares of the net income of their businesses. For many of these owners, section 199A will provide federal income tax savings of thousands or tens of thousands dollars. Section 199A is one of the most complex and difficult provisions of the IRC. However, the section 199A final regulations provide indispensable clarifications of the section's provisions, and they provide valuable substantive and procedural rules on critical issues on which the section is silent. This material will identify and explain all key points in these regulations.

Runtime: 118 minutes
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Over 32 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

Section 199A--Key Features and Provisions

The Section 199A Final Regulations, as Published in 84 Federal Register, No. 27, Pages 2952-3014 (February 8, 2019)-Overview

The Definitional Provisions of Reg. § 1.199A-1(B)-Overview; Reg. § 1.199A-1(B)((14) (Trade or Business) and Other Key Definitions

IRS Notice 2019-Proposed Revenue Procedure for Determining Whether Rental Real Estate Enterprises Are Trades or Businesses Under Section 199A

How to Compute Section 199A Pass-Through Deductions for the Seven Relevant Categories of Taxpayers Under Section 199A and Regs. §§ 1.199A-1 Through 1.199A-3 of the Final Regulations

  1. 199A-4-Aggregations Under Section 199A
    1. 199A-5: Specified Service Trades or Businesses, Qualified Trades or Businesses and Employment Services
      1. 199A-6-Brief Summary
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Why Lorman?

Over 32 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 June 21, 2019.

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

  • Enrolled Agents 2.0
     
  • This program qualifies for 2.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     

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

Audio & Reference Manual

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

MP3 Download

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

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Why Lorman?

Over 32 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

John M. Cunningham

John M. Cunningham

McLane Middleton, P.A.

  • Former trial attorney with the Tax Division of the United States Department of Justice and a former member of the International Trade and Tax Department of Baker McKenzie LLP
  • Author of Maximizing Pass-Through Deductions Under Internal Revenue Code Section 199A, published by Wolters Kluwer, an international legal and tax information service
  • Practice is focused on LLC formations and other transactions involving LLC law and tax and on advising clients on how to structure their businesses to maximize their section 199A pass-through deductions, section 199A services have saved his clients tens of thousands of dollars in federal income taxes
  • Author of Drafting Limited Liability Company Operating Agreements, also published by Wolters Kluwer, leading U.S. LLC formbook and practice manual
  • Former chair of both the corporate and tax sections of the New Hampshire Bar Association
  • Chaired and was a principal author of the Revised New Hampshire Limited Liability Company Act
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Product ID: 405622
Published 2019
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