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8.0 Credits

The IRS estimates 10 million taxpayers will be affected by this new 20% deduction under section 199A. On August 8, 2018 the IRS released proposed regulations [REG 107892-18] covering the 20% deduction. These regulations answer many questions not addressed in the statute and are more than 180 pages long. Walter will cover each aspect of this new section 199A deduction including complete coverage of the proposed regulations. 

Major Topics

The following are just a few of the topics Walter will cover:

· Actions businesses can take before year-end to maximize the 20% section 199A deduction.

· Calculating the 20% deduction, including phasing in the W-2 Wage and Qualified Property limitation and phasing out the 20% deduction for “Specified Service Trade or Businesses” (SSTBs) 

· Full coverage of the meaning of  “W-2 Wage” and “Qualified Property”

· Which businesses are SSTBs

· Which businesses can be combined in calculating the deduction and restrictions on splitting-up trades or businesses to maximize the deduction

· Maximizing the deduction where an individual, S corporation or partnership owns more than one trade or business

· Which tax vehicle (S corporation, partnership, or proprietorship) produces the largest deduction

· Does rental income qualify for the deduction?

Designed For

Tax practitioners
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A printed manual will be provided for this program