Tax Cuts & Jobs Act and Understanding Section 199A

Description

The Tax Cuts and Jobs Act, passed in December 2017, brought us the largest overhaul to the tax code since 1986. The widespread changes affect many aspects of individual and business taxes, beginning this year, and your clients will be coming to you with a myriad of concerns and planning questions. Don’t get caught off guard. This seminar will get you up-to-speed on all of the critical aspects of this law and prepare you to effectively advise both your individual and business clients.

The biggest question? How does the 20% deduction for pass-through entity owners work? We at Surgent have given numerous webinars and have received hundreds of questions regarding this deduction. In this course we will focus on the deduction itself, complete with numerous examples illustrating how this deduction works. We invite you to attend this interesting, insightful, and practical program.

Highlights

• Reduction in individual and corporate tax rates
• Taxation of pass-through entities
• Deduction of home mortgage interest
• State and local tax deductions
• New alimony rules
• Repeal of the Obamacare individual mandate
• Standard deduction and itemized deductions
• Child tax credit
• Use of §529 accounts
• Survival of personal AMT and repeal of corporate AMT
• Estate and gift tax
• New limitations on business losses
• New depreciation rules and §179 expensing
• Business interest
• Modification of NOL rules
• New credit for employer-paid family and medical leave
• Repatriation of foreign funds

• The fundamental requirements to claim the §199A deduction
• What constitutes qualified business income (QBI)
• W-2 limits and depreciable property limits on the amount of the §199A deduction
• Calculating the §199A deduction
• Types of businesses and services eligible for the §199A deduction
• The income limitations imposed on specified service trades or businesses
• How S corporation shareholders and partners/members claim the §199A deduction

Objectives

• Understand and apply the categorical changes in the tax law brought about by the Tax Cuts and Jobs Act
• Understand how the 20% deduction for pass-through entity owners works
• Learn how to calculate the §199A deduction
• Know how to apply and claim the §199A deduction

Designed For

Tax practitioners seeking to understand the new tax legislation and how it impacts their clients and wishing to understand and apply the §199A deduction