Tax Reform: A Case Study Approach to Final Section 199A
Description
The monumental passing of the Tax Cuts and Jobs Act (TCJA) is resulting in historic tax reform that impacts nearly every American. During this time of change, the Section 199A Small Business Deduction has been one of our most asked about areas of the new tax law.
This webcast explores the 199A deduction and uses case studies to assess the deduction under various scenarios. You will focus on the detailed mechanics of the new code section and best planning techniques.
Learning Objectives
Identify, formulate and assess the following calculations:
Amount of 199A deduction under various scenarios o Overall limitation
W-2/unadjusted basis limitation o Specified service trade or business (SSTB) limitation
Phase-in of W-2/unadjusted basis limitation o Phase-out of deduction for SSTBs
Calculation of deduction for various entities
S corporations o Effect of changing ownership percentages during a tax year o Allocation of W-2 wages and unadjusted basis
Calculation of qualified business income
Calculations for trusts o Allocation of QBI between trust and beneficiaries
Sale of crops to agricultural cooperative vs. sale to non-cooperative buyer
Changes to accuracy-related penalty
Carryover of losses o Effect of QBI on basis
Treatment of NOLs
Provider
AICPA
Course Level
Intermediate
Professional Area of Focus
Tax
CPE Field of Study
Taxes
2.0
Who Should Attend
Tax Professionals
Prerequisites
Basic knowledge of the Federal tax rules relating to individuals and businesses