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.
Learning Objectives
- You will be able to define whether businesses are trade or businesses under Section 199A.
- You will be able to describe when to aggregate pass-through businesses under Reg. § 1.199A-4.
- You will be able to distinguish between qualified trades under specified service trades or businesses under Reg. § 1.199A-5.
- You will be able to identify and interpret and apply the proposed revenue procedure in IRS Notice 2019-07, which provides a trade or business safe harbor for owners of rental real estate enterprises.
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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.
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
- 199A-4-Aggregations Under Section 199A
- 199A-5: Specified Service Trades or Businesses, Qualified Trades or Businesses and Employment Services
- 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
Live Webinar Registration
- AIPB 2.0
- This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
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).
CPE 2.0 including Business Law 2
- Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Business Law for 2.0 hours. Prerequisite: basic knowledge of taxation. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
- Lorman Business Center, Inc. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of Specialized Knowledge and Applications for 2.0 hours.
Who should attend?
This live webinar is designed for accountants, controllers, bookkeepers, CFOs, tax managers, enrolled agents and attorneys.
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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
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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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.
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