The Tax Cut and Jobs Act created a brand new, important planning opportunity for those working with small business clients. This course will look at applying the provisions of IRC Section 199A to reduce your client’s tax burden. As well, this course will help attendees evade the traps that exist for the unwary in these new and exciting provisions of the law.
DESIGNED FOR
Accounting and financial professionals who advise or work for businesses organized as passthrough entities.
BENEFITS
- Identify the businesses that are eligible to use the Section 199A deduction
- Determine what types of businesses will be treated as specified service businesses
- Understand what makes up qualified property
- Apply the W-2 wages/qualified property limit on the amount of the Section 199A deduction
- Use tax planning to reduce taxable income to below the threshold amounts for ineligible or limited businesses
- Assist clients in making an entity choice
HIGHLIGHTS
- Compare the impact of the Section 199A deduction for passthrough businesses to the 21 percent C corporation tax rate
- What makes up a single trade or business under IRC Section 199A
- Understand what types of rental activities qualify for IRC Section 199A
- Apply the restrictions on reasonable compensation and guaranteed payments
- Understand the IRS’s “guard rail” regulations, along with specific limitations in the IRC
PREREQUISITES
Understanding of individual income taxes.
ADVANCE PREPARATION
None
ADDITIONAL NOTES
Course materials are distributed electronically and we’ve passed the savings along to you - registrants save $20 on all 8-hour seminar pricing. To access the materials visit
My Events. Download to your laptop or tablet prior to the seminar, handouts are added as received.