This program addresses the Section 199A deduction for flow-through entity income, including a review of the major provisions, forms reporting, and recent developments. This course qualifies for PTIN credit.
CPAs in public practice and industry seeking an update on the latest tax developments impacting the flow-through entities deduction
After attending this presentation you will be able to...
- Recognize the deduction for income from flow-through entities using flowcharts and examples
- Identify the rules pertaining to Section 199A
The major topics that will be covered in this class include:
- A deep-dive look at the Section 199A flow-through entities deduction
- Calculation of qualified business income
- Application to rental real estate - "safe harbor" rule and aggregation rules
- Self-rental rule for Section 199A compared to self-rental rule for passive activities
- Differing impact on the sole proprietorship, partnerships and S Corporations
- Forms reporting on Forms 8995 and 8995-A
- Section 199A flowchart
Basic working knowledge of business and individual taxation