Final Regulations and Other Recent Guidance under Code § 199A; Life Insurance Income Tax Developments

3.9 (9)

Steve Gorin, CPA

Thompson Coburn LLP

  • CPA
  • EA
  • CTEC
  • TAX PROS
  • AFSP

Credits: 1.5 CPE | 1 CE

$15

Subject Area

Taxes

Webinar Qualifies For

1.5 CPE credit of Taxes for all CPAs

1 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273)

1 CE credit of Federal Tax for Oregon Tax Preparers

1 CE credit of Federal Tax for Maryland Tax Preparers

1 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ )

1 CE credit of Federal Tax Law for 2021 Annual Filing Season Certificate program( IRS Approved : GEHNZ )

1.5 General Educational credit for Tax Professionals / Bookkeepers / Accountants

Before starting this self study program, please go through the instructional document.

Overview

  • Proposed Regulations under the Transfer-for-Value Rules3 mins
  • Impact beyond Reportable Policy Sales6 mins
  • Split-Dollar Economic Benefit Arrangement Under Reg. § 1.61-2212 mins
  • Code § 199A Deduction for Qualified Business Income19 mins
  • Types of income and Activities Eligible for Deduction39 mins
  • Aggregating Activities for Code § 199A40 mins
  • Specified Service Trade or Business and SSTB Anti-abuse Rules62 mins
  • Effect on Losses from Qualified Trades or Businesses on Code § 199A Deduction66 mins
  • What are the rules for Real Estate as Qualified Business Income?68 mins
  • Understanding the point of view for Real Estate Safe Harbor and Aggregation70 mins
  • Key information on Multiple Trust Rules88 mins

Course Description

The government has released 2019 final regulations (changing and finalizing 2018 proposed regulations), 2019 proposed regulations, and other official guidance regarding the 20% deduction for qualified business income from pass-through entities, as well as regulations attacking multiple trusts created to avoid federal income tax.

We will discuss planning tips that may affect business structure and irrevocable tax elections, including special issues touching upon real estate or separating businesses from contaminated income. Separately, we will briefly mention some life insurance income tax issues, including proposed regulations under the transfer-for-value rules and a case involving the treatment of compensatory split-dollar arrangements.

Learning Objectives

  • How separating business operations can help avoid rules that cause gross-receipts of as little as 5% or 10% of gross receipts from specified service trades or businesses to disqualify an entire business line from being qualified business income.
  • How relevant pass-through entities (RPEs) can aggregate businesses and whether they should do so.
  • How the rules governing trusts, under Code § 199A and other provisions of tax law, changed from the proposed regulations to the final regulations and what you should do when creating a trust that may save income tax.
  • How the final regulations eliminated the proposed regulations’ poor provisions on business formation and inside basis step-up and replaced them with more appropriate rules.
  • How structuring real estate entities affects whether their activities rise to the level of a business and how that structure affects the ability to use the safe harbor for real estate under Notice 2019-7.

Who Should Attend?

  • Enrolled Agent
  • Finance Pros
  • Tax Attorney
  • Tax Practitioners
  • Accountant
  • Others
  • CPA - Small Firm
  • CPA - Mid Size Firm
  • Accounting Firm
  • Tax Pros
  • CPA (Industry)
  • Auditors
  • Tax Firm
  • Young CPA
  • CPA in Business
  • Entrepreneurial CPA
  • Outsourced CFO
  • Tax Accountant (Industry)
  • Accounting Practice Owners
  • Finance Director
  • Entrepreneurial Accountant

Testimonial

3.9

(9)
33%
22%
44%
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DS

Steve's expertise in the tax law is unparalleled. With certain simple tricks he helped me solve some of the things I was facing difficulty with. Turns out to be a technical understanding difference. I thank him for his inputs.