Start time is for Mountain Standard Time (MST).
For the past several months we’ve had the text of the statute and the proposed regulations. Now we have the final regulations which we will go over in this course.
The filing season is upon us and shortly CPAs will begin the process of preparing actual returns claiming the benefit of the §199A deduction. This program will go over the status of the §199A regulations and other IRS guidance as we enter tax season to prepare participants for preparing 2018 returns containing this deduction. We will consider guidance issued up to the date of the program and apply it to the returns to be prepared in the near future.
Recognize the types of income that will be treated as qualified business income for §199A
Explain the significance of the threshold amounts and why it is so important in computing the deduction
Understand the issues raised when attempting to determine if a rental is or is not a trade or business
Recognize specified service trades or businesses (SSTBs) and options for working them
Compute the applicable W-2 wages or W-2 wages/Unadjusted Basis Immediately After Acquisition (UBIA) of Qualified Property limit
Recognize potential issues in your tax software’s computation of the deduction
Discuss the mechanical computations involved with the deduction including
Phase-out of SSTB income and phase-in of W2/UBIA limits
The taxable income limitation
Applying losses from one trade or business to the taxpayer’s other trades or businesses
Status of additional guidance that may come during or after tax season
Applying the rules to trusts and estates
Application of the special rules applicable to those receiving qualified payments from agricultural cooperatives