Review the Qualified Income Deduction of Section 199A. Learn what’s required to qualify for the section 199A deduction, compliance issues, and planning opportunities; including restructuring existing businesses to obtain a larger deduction. The determination of whether the business is a specified service trade or business (SSTB), and the income limitation applicable to SSTBs, will be discussed.
Determine how to compute the QBI Deduction including:
Identify special strategies for partners and S shareholders to maximize the QBI deduction.
Recognize the impact of fiscal year partnerships and S corporations.
Determine the interaction of section 199A with other IRC sections such as the passive loss rules and the new limit on nonpassive business losses.
Understand the rules for REITS, Publicly Traded Partnerships, and Agricultural Cooperatives as well as recipients of Qualified Cooperative Dividends.
Recognize Trust and Estate considerations.
Determine when rental real estate is a trade or business.
Identify special stratiegies to maximize the QBI deduction with rental real estate.
Recognize the impact of the QBI deduction on choice-of-entity considerations.
The definition of specified service trade or business
Computation of the QBI Deduction
Special considerations for partners and S shareholders
Interaction of section 199A with other code sections
Special rules for REITS, PTPs, and Cooperatives
Special considerations involving real estate
Planning opportunities to maximum the Section 199A deduction
CPAs and attorneys.
General knowledge of taxation of sole-proprietors, partners and S shareholders.