Section 199A is still the hottest tax topic related to the Tax Cuts and Jobs Act of 2017. The Act created new reporting requirements for relevant pass-through entities (RPEs).
DESIGNED FOR
Any tax practitioner seeking a better knowledge of the Schedule K-1 reporting requirements related to §199A
BENEFITS
- Understand how to complete the required Schedule K-1 disclosures related to §199A
- Understand how to allocate §199A relevant amounts to shareholders, partners, and trust beneficiaries
- Understand how to calculate the amounts of wages and unadjusted basis immediately after acquisition of qualified property
- Use case studies to reinforce the learning objectives
HIGHLIGHTS
- The latest guidance from the IRS provided through regulations or administrative announcements
- Reporting requirements for all relevant pass-through entities
- Reporting for multiple activities within one entity
- Allocating common items among multiple activities
- Section 199A Schedule K-1 reporting for tiered entities
- Calculating and reporting qualified wages and the unadjusted basis immediately after acquisition of qualified property
- Allocating §199A relevant amounts to beneficiaries of trusts using DNI
- Handling separately stated items for which qualified business income status is determined at the shareholder or partner level
- The effects of ownership changes on §199A reporting on Schedule K-1
- Reporting publicly traded partnership income and REIT income to the partners or shareholders
- Reporting aggregated activities
- Allocating §199A amounts to partners when special allocations have been made by the partnership
PREREQUISITES
A basic understanding of the §199A deduction.
ADVANCE PREPARATION
None