Objective
- Understand how the 20% deduction for pass-through entity owners works
- Implement the benefits of this deduction for income tax returns
Highlights
- Latest guidance issued by the IRS, whether by way of regulations or administrative announcements
- What happens when the taxpayer owns multiple entities; aggregation rules
- Calculating qualified business income (QBI)
- How to identify a specified service trade or business
- Taxable income limits on specified service trade or businesses
- Maximizing the 20% deduction for pass-through entities and Schedule Cs
- What happens if QBI for a given year is negative?
- Whether a particular tax entity offers a greater Section 199A deduction
- Whether the owner of a Schedule E with net rental income can claim the Section 199A deduction
Designed For
Any tax practitioner wishing to understand and apply the 199A deductionPrerequisite
A basic understanding of the federal tax rules relating to individuals and businessesAdvanced Preparation
None