Section 199A: Applications & Challenges Webcast [AIG4]

Sep 18, 2020
Time: 08:30am-12:00pm

Subject:

Taxation

Credit Hours:

4.00

Price:

Member: $150.00
Non-member: $225.00

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Discussion Leader:

Susan Smith, CPA    more info

Susan Smith manages her own firm specializing in tax planning for individuals and business owners and is also a frequent speaker at tax conferences. Smith was a Senior Manager in the tax departments of Price Waterhouse and Peat Marwick (the predecessor of KPMG). While at Price Waterhouse, she also held the national specialist designation for the real estate and partnership tax practices. During her time at Peat Marwick, Smith led the real estate and tax practices locally. She was an associate adjunct professor at Widener University in the master's taxation program. Her ratings have consistently exceeded 4.7 on a scale of 5.0. Smith is a two-time recipient of the James L. McCoy Discussion Leader of the Year Award for excellence in teaching. Smith earned her Bachelor of Business Administration degree with an accounting concentration, from the University of Toledo.

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Website registration for this course closes on September 17, 2020. To register after this date please contact the society at akcpa@ak.net or 907-562-4334.

Full Description

Section 199A: Applications & Challenges Webcast (AIG4)

September 18, 2020

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.

Section 199A is easily the least understood topic of The Tax Cuts and Jobs Act. Your clients will look to you for explanations and best practices to maximize the 20% deduction. Pass-through entities and real estate investors stand to gain valuable tax cuts, and the average practitioner cannot afford to be uninformed on Section 199A. This program incorporates the experiences many tax practitioners had over the last tax season calculating and applying this deduction. This course will cover all relevant facets and nuances of the deduction, as well as implementation issues and lessons that will be useful in advising clients this year. This program will include all relevant IRS guidance.

Major Topics:
- Latest guidance issued by the IRS, whether by way of regulations or administrative announcements
- What happens when the taxpayer owns multiple entities; aggregation rules
- Calculating qualified business income (QBI)
- How to identify a specified service trade or business
- Taxable income limits on specified service trade or businesses
- The wage limitation and associated limits
- Maximizing the 20% deduction for pass-through entities and Schedule Cs
- Proper treatment of REIT, PTP, and Cooperative income
- Treatment of carryover amounts
- Entity choice and the Section 199A deduction
- Rental activities as a trade or business and the rental safe harbor
- Completion of Forms 8995 and 8995-A

Learning Objectives:
- Understand how the 20% deduction for pass-through entity owners works
- Implement the benefits of this deduction for income tax returns

Designed For: Any tax practitioner wishing to understand and apply the 199A deduction

CPE Credits: 4, Taxation

Level of Knowledge: Update

Prerequisite: A basic understanding of the Federal tax rules relating to individuals and businesses

Acronym: AIG4

Discussion Leader: Susan Smith, CPA