Vermont Society of Certified Public Accountants
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Surgent's Update on Section 199A: What We Now Know After Tax Season (S19U)

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Date/Time:
May 3, 2018, 1:00pm–4:30pm
Developer:
SURGENT MCCOY SELF-STUDY CPE, LLC
Level:
Update
The Section 199A 20% deduction is by far the most complex and important provision, at least for most taxpayers, resulting from the Tax Cuts and Jobs Act of 2017. When this provision came into effect there were many unknowns. This program will review what we have learned about the implementation of Section 199A since its enactment and will identify areas where guidance is still needed. For the issues that are unresolved, the presenters will discuss plausible interpretations of the existing statutory language that might be helpful in taking tax return positions.

Objective

  • Identify and understand the areas of Section 199A that need IRS guidance
  • Identify and understand plausible tax return positions to take with respect to those areas of Section 199A where the IRS has not provided guidance

Highlights

  • What is a trade or business for purposes of the Section 199A 20% deduction
  • When is a rental activity a trade or business
  • Relationship between the trade or business requirement and the passive activity rules
  • How tiered entities claim the Section 199A deduction
  • When basis of depreciable property is adjusted for purposes of the 2.5% limitation
  • Calculating W-2 limitations when there are related business entities and/or a common paymaster
  • Much more relating to the areas of Section 199A that need IRS guidance

Designed For

Tax practitioners who anticipate advising clients with respect to any aspect of Section 199A, the 20% deduction

Prerequisite

A basic understanding of the tax rules relating to individual income tax

Advanced Preparation

None
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