The IRS just released proposed regulations on which taxpayers may rely; describing how the §199A passthrough deduction applies to various businesses. This session will look at what answers the IRS gave to many of the outstanding questions on applying the new provisions of IRC §199A to taxpayers beginning on the returns to be filed for 2018. The topics to be discussed include clarification of what is a specified service business, under what conditions taxpayers may aggregate multiple businesses into a single business, and the IRS’s anti-abuse provisions dealing with “crack-and-pack” and multiple trust scenarios.
ISCPA has partnered with Ed Zollars to offer you a webinar designed for CPAs who work with unincorporated business entities and their owners for tax planning and compliance with the goals of:
acquainting participants with the information the IRS provided in the proposed regulations under IRC §199A released on August 8, 2018
helping them understand how that information will impact year-end tax planning and compliance for affected taxpayers.
Computation of the §199A deduction for taxpayers with taxable income above and below the threshold levels
How the rules apply to relevant passthrough entities (RPEs) with a non-calendar year end
The categories of income excluded from the calculation of qualified business income (reasonable compensation from an S corporation, guaranteed payments and §707(a) payments from partnerships, and wages received as an employee)
Rules for the computation of W-2 wages and the unadjusted basis immediately after acquisition (UBIA) of qualified property
Applying the aggregation rules found in Proposed Reg. §199A-4 and understanding how these rules differ from the similar rules under IRC §469
Definitions of the various categories of specified service trades or businesses
The anti-abuse rules the IRS added to the proposed regulations to address certain strategies that had been publicized in the financial press
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