The monumental passing of the Tax Cuts and Jobs Act (TCJA) is resulting in historic tax reform that impacts nearly every American. During this time of change, the Section 199A Small Business Deduction has been one of our most asked about areas of the new tax law. This webcast explores the 199A deduction and uses case studies to assess the deduction under various scenarios. You will focus on the detailed mechanics of the new code section and best planning techniques.
When you complete this webcast, you will be able to: • Identify, formulate and assess the following calculations: o Amount of 199A deduction under various scenarios o Overall limitation o W-2/unadjusted basis limitation o Specified service trade or business (SSTB) limitation o Phase-in of W-2/unadjusted basis limitation o Phase-out of deduction for SSTBs o Calculation of deduction for various entities o S corporations o Effect of changing ownership percentages during a tax year o Allocation of W-2 wages and unadjusted basis o Calculation of qualified business income o Calculations for trusts o Allocation of QBI between trust and beneficiaries o Sale of crops to agricultural cooperative vs. sale to non-cooperative buyer o Changes to accuracy-related penalty o Carryover of losses o Effect of QBI on basis o Treatment of NOLs
Basic knowledge of the Federal tax rules relating to individuals and businesses