Description
IRC Section 199A provides certain taxpayers a deduction of net income attributable to certain qualified businesses. This deduction creates a tax benefit to sole proprietors and owners of pass-through entities carrying on qualified businesses by effectively reducing their federal income tax rate. Individuals, trusts, and estates are eligible to claim the deduction based on their share of qualified business income, but only subject to the many strict requirements of IRC Section 199A.
The deduction equals up to 20 percent of a taxpayer's qualified business income from certain trades or businesses, as well as 20 percent of qualified REIT dividends, publicly traded partnership income, and qualified cooperative dividends received by a taxpayer. The complexities of claiming the IRC Section 199A deduction require that tax advisers carefully evaluate their clients' eligibility for the deduction, determine whether action should or can be taken to maximize the deduction amount, and implement planning strategies to secure the greatest possible benefit available to each taxpayer.
Listen as our panel analyzes the requirements, limitations, and implications of 199A and provides tips for developing and implementing effective tax planning strategies to take advantage of the qualified business income deduction.
Presented By
Mr. Cox is a partner within Nixon Peabody’s M&A and Corporate Transactions practice group and member of the Tax team. He focuses on various tax aspects facing domestic and international companies and provides significant experience in areas of capital markets, reorganizations, real estate, and private equity matters.
Mr. Gupta is a tax litigation and criminal defense attorney with extensive private practice, government, and adjunct teaching experience. At large and small law firms in California, he managed complex business litigation at trial and appeal stages. As a Special Assistant U.S. Attorney in the Northern District of Georgia, Mr. Gupta prosecuted violent and white-collar crimes. As an Attorney-Adviser at the U.S. Tax Court in Washington, D.C., he supported judicial review and resolution of deficiency redetermination, collection due process, and whistleblower actions. As Adjunct Professor of Law at DePaul, Chicago-Kent, and U. of Houston law schools, Mr. Gupta teaches civil and criminal tax litigation courses. Many of his publications have been cited in court opinions, journals, and treatises.
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This 90-minute webinar is eligible in most states for 1.5 CLE credits.
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BARBRI is a NASBA CPE sponsor and this 90-minute webinar is accredited for 1.5 CPE credits.
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BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).
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Date + Time
- event
Thursday, October 7, 2021
- schedule
1:00 p.m. ET./10:00 a.m. PT
- Requirements of 199A
- Defining qualified business income and calculating the deduction
- Limitations on certain types of businesses or services
- Phase-in of wages and capital limitations
- How shareholders and members of pass-through entities claim the 199A deduction
- Important tax planning considerations
The panel will review these and other key issues:
- IRS regulations
- Benefits and limitations of the provision
- Understanding the rules and eligibility requirements of claiming the deduction
- Identifying qualified businesses and related income subject to the deduction
- Understanding the limitations on the deduction, including the wage limitation and combined property and wage-base limitation
- Exploring the phase-in of the wage-base and other income or capital limitations
- Entity reorganization options and avoidance of pitfalls in considering the same
- Tax planning tactics and lesser-known factors to consider
Learning Objectives
After completing this course, you will be able to:
- Ascertain the requirements and limitations of claiming the Section 199A deduction
- Determine the calculation and application of Section 199A deduction
- Recognize planning methods to secure deduction and tax savings for pass-through entity shareholders and members
- Field of Study: Taxes
- Level of Knowledge: Intermediate
- Advance Preparation: None
- Teaching Method: Seminar/Lecture
- Delivery Method: Group-Internet (via computer)
- Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
- Prerequisite: Three years+ business or public firm experience at mid-level within the organization, preparing complex tax forms and schedules; supervisory authority over other preparers/accountants. Specific knowledge and understanding of partnership tax rules, corporate structure, and partnership audit regulations.
BARBRI is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.
BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).
BARBRI CE webinars-powered by Strafford-are backed by our 100% unconditional money-back guarantee: If you are not satisfied with any of our products, simply let us know and get a full refund. Contact us at 1-800-926-7926 .
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