IRC 199A, the new 20% of qualified business income deduction, is the best new tax deduction from the Tax Cuts and Jobs Act. The deduction has a lot of complexities to it, and without proper knowledge of how the deduction works, taxpayers can see large penalties and taxes due. This webinar will look at all the different scenarios involved when calculating the IRC 199A deduction. It will also look at different ways practitioners and taxpayers can protect themselves from some of the more grey areas involved with the 199A deduction. Key learning objectives will include:

• Determine qualified business income
• Determine how much-unadjusted basis in assets a client has
• Determine applicable W-2 amounts for calculating the 199A deduction
• Calculate the 199A deduction
• Safeguard from IRS penalties dealing the IRC 199A
• Properly disclose IRC 199A information on returns

The IRS has processed their final regulations on IRC 199A, so practitioners now have more clarity on the different intricacies for the deduction. These create amazing tax opportunities for business owners to increase their deductions to continue to save on their taxes.

IRC 199A, the 20% qualified business income deduction, is the newest and most creative tax deduction introduced by Congress in a long time. The potential tax savings for business owners is astronomical if they properly plan for the deduction. Part of planning is having an idea of how the deduction is calculated for each different individual. By doing this, practitioner and business owners can help target spending to maximize the deduction as much as possible.

Unfortunately with the new deduction, the IRS has an easier ability to apply substantial understatement penalties when IRC 199A is involved. This webinar will also go into strategies to help you cover yourself from these potential penalties.