Leveraging The New Section 199A Income Reduction for Pass-Through, REITS and Owners of Trades or Businesses
Miles Hutchinson is a CGMA and experienced businessman with over 40 years in the field. He has been an auditor with PriceWaterhouseCoopers and the Chief Financial Officer of a one billion dollar real estate development company. Miles is a professional speaker and consultant who has presented over 2,500 seminars and training sessions on a myriad of business and financial topics, like financial analysis and modeling, accounting, strategic planning, and compliance with the Sarbanes-Oxley Act. He is recognized as an expert in payroll and sales & uses tax as well as financial modeling & analysis, business strategy and communications. He is the author of several useful accounting and tax tools available at www.soxpolicies.com and www.salestaxadvisors.com. His clients include Abbott Labs, Bank of America, Boston Scientific, Citicorp, Corning, the FBI, the FDA, the Federal Reserve, GE, Pfizer, Siemens, US Marine Corps, and the US Army. Please visit his web sites to see how you can further benefit from his expertise.
In this practical webinar, you will learn to navigate section 199A and identify the key opportunities and issues for you and your taxpayer/clients. You will also receive a list of valuable resources to support you with your more challenging situation.
Section 199A provides the opportunity for beneficial owners of pass-through businesses and owners of many other trades or businesses to take a deduction for up to 20% of Qualified Business Income plus 20% of REIT dividends and qualified publicly traded partnership income. The catch – Specified Service Trades or Businesses (SSTBs) and the trade or business of providing services as an employee are not eligible unless taxable income is below certain thresholds. The credit is also subject to other limitations and phase-outs. The IRS published final regulations in January of 2019. Not surprising they are complex and require a careful read. We have digested them and are offering you the cliff notes with this webinar. Section 199A also has a sunset provision.
Upon course completion, you will be able to:
- Explain what Qualified Business Income is and is not
- Map out the various limitations on QBI and the 20% deduction
- Clarify the conditions where rental property qualifies as QBI
- Determine how trusts may use the deduction and avoid the anti-abuse rules
- Properly apply the reasonable compensation rules to pass through entities
- Legally minimize your tax liability using section 199A
Course Level - All Level
Who Should Attend
- Compliance Managers
- Compliance Officers
- Accounting Managers
- Information Reporting Officers
- Tax Managers
- Bank Managers
- Risk Managers
- Human Resource Managers
- Internal Auditors
- Service Providers
- Government agencies