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
- The wage limitation and associated limits
- Maximizing the 20% deduction for pass-through entities and Schedule Cs
- Proper treatment of REIT, PTP, and Cooperative income
- Treatment of carryover amounts
- Entity choice and the Section 199A deduction
- Rental activities as a trade or business and the rental safe harbor
- Completion of Forms 8995 and 8995-A
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