Section 199A Deduction of Qualified Business Income: Guide to Applying IRS Final Regulations & Revenue Procedures Self-Study Webinar (5 Hours)

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 self-study 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
  • 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 self-study webinar will also enable you to identify when rental real estate is entitled to the Section 199A deduction.

Emphasis: 
  • Treatment of rental real estate for Section 199A Deduction—Notice 2019-07
    – Requirements to be treated as a trade or business
    – Rental services
    – Not rental services
    – Excluded rental arrangements
  • In-depth analysis of the final Section 199A regulations
  • Computing the Section 199A Deduction
    – Formulas and examples
  • Reporting by flow-through entities
  • Examination of definitions
  • Negative QBI amount, netting and carryover rules
  • W-2 wages and UBIA
    – Who are employees for
       W-2 wages?
    – Revenue procedure 2019-11
  • Allocation of items among directly conducted trades or businesses
  • Required tax return disclosure
  • Specified service trades or businesses
    – Review of examples explaining definitions and computations

• Identify the effective rate of pass-through income to an individual in the top income tax bracket

• Identify those entities with income qualifying for the Section 199A deduction

• Recognize rental real estate qualifying as a Section 162 trade or business

• Recognize rental real estate enterprises meeting the safe harbor notice of Notice 2019-07

• Recognize the implications of properties leased on a triple net basis

• Identify the layout of the final Section 199A regulations

• Identify those items taken into account when computing qualified business  income

• Recognize the implications of the applicable thresholds of taxable income as they determine the availability of the Section 199A deduction

• Recognize those wages included in the determination of wages for purposes of the Section 199A deduction

• Recognize property included in the determination of Unadjusted Basis Immediately after Acquisition (UBIA)

• Identify allowable allocation methods for items of QBI that are properly attributable to more than one trade or business

• Identify the ownership thresholds allowing the aggregation of businesses for purposes of the Section 199A deduction

• Identify the various fields of specified and non-specified trade or businesses

• Recognize the threshold at which a business with both non-specified and specified business revenue streams may maintain its status as a non-specified trade or business

Bottom
Price: 
$129.00
Prerequisite: 

Working knowledge of federal income taxes.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Overview.

CPE Credit: 
5.00
NASBA Field of Study: 
Taxes