Section 199A Deduction – How To Maximize Benefits?

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The IRS released several sets of guidance on the afternoon of January 18, 2019 regarding one of the more complex and far reaching aspects of the 2017 Tax Cuts and Jobs Act or “Tax Reform.”

You may be thinking of extracting the full Benefits of Section 199A for your clients, but lack of clarity and complexity in this section may prevent you in working to their best interests. While the 2017 Tax Cuts and Jobs Act (TCJA) brought significant changes to 199A, many questions have been left unanswered leading to confusion and ambiguity. 

CPAs must know how Section 199A works before helping their clients maximize the amazing advantages this provision offers. Fortunately, on August 8, 2018, the IRS released much needed guidance and the specifics of the terms and calculations in a 200-page document, which is a great help for practitioners and taxpayers alike.

Gain the knowledge to help their clients maximize Section 199A deduction using new IRS guidance and guidelines. You’ll learn how pass-through entities can maximize the 20% deduction and learn about the latest updates to the tax code. 

Key Points:-

  • Major updates to the tax code
  • Insights on income thresholds and eligibility
  • W2 wages and investment limits
  • What is a Qualified Business Income (QBI)
  • Ways to maximize your clients’ Section 199A deduction
  • Know how to properly calculate the 199A or pass-through deductions