The Tax Cuts & Jobs Act: Choosing a Business Entity and Understanding Section 199A (MLT282A)

Understand Section 199A and Business Entity Tax Compliance for 2018

The new Tax Cuts and Jobs Act changed the tax compliance requirements for business entities. It also created a special 20-percent deduction for certain small businesses.

Uncover the real-world ramifications of those changes in this expert session, hosted by tax consultant Daniel J. Pilla. Daniel will discuss in detail the five most common business entities—sole proprietorship, partnership, regular C Corporation, subchapter S corporation, and LLC— and their tax benefits under the 2017 tax law. Attendees will also learn how to avoid making tax planning mistakes for each entity.

You will come away from this event with working knowledge of the pros and cons of the various businesses entities in common use—and why a client might choose or reject a given entity based on the benefits and tax compliance obligations of each, especially in light of new code §199A. Plus, you will understand the rules requiring reasonable compensation for corporate officers.

Session Highlights

This session will cover:

• Overview of the Tax Cuts and Jobs Act
• Compliance requirements for 5 common business entities
• Positive considerations for each business entity type
• Negative considerations for each business entity type
• Common errors in tax planning for each business entity type
• Special considerations for shareholders/owners of subchapter S corporations
• What constitutes reasonable compensation for corporate officers
• How the 20-percent deduction works under new code §199A

NASBA & IRS Category of Study: Taxes

Level: Basic

Who Should Attend

Any person involved in tax preparation or planning for small businesses, including:

• Certified Public Accountants (CPAs)
• Enrolled Agents (EAs)
• Attorneys
• Financial Planners
• Other Tax Preparers