Sec. 199A Regs Impact on Our Clients & Busy Season [199A]

Jun 25, 2019
Time: 8:00am - 4:00pm

Subject:

Taxation

Credit Hours:

8.00

Price:

Member: $295.00
Non-member: $445.00

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Discussion Leader: John J. Connors, JD, CPA, LLM

Website registration for this course closes on June 18, 2019. To register after this date please contact the society at akcpa@ak.net or 907-562-4334.

Full Description

Comprehensive Analysis: Sec. 199A Regs Impact on Our Clients & Busy Season (199A)

June 25, 2019

Westmark Fairbanks Hotel
813 Noble Street
Fairbanks, AK

LATE REGISTRATION POLICY
For registrations received less than 21 days from the course date will be charged a late fee of $50 for each 8 hour course and $25 for each 4 hour course and $12.50 for each 2 hour course.

Combining the real-life experience of working with numerous CPA firms and tax professionals around the country, as well as comprehensive easy-to-read materials containing pertinent examples and illustrations, this powerful course will provide you with the most thorough review of the final Sec. 199A regs. Since its release last Dec., Sec. 199A has been universally regarded as the most complicated and least understood topic of the Tax Cuts and Jobs Act. Now, the IRS has finally released the 247 pages of final regulations, along with other guidance, on this statute. These final regulations answer and clarify numerous issues that practitioners have raised since the release of the proposed regs last August, while providing a few surprises and leaving some outstanding issues unanswered with regard to Section 199A. The workshop will also highlight that Sec. 199A had on this busy season and our clients, and what it means for planning for the 2019 tax year.

Major Topics:
- Two separate and distinct categories of income eligible for Sec. 199A deduction
- Application of wage and capital limitations
- Treatment of net overall losses on either side of the T-account
- Net capital gains broadly defined
- Special safe harbor for treating rental activities as trades or businesses
- Self-rentals to commonly-controlled businesses
- What should taxpayers be doing for blended businesses? Do they need to be spun-off into separate entities?
- Will the strict definition of wages result in more S corp elections?
- Guidance on methods for calculating W-2 wages for purposes of Section 199A
- NOLs limited by Sec. 163(j) reduce QBI in future years
- Impact of pre-2018 suspended losses & deductions on QBI
- Some clarifications re: SSTBs
- Crack and Pack continues to be shot down in the final regs
- Aggregation elections can be made at the entity level
- De minimis non-SSTB gross receipts rule dropped in final regs
- Sec. 754 step-ups can increase UBIA in certain instances
- When an asset's basis is fully depreciated in the year of acquisition
- UBIA and older fully-depreciated assets

Learning Objectives:
- Implementation of the Sec. 199A 20% deduction for pass-through entity owners
- Necessary client planning steps for maximizing availability and use of Sec. 199A
- Thorough review regarding choice of entity for clients going forward

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

CPE Credits: 8, Taxation

Level of Knowledge: Intermediate

Prerequisite: Basic knowledge of tax issues relating to both business and individual clients

Acronym: 199A

Discussion Leader: John J. Connors, JD, CPA, LLM