Tax Reform for Pass-Through Entities: IRS Regulations, Planning Techniques, Loopholes, QBI Deduction and Limitations

The new tax law contains permanent and comprehensive changes impacting companies of all types. The new law encompasses provisions directly affecting the income of pass-through entities, requiring careful planning to take advantage of the available tax saving options and avoid tax compliance or reporting issues.

The tax law allows additional benefits to pass-through entities that require an understanding of a variety of complex provisions. Tax counsel and advisers must be aware of the benefits and limitations of Section 199A regarding the deduction of qualified business income, the available loopholes to optimize tax savings for partnerships, LLCs and S corporations, and considerations for possible entity reclassification along with other tactics to reduce taxable income.

Listen as our panel analyzes the complex provisions of tax reform impacting pass-through entities, recent IRS regulations, and provides practical methods for compliance and tax savings.

1. Overview of tax law changes impacting pass-through entities
2. New Section 199A deductions and pass-through tax breaks and limitations and the impact of the proposed regulations
3. Section 1061 and the treatment of carried interest under new tax law
4. Impact of the interest expense cap on pass-through entities and new developments under the proposed regulations
5. Planning techniques and loopholes for pass-through entities
6. Reevaluating entity classification in light of tax reform

The panel will review these and other high priority issues:

• Tax considerations for pass-through entities after the passage of the new tax law
• Qualified business interest deductions and limitations on specified service industries
• Treatment of carried interest and performance of services
• Available tax planning techniques and loopholes for partnerships, LLCs and S corporations
• Entity reclassification considerations for potential tax savings

Learning Objectives

After completing this course, you will be able to:

• Recognize the provisions of the new tax law impacting pass-through entities
• Determine best practices for pass-through entity tax reporting and compliance
• Ascertain the tax implications of the new tax law on the income of partnerships, LLCs and S corporations
• Identify qualified business income deductions and limitations on specified services trades or businesses

• 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.

Strafford Publications, Inc. 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.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).