Update on Section 199A: What We Now Know After Tax Season (Self-Study)
Valid for one year from purchase date
4.0 IRS CE approved
Taxes - Technical (4.0)
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The Section 199A 20% deduction is by far the most complex and important provision, at least for most taxpayers, resulting from the Tax Cuts and Jobs Act of 2017. When this provision came into effect there were many unknowns. This program will review what we have learned about the implementation of Section 199A since its enactment and will identify areas where guidance is still needed. For the issues that are unresolved, the presenters will discuss plausible interpretations of the existing statutory language that might be helpful in taking tax return positions.
Who should take this program?
Tax practitioners who anticipate advising clients with respect to any aspect of Section 199A, the 20% deduction
What is a trade or business for purposes of the Section 199A 20% deduction
When is a rental activity a trade or business
Relationship between the trade or business requirement and the passive activity rules
How tiered entities claim the Section 199A deduction
When basis of depreciable property is adjusted for purposes of the 2.5% limitation
Calculating W-2 limitations when there are related business entities and/or a common paymaster
Much more relating to the areas of Section 199A that need IRS guidance
Identify and understand the areas of Section 199A that need IRS guidance
Identify and understand plausible tax return positions to take with respect to those areas of Section 199A where the IRS has not provided guidance
NASBA ID#: 103212
A basic understanding of the tax rules relating to individual income tax