Surgent's Section 199A: Applications and Challenges Download

Overview

Section 199A continues to challenge tax practitioners because of its complexity and its interactions with other provisions of the Internal Revenue Code. This program updates practitioners on the latest thinking about and planning strategies regarding Section 199A. It incorporates the experiences of tax practitioners regarding this provision, including issues relating to the preparation of the Forms 8995 and 8995-A. This program will include any recent IRS guidance regarding Section 199A.

Prerequisites

A basic understanding of the federal tax rules relating to individuals and businesses

Objectives

• Understand how the Section 199A deduction is calculated and maximized
• Deal with the §199A deduction in the context of a rental activity

Highlights

• Latest guidance issued by the IRS, including relevant regulations, rulings, or administrative announcements
• Choosing to aggregate multiple trades or businesses into a single trade or business
• Calculating qualified business income (QBI)
• Identifying specified service trades or businesses
• Taxable income limits on specified service trade or businesses
• Maximizing the 20% deduction for pass-through entities and Schedule Cs
• Proper treatment of REIT, PTP, and cooperative income
• Rental activities as a trade or business and the rental safe harbor election
• Preparing Forms 8995 and 8995-A