Reduce Your Clients’ Tax Burden with the New IRS Guidance Issued on Aug. 8, 2018
The IRS has just revised the regulations on Section 199A deduction for qualified business income (QBI), regarded as the most complex and important provision of the Tax Cut and Jobs Act 2017. These regulations shed new light on how to apply Section 199A to pass-through entities – such as partnerships, LLCs, S-corporations, and some trusts and estates. The QBI deduction provides big tax breaks for many businesses. As a practitioner, you need to know exactly how Section 199A will work in light of the new IRS guidance, so that your clients can take full advantage of the awesome opportunities this provision now offers.
Learn from tax expert Vicki Mulak, EA, CFP® how to reduce your tax burden through creative strategies around the QBI deduction after the recent update. Mulak will get you up to speed with the terminology associated with the Section 199A deduction, and teach you how to calculate deductions in a range of scenarios – including how to calculate phase-outs for Specified Service Trades or Businesses (SSTBs) and non-SSTBs. You will learn how the deduction could impact entity choice planning, understand the gray areas of the regulation, and know how to help your clients take advantage of the tremendous opportunities the provision offers.
After attending this webinar, you will clearly understand how to calculate Section 199A deductions, and know how to reduce your clients’ tax burden after the new IRS guidance.
Here is a taste of what you will uncover:
How Section 199A will work in light of the new August 8, 2018 IRS guidance
Understand the terminology associated with the deduction such as “reduction ratio”, “applicable percentage”, etc.
How the phase-outs are calculated for Specified Service Trades or Businesses (SSTBs) as well as non-SSTBs
How Section 199A deduction could impact entity choice planning after the new IRS guidance
Vicki L. Mulak is an Enrolled Agent and Certified Financial Planner (CFP) and owner of American Financial and Tax, a tax preparation, planning and representation firm, which was founded in Tustin, California in 1985, when Vicki became both a resident and a business owner.