Applying the New Final Section 199A Regulations to 2018 Tax Returns (FINR)

Karen Davis, EA, Lance Weiss, CPA, CVA, Michael J. Tucker, JD, CPA
  • 3
  • Update
  • Taxes
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Individual course: $89
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Overview

On January 18, 2019, the IRS released the final regulations regarding the Section 199A deduction for qualified business income.  Widely regarded as the most complicated provision of The Tax Cuts and Jobs Act, it is critical for tax practitioners to understand the details of this provision now so that they can correctly prepare 2018 tax returns for clients entitled to claim the deduction.  These just-released final regulations provide answers to a myriad of critical questions that were not addressed in the proposed regulations or elsewhere. This 3-hour course provides the insights necessary to understand this complex guidance.

Major Topics:

  • How to calculate the Section 199A deduction
  • Definitions that apply for purposes of the Section 199A deduction
  • When is a rental activity a trade or business?
  • New insights into the definition of a specified service trade or business
  • Sec. 199A rules for owners of pass-through entities
  • Requirements for aggregation of separate trades or businesses

Learning Objectives

  • Recognize the important changes to the Sec. 199A rules that the final regulations have made
  • Be able to explain to clients the new final regulations as they apply to a rental activity treated as a trade or business

All tax practitioners who anticipate advising clients with respect to the Section 199A 20% deduction

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

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