199A Cutting Edge Tax Strategies for Specified Service Trades or Businesses (SSTBs) 1 Credit
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Nov 06, 09:30 AM
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As a small business owner, tax deductions are always welcome. But, deductions aren’t static. Deductions change over time, and some go away completely. Or, in the case of the Section 199A deduction, new deductions are added.
The 199A deduction has arguably been one of the most talked-about tax breaks included in the Tax Cuts and Jobs Act. Taxpayers who qualify for it can claim up to a 20% deduction on qualified business income (QBI) for businesses operated directly by the taxpayer or through a pass-through entity. For rental property owners, this can be a particularly valuable benefit.
It's a great benefit for those who qualify. The trouble is, not every business qualifies. According to Internal Revenue Code 199A, a specified service trade or business (SSTB) may not qualify for all or any of the QBI deductions.
In this CE/CPE Tax Webinar, we will go into specifics of Specified Services Trades, and Businesses and the IRC 199A QBI deduction. While the course will not focus on the calculations and the specifics of 199A generally, we will look at provisions that impact the SSTB calculations.
Activities that constitute separate trades or businesses are not clearly defined in the Code and regulations; hence, determinations largely depend on various factors described in case law and IRS guidance. Taxpayers also should analyze any correlative consequences of defining their trades or businesses for purposes of Sec. 199A, as a failure to do so, may result in unintended federal income tax implications under other Code provisions.
In this CE course, speaker Nicholas Preusch will go in-depth about the different types of SSTBs, along with the grey areas for some of these businesses. We will look at how to disclose grey areas with SSTBs to help avoid penalties. We will also discuss entity structuring to properly maximize the QBI calculations.
Key Topics Included:
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MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.
Nicholas has worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nicholas has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. Nicholas has been recognized as the Top 5 Under 35 CPAs in Virginia, and is a member of the AICPA’s Tax Executive Committee. Nicholas is an adjunct professor at the University of Mary Washington. He is a graduate of Carthage College, University of Connecticut (M.S. in Accounting), Case Western Reserve University School of Law (J.D.), and Georgetown University (LLM in Taxation).
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To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.
After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
I took this course one other time. I must have been distracted because myCPE.com indicated that I missed a poll(s) questions. They have ultimate determination so I have no room to dispute that determination. I do know that I had severe difficulty in the first time I took this fine course to receive the question and when I did it was after the 10 second time limit. Very discouraging. Now the good news. The presentation by Mr. Preusch was very good! A lot of the narrative was a visit back to 1989 to 1991 when the IRS was wrestling with the definition and inclusion of which individuals are classified for personal service corporation classification for Sub C maximum tax rate and the Sub S classification for using a fiscal year and prepayment of taxes based on a non prorata payment of compensation. I can honestly recommend Mr. Preusch's presentation on Sec. 199A
CM
Experience has been great. The videos are easy to watch, the speakers keep it flowing and give good examples.
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