§199A Final Regulations Finally Drop: IRS Throws Down the Gauntlet – Choices, Choices – Which Way to Go?

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Jun 17, 2019

Registration: 7:30 AM / Program: 8:00 AM - 4:00 PM

Fees

Member Fee: $325.00
Nonmember Fee: $425.00

Available Discounts

AICPA Member: None
Full time Accounting Educator: -162.00

Description

At long last, the (300 page) Final §199A Regs have dropped. What does it mean for 2018 (and later) tax returns? Everything. The IRS (and Treasury) have thrown down a critical choice at our feet: Choose to apply (to 2018 returns) the proposed regs (August 2018) or just-released final regs (February 2019). Which to choose? Mix-and-match? No way.

Though recent guidance helped, there remain plethoras of uncertainties and unanswered questions. Most of the action centers around what is (QBI and not), whether real estate rentals (and triple net leases) are businesses (most are), and aggregation to combine businesses to maximize QBID. We've done deep cut research to guide you.

Designed For

Any tax practitioner wishing to understand and apply the §199A deduction.

Objectives

  • Explain QBID to individuals, S Corp shareholders, LLC members, partners, trustees and estate administrators
  • Effectively choose between regs 
  • Develop strategies to maximize QBID
  • Keep a good file to avoid (newly ramped up) accuracy and preparer penalties and malpractice liability

Major Subjects

  • QBID sorted out
  • Definition of “Specified Service Business” (SSTB)
  • Exactly how to separate an SSTB from non-SSTB (and sleep at night)
  • Strategies for income, wages, and property to maximize QBID
  • Optional aggregation (of businesses) to pump up QBI deduction
  • Aggregating – How to do it, when to do it, when to run away 
  • Is rental real estate a §199A business or not? New blood in the analysis
  • How income highs and lows can cause you woes
  • Differences between proposed and final regs: The breakdown  
  • Effective date(s) of the final regs (choices, choices, choices, choices)

This event has already passed. If you have any questions, please contact us at 503-641-7200 or email profdev@orcpa.org.


Leaders

Bradley Burnett

Bradley Burnett, J.D., LL.M., is a practicing Colorado tax attorney with 33 years of tax practice experience. His practice emphasis is on tax planning and tax controversy resolution. He also prepares a handful of tax returns. Prior to establishing his own law firm in 1990, he practiced tax accounting with national and local CPA firms, worked as a trust officer for a Denver bank and managed the tax department as partner in a medium-sized Denver law firm. After receiving his undergraduate degree in accounting and law degree (J.D.), he earned a Master of Laws (LL.M.) in Taxation from the University of Denver School of Law Graduate Tax Program.

Mr. Burnett has delivered more than 3,000 presentations on U.S. tax law throughout all fifty U.S. states, Washington, D.C., the Bahamas, Italy, Greece, Turkey and Canada. He has authored texts of 35 CPE courses. Bradley served as adjunct professor at the University of Denver School of Law Graduate Tax Program, where he pioneered an employment tax course and occasionally pinch hit teaching the IRS practice and procedure topic. He has appeared on television answering tax questions for call-in viewers of Denver NBC affiliate KUSA Channel 9. Brad received the Illinois Society of CPAs Instructor Excellence Award for teaching in Chicago and five times has been the top rated, most requested instructor for CPA Society annual tax conferences. Burnett’s seminar style is to deliver the subject matter in briskly paced, enthusiastic and witty fashion. His forte’ is the candid communication of practical ideas relating to tax law.