Podcasts about section 199a

Play Episode Listen Later Dec 22, 2019 13:43

Previous guests of the “Simply Tax” podcast gather around the fire as host Damien Martin tells a classic story of the enactment and first year of the Tax Cuts and Jobs Act (TCJA). Listen to hear the story and guests of the following previous episodes: Episode 49: Tax Planning Questions for Businesses Episode 47: Tax Planning for High-Net-Worth Families After the TCJA Episode 46: Do You Have 199A Confusionosis? Episode 44: The R&D Tax Credit Episode 42: Cutting Through the Tax Static with Ed Karl Episode 39: Tax Technology of the Future Episode 38: Bonus Depreciation Regs & More Episode 36: Simply Small Business Taxpayer Accounting Methods Episode 35: The Proposed 199A Regulations with Tony Nitti Episode 27: The SALT Workarounds with Annette Nellen Episode 25: Ed Updates – IRS Reform & Guidance on the New Tax Law Episode 19: Tax Reform for Insurance Companies Episode 16: AICPA's 199A Task Force Episode 15: Tax Reform for Health Care Providers Episode 13: Tax Reform for Construction & Real Estate Episode 12: Ed Karl's Tax Reform Carnival Update Episode 11: The Twins on Tax Reform for Individuals Episode 10: The International Side of Tax Reform Episode 9: Tax Reform for Businesses Bonus Episode: CPA to CPA with Tony Nitti Episode 8: The Nitty Gritty—of Section 199A—with Tony Nitti Bonus Episode: Tax Bill Whack-A-Mole Bonus Episode: Latest from the Reform Roller Coaster Bonus Episode: Tax Framework with Ed Karl Episode 1: Talking Tax Reform with Ed Karl THE STORY ‘Twas the night before TCJA, when all through the House, A tax reform framework was stirring, with momentum moving quicker than a mouse; A budget resolution had just passed in Congress with care, In hopes that tax reform soon would be there; The stage had been set to use reconciliation by those who led, While visions of rate cuts danced in their heads; And Republicans in the House and the Senate moving ASAP, Remained committed to using the unified framework as a map, When on November 2nd there arose such a clatter, It was the Tax Cuts and Jobs Act that was the matter! Away to the internet I flew like a flash, To open the bill that made such a splash. The text on freshly printed pages as white as snow Gave the luster of new tax changes offering so much to know, When, what to my wondering eyes should appear, But new provisions to add and amend the tax code as I sat down to read it with a beer, With the changes moving, so lively and quick, I still was not certain if these provisions would stick. More rapid than eagles the markups they came, And they passed different versions of the bill in the House and the Senate under the TCJA name; Now, Republicans! Now, Democrats! In a conference committee mixin'! On compromises! On changes! On things that needed fixin'! Back to the House and the Senate with time running small Now three last-minute changes that were then voted on by all, Including a name change that's made the bill somewhat hard to identify, But around the Tax Cuts and Jobs Act name most seem to still unify. So after enactment on December 22nd tax advisors they flew, To their copies of the bill with highlighters and even hole punch reinforcers, too. And then, in a twinkling, I heard tax advisors raise the roof The excitement of new code sections that arrived in a poof. Now after reading the TCJA, I knew that choice of entity was bound, To be a big deal with many significant changes now around. It was presented as simplification with reduced rates at its root, But is often complex when combined with the tax law that stayed put; A bundle of questions arose when tax advisors started to unpack The provisions of the newly enacted tax law with areas of uncertainty starting to stack. And the many significant international changes that can seem quite frankly scary! Actually, Chris Clifton of episode 10, would you explain while I refill my sherry? Now one thing that clearly began to show, Was each taxpayer's situation is unique and tax planning for the TCJA could not be put on auto; A decision like charitable giving now has much more to consider, Like will you itemize, what are you giving and even what and how much do you plan to bequeath; And the new 20 percent deduction has led to many calls on the telly, With the definition of trade or business under §162 that can seem as fluid as a bowlful of jelly. Whether you get the deduction and what industry are important questions to ask yourself, For example, Brian Todd of episode 15, for health care would say it depends on the organization itself? And though the TCJA-related guidance so far has given much to put in our head, More from Treasury and the IRS is still needed and expected to come ahead; And though enhanced capital expensing is quite a perk, A technical correction for qualified improvement property would address issues that still lurk, And keep in mind under the TCJA some saw overall tax increases as their effective tax rate rose, Netting the effect of new limits on deductions with the beneficial changes is something you must juxtapose; To many tax advisors the TCJA can seem like a thistle, So I'd like frequent podcast guest Tony Nitti to offer some advice to those starting to bristle. So with that I'd like you to celebrate the one year of the TCJA with spirits that are bright, Happy TCJA to all, and to all a good night! GET MORE “SIMPLY TAX” We're excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel. We'd love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube

[Rebroadcast] 'Twas the Night Before TCJA

Play Episode Listen Later Dec 22, 2019 13:43

Previous guests of the “Simply Tax” podcast gather around the fire as host Damien Martin tells a classic story of the enactment and first year of the Tax Cuts and Jobs Act (TCJA). Listen to hear the story and guests of the following previous episodes: Episode 49: Tax Planning Questions for Businesses Episode 47: Tax Planning for High-Net-Worth Families After the TCJA Episode 46: Do You Have 199A Confusionosis? Episode 44: The R&D Tax Credit Episode 42: Cutting Through the Tax Static with Ed Karl Episode 39: Tax Technology of the Future Episode 38: Bonus Depreciation Regs & More Episode 36: Simply Small Business Taxpayer Accounting Methods Episode 35: The Proposed 199A Regulations with Tony Nitti Episode 27: The SALT Workarounds with Annette Nellen Episode 25: Ed Updates – IRS Reform & Guidance on the New Tax Law Episode 19: Tax Reform for Insurance Companies Episode 16: AICPA's 199A Task Force Episode 15: Tax Reform for Health Care Providers Episode 13: Tax Reform for Construction & Real Estate Episode 12: Ed Karl's Tax Reform Carnival Update Episode 11: The Twins on Tax Reform for Individuals Episode 10: The International Side of Tax Reform Episode 9: Tax Reform for Businesses Bonus Episode: CPA to CPA with Tony Nitti Episode 8: The Nitty Gritty—of Section 199A—with Tony Nitti Bonus Episode: Tax Bill Whack-A-Mole Bonus Episode: Latest from the Reform Roller Coaster Bonus Episode: Tax Framework with Ed Karl Episode 1: Talking Tax Reform with Ed Karl THE STORY ‘Twas the night before TCJA, when all through the House, A tax reform framework was stirring, with momentum moving quicker than a mouse; A budget resolution had just passed in Congress with care, In hopes that tax reform soon would be there; The stage had been set to use reconciliation by those who led, While visions of rate cuts danced in their heads; And Republicans in the House and the Senate moving ASAP, Remained committed to using the unified framework as a map, When on November 2nd there arose such a clatter, It was the Tax Cuts and Jobs Act that was the matter! Away to the internet I flew like a flash, To open the bill that made such a splash. The text on freshly printed pages as white as snow Gave the luster of new tax changes offering so much to know, When, what to my wondering eyes should appear, But new provisions to add and amend the tax code as I sat down to read it with a beer, With the changes moving, so lively and quick, I still was not certain if these provisions would stick. More rapid than eagles the markups they came, And they passed different versions of the bill in the House and the Senate under the TCJA name; Now, Republicans! Now, Democrats! In a conference committee mixin’! On compromises! On changes! On things that needed fixin’! Back to the House and the Senate with time running small Now three last-minute changes that were then voted on by all, Including a name change that’s made the bill somewhat hard to identify, But around the Tax Cuts and Jobs Act name most seem to still unify. So after enactment on December 22nd tax advisors they flew, To their copies of the bill with highlighters and even hole punch reinforcers, too. And then, in a twinkling, I heard tax advisors raise the roof The excitement of new code sections that arrived in a poof. Now after reading the TCJA, I knew that choice of entity was bound, To be a big deal with many significant changes now around. It was presented as simplification with reduced rates at its root, But is often complex when combined with the tax law that stayed put; A bundle of questions arose when tax advisors started to unpack The provisions of the newly enacted tax law with areas of uncertainty starting to stack. And the many significant international changes that can seem quite frankly scary! Actually, Chris Clifton of episode 10, would you explain while I refill my sherry? Now one thing that clearly began to show, Was each taxpayer’s situation is unique and tax planning for the TCJA could not be put on auto; A decision like charitable giving now has much more to consider, Like will you itemize, what are you giving and even what and how much do you plan to bequeath; And the new 20 percent deduction has led to many calls on the telly, With the definition of trade or business under §162 that can seem as fluid as a bowlful of jelly. Whether you get the deduction and what industry are important questions to ask yourself, For example, Brian Todd of episode 15, for health care would say it depends on the organization itself? And though the TCJA-related guidance so far has given much to put in our head, More from Treasury and the IRS is still needed and expected to come ahead; And though enhanced capital expensing is quite a perk, A technical correction for qualified improvement property would address issues that still lurk, And keep in mind under the TCJA some saw overall tax increases as their effective tax rate rose, Netting the effect of new limits on deductions with the beneficial changes is something you must juxtapose; To many tax advisors the TCJA can seem like a thistle, So I’d like frequent podcast guest Tony Nitti to offer some advice to those starting to bristle. So with that I’d like you to celebrate the one year of the TCJA with spirits that are bright, Happy TCJA to all, and to all a good night! GET MORE “SIMPLY TAX” We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube

S Corp Election

WCG Bizcast

Play Episode Listen Later Oct 26, 2019 33:51

Jason Watson, CPA, of WCG Inc. (formerly the Watson CPA Group) with Amanda Rowles and Joseph Bassett discuss the S Corp tax benefits versus the garden-variety LLC. The S Corp vs LLC discussion starts with general S Corp benefits, but does a deeper dive into reducing self-employment taxes and lowering audit rate risk.They also review the Does It Make Sense questions such as-Does your business earn over $30,000 net income after expenses? Say Yes.Are you located in New York City or Tennessee where S corporation tax rates are egregious and suck up all the federal tax savings? New Hampshire? Say No. Although there might be exceptions where an S Corp makes sense NYC, TN and NH in order to maximize Section 199A deduction benefits.Do you have other W-2 income that exceeds or comes close to exceeding the Social Security limits of $132,900 (2019)? Say No. If you say Yes, we need net business income to exceed $200,000 in #1 above so that the Medicare savings exceeds the “lost” Social Security tax paid by the S Corp.Is this a going concern? In other words, is the business going to continue to earn the same income or more each year? Say Yes.Do you have an LLC or some other entity in place that can be elected to be taxed as an S Corp? Say Yes. If you say No, we have options just not elegant ones such as shelf corporations.Do you have other partners besides a spouse… business partners, that is? Say No. If you say Yes, are you currently splitting income based on ownership percentages or some formula? If you say Formula, then we’ll need to explore a multi-entity arrangement.Does your entity own any appreciating assets such as real estate? Say No. We don’t put appreciating assets into an S corporation. Holding companies own real estate and operating companies elect S Corp status. Chinese Wall.The episode concludes with how to file the S corporation election, Form 2553, etc.This material is based on content from our website and our book, Taxpayer’s Comprehensive Guide to LLCs and S Corps.https://wcginc.com/wp-content/documents/SCorpQuestions.pdfhttps://wcginc.com/s-corp-election/https://wcginc.com/bookThank you!Warm Regards,WCG Inc. (formerly Watson CPA Group)2393 Flying Horse Club DriveColorado Springs, CO 80921719-387-9800 phone719-345-2100 text message855-345-9700 faxhttps://wcginc.com/Facebook - https://wcginc.com/facebookLinkedIn- https://wcginc.com/linkedinTwitter - https://wcginc.com/twitterYouTube - https://wcginc.com/youtube

October 1, 2019

Play Episode Listen Later Oct 1, 2019

In this week's Tax Credit Tuesday Podcast, Michael J. Novogradac, CPA, talks about the stopgap funding bill that prevented a government shutdown and will keep the government funded through Nov. 21. Then he shares highlights from the Novogradac 2019 Historic Tax Credit Conference in St. Louis, including insights from Sen. Bill Cassidy's keynote address. After that, he discusses the summary of the annual historic tax credit investment report by Rutgers University and the National Parks Service, and shares guidance updates from the IRS on the Section 199A deduction. He then shares insight on the draft IRS Form 8997 for opportunity fund investments, and news on HUD and FHA incentives for hospitals and care facilities in opportunity zones. Next, he discusses a comment letter that was submitted by a group of state economic development officials to the IRS on proposed rules for investing in qualified opportunity funds. Finally, he shares news on amendments to the Missouri state historic tax credit program.

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October 1, 2019

CPA Conversations podcast

Play Episode Listen Later Oct 1, 2019

In this week's Tax Credit Tuesday Podcast, Michael J. Novogradac, CPA, talks about the stopgap funding bill that prevented a government shutdown and will keep the government funded through Nov. 21. Then he shares highlights from the Novogradac 2019 Historic Tax Credit Conference in St. Louis, including insights from Sen. Bill Cassidy's keynote address. After that, he discusses the summary of the annual historic tax credit investment report by Rutgers University and the National Parks Service, and shares guidance updates from the IRS on the Section 199A deduction. He then shares insight on the draft IRS Form 8997 for opportunity fund investments, and news on HUD and FHA incentives for hospitals and care facilities in opportunity zones. Next, he discusses a comment letter that was submitted by a group of state economic development officials to the IRS on proposed rules for investing in qualified opportunity funds. Finally, he shares news on amendments to the Missouri state historic tax credit program.

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How Tax Reform Is Affecting the Construction Industry

Play Episode Listen Later Aug 15, 2019 11:08

The ripples of tax reform have reached CPAs working in the construction industry in a big way. Emily Gunther, CPA, CCIP, a principal with CLA LLP in Plymouth Meeting Pa., discusses Section 199A, business interest, and much more. Gunther will speak at greater length on this topic at PICPA’s 2019 Construction Industry Conference on Oct. 16 in Malvern, Pa. For full transcript click here.

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The "Nitti" Gritty of 1031 Exchanges and Opportunity Zones with Tony Nitti, CPA

1031 Exchange Passive Income and NNN Investment Series by 1031 Navigator

Play Episode Listen Later Jul 20, 2019 89:04

Today is a double/combo episode covering 1031 exchanges, opportunity zones, net leased properties, impact investments and advanced tax planning. Our guest today is writer/speaker/thought leader Tony Nitti, CPA a Tax Partner with RubinBrown. Tony is a regular contributor/writer for Forbes and Tax Advisor and has been featured on Bloomberg, CNN Money, The Wall Street Journal and The New York Times. With over 20 years of accounting and tax experience, Tony holds a Masters in Taxation from the University of Denver and specializes in corporate and partnership taxation, with an emphasis on complex mergers and acquisitions structuring. The wide ranging discussion covers: - "If you don't laugh, you would cry" Tony Nitti on covering the US Tax Code - Tax Code is a moving target: It is not enough to know the current law; you need to know where it is going. - Tax Cut & JOBS Act - New Capital Gains Tax Rate? - Will the 1031 and Opportunity Zone legislation stick around? - Why 1031 Exchanges make sense - Why 1031's are part of high end tax planning - can you avoid capital gains tax forever? - common 1031 exchange misconceptions - why deferral is "always" / "usually" the right choice (in most cases!) - what will the rate be when the tax comes to roost? - "To Do OR Not To Do" a 1031 Exchange - why capital gains rates will never be lower than right now - 1031 forever or cash out and pay the tax? - the greatest tax planning tool - death? - what is your true capital gains rate? - Section 1250 Gain - net investment income tax rate - State Taxes! - "I was only calculating Fed!" - Double Digit Rates! - best blended rate to estimate your capital gains tax for your 1031 exchange - Section 199A - 20% deduction - who / what / why - "the bane of every CPA's existence" - Section 162 "Trade or Business" - 199A: NNN property v. NN property - rental safe harbor: 200 hours per year - "investment" v. "Trade or Business" - 199A: Opportunity Zones (45 minute mark) - IRS disconnect of what a triple net lease is really like - IRS Notice 2019-7: Triple Net 199A - "good tax policy does not force you to buy other investments you would not otherwise purchase" - 2025 Sunset of Tax Provisions - "Tread Lightly" Walter White, Breaking Bad - Tax law repeal and the ebb and flow of partisan politics - It is not just where the laws are today but where they will be in the future and trying to figure out where they are headed. - 55 minute mark - changing gears to Opportunity Zones - The differences between 1031 Exchanges v. Opportunity Zones - $4M example - OppZone "hand is forced" to "where" you have to invest. - Tax and Non-Tax considerations - OZ Advantage #1 - take cash off the table; invest gain only - OZ Advantage #2 - able to split / restructure partnerships - OZ Advantage #3 - not just "like kind" property - OZ Disadvantage - gain and tax liability comes home to roost sooner than later... in 2026. At mercy of what the rate is in 2026; not today's rate, tax is at 2026 rate. - investing in a Qualified Opportunity Fund - self-election of QOF - existing entity or new entity - self certification - "not enough time" to go over the common criticisms of the Opportunity Zone program - more money or projects? For OZ's - Tony on Twitter - Location. Location. Location. - Gentrification - debt and refinancing in Opportunity Zones: 2 year rule of thumb - substantial improvement rule - "any" 30 month period wording - Cost Segregation - Tony On Forbes - Tony on LinkedIn _______ Ask your own 1031 exchange, triple net, passive income or other commercial investment real estate question at http://1031navigator.com/ask or leave a direct voicemail at the podcast hotline at 970-300-1994 Get FREE answers to your most pressing 1031 and real estate investing questions. Leave a direct voicemail at the podcast hotline at 970-300-1994 _______ Thanks for listening! Your host, Thomas Morgan, CCIM 1031 Navigator helps investors nationwide find the best 1031 Exchange replacement properties in the shortest amount of time. Our focused expertise, experience and daily triple net NNN market presence enables clients to complete their 1031 Exchanges with peace of mind and certainty. NNN properties provide low risk passive income. 1031 Navigator has been involved with over a billion dollars of 1031 Exchange NNN Properties in over 35 states. 1031 Navigator is a service of Andrus & Morgan Co., a national commercial and investment real estate brokerage specializing in 1031 exchanges into passive income and triple net NNN investments. For a free, no-obligation 1031 Exchange NNN Property Strategy session for your 1031 Exchange visit: http://www.1031navigator.com As always, make sure to check with your legal or tax advisor before relying on this information. This is show is for informational purposes only and is provided without warranty. Common sense is the best practice.

Federal Tax Update: Q&A 33 - The IRS FAQ Says What?

FICPA Podcasts

Play Episode Listen Later Apr 29, 2019 39:44

https://vimeo.com/332850949 https://www.currentfederaltaxdevelopments.com/podcasts/2019/4/27/2019-04-29-qampa-33-the-irs-faq-says-what Current Federal Tax Developments for the week of April 29, 2019: Q&A 33 - The IRS FAQ Says What? Taxpayer finds expense can’t be assigned to business based on best result IRS greatly expands the FAQ on Section 199A, including a major surprise to many on handling S corporation shareholders IRS updates the EPCRS program to add more self-correction options Chief Counsel Email holds that using a PEO does not allow a partner to be treated as the employee of partnership

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2019-04-29 Q&A 33 - The IRS FAQ Says What?

Current Federal Tax Developments

Play Episode Listen Later Apr 27, 2019

The IRS quietly posted 21 additional questions and answers on Section 199A that includes a bit of a surprise, an IRS email makes clear that the agency does not believe PEOs can serve to make partners employees and more.

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2019-04-29 Q&A 33 - The IRS FAQ Says What?

Federal Tax Update Podcast

Play Episode Listen Later Apr 27, 2019 39:45

This week we look at: Taxpayer finds expense can’t be assigned to business based on best result IRS greatly expands the FAQ on Section 199A, including a major surprise to many on handling S corporation shareholders IRS updates the EPCRS program to add more self-correction options Chief Counsel Email holds that using a PEO does not allow a partner to be treated as the employee of partnership Copyright 2019, Kaplan, Inc.

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Episode 2: Section 199A

Practical Tax with Steve Moskowitz

Play Episode Listen Later Apr 16, 2019 6:54

In the second episode of Practical Tax, tax attorneys Steve Moskowitz and Liz Prehn discuss the new tax law of 2018 – specifically, section 199A. If you qualify, this section lets you pay taxes on only 80% of your profit, instead of 100%. Listen to the podcast to learn more! Episode Transcript Speaker 1: 00:00 […] The post Episode 2: Section 199A appeared first on Moskowitz LLP.

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Some Hot Topics for Trust and Estate Practitioners

ACTEC Trust & Estate Talk

Play Episode Listen Later Apr 16, 2019 9:32

A review of 2019 hot topics for trust and estate practitioners including IRS Anti-Clawback and Section 199A regulations, GST Trust modifications and state tax developments. The American College of Trust and Estate Counsel, ACTEC, is a professional society of peer-elected trust and estate lawyers in the United States and around the globe. This series offers professionals best practice advice, insights, and commentary on subjects that affect the profession and clients. Learn more in this podcast.

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Making the Most of Your Practice’s Retirement Plan

20/20 MONEY

Play Episode Listen Later Mar 18, 2019 39:01

We’re back with another episode of The Dose. Today I have another returning guest, Josh Kegley with Retirement Plan Consultants. You may remember Josh from one of our earlier episodes where we talked pretty high level about the retirement plan space and the evolution that practice owners go through as it pertains to the various vehicles that they can utilize to build wealth inside of a retirement plan. Today, we get into the weeds on how to utilize a qualified retirement plan like a 401k to maximize the benefit to the practice owner. We start out discussing how changing the match to a safe harbor is the easiest way to allow practice owners to maximize their own contributions as well as the nuances of the safe harbor match. We then dive into the details on the other side of the qualified plan, which is the profit sharing plan. We discuss the various different types of profit sharing plans, including: Integrated Cross-tested (new comparability) Age weighted More importantly, we discuss the characteristics of a practice that would be a good fit for each of the plans mentioned above as well as some of the different questions to consider when determining if, when, and how much of a profit sharing contribution to make. We also touch on the impact that profit sharing contributions have on qualifying for the new Section 199A deduction (commonly called the “QBI deduction”). And be sure to stick around to the end, where I share a specific example of a client situation where the client chose to make the profit sharing contribution, even though it “cost” him more than he would have paid in taxes and why he decided to make that decision. With that introduction, I hope you enjoy this episode of “The Dose” with Josh Kegley. Links: Retirement Plan Consultants Josh Kegley’s LinkedIn Profile

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Tax reform: Section 199A & retirement plan benefits {PFP Section}

American Institute of CPAs - Personal Financial Planning (PFP)

Play Episode Listen Later Feb 28, 2019 14:32

Guest(s): Bob Keebler, CPA/PFS & Ed Slott, CPA Category: Technical On January 18th, the IRS released the highly-anticipated final regulations on Section 199A for the qualified business income deduction for pass-through entities. In this podcast, Bob Keebler, CPA/PFS interviews Ed Slott, CPA intersection of Section 199A qualified business income deduction and retirement plan benefits. Find out: What is the calculation of the retirement plan deduction in the context of Section 199A? How can a Roth conversion reduce your income tax liability? What is the one tool you can use for specified service business client who is close to the qualified business income deduction threshold? Access the related resources from this podcast: Impact of Tax Reform on Planning Toolkit AICPA Tax Reform Resource Center Broadridge Advisor (free access to PFP/PFS members) includes extensive-content written by CPAs, attorneys and other experts on planning strategies, new relevant laws, etc. that are articulated in client terms. The episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Visit us online at www.aicpa.org/pfp to join our community and gain access to valuable member-only benefits. Don’t miss an episode – subscribe to our podcast series on iTunes! And leave us a review so we can continue bringing valuable and relevant content to you.

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Tax reform: Section 199A & tax season {PFP Section}

American Institute of CPAs - Personal Financial Planning (PFP)

Play Episode Listen Later Feb 28, 2019 28:35

Guest(s): Bob Keebler, CPA/PFS & Nick Passini, CPA Category: Technical On January 18th, the IRS released the highly-anticipated final regulations on Section 199A for the qualified business income deduction for pass-through entities. In this podcast, Bob Keebler, CPA/PFS interviews Nick Passini, CPA about the reality of tax season and Section 199A qualified business income deduction. Find out: What is the most surprising challenge of 199A during tax season? What questions are clients asking and how could you respond? When should a client get an opinion letter vs. making a disclosure? What real estate activities rise to the level of a trade or business? And more Access the related resources from this podcast: Impact of Tax Reform on Planning Toolkit AICPA Tax Reform Resource Center Broadridge Advisor (free access to PFP/PFS members) includes extensive-content written by CPAs, attorneys and other experts on planning strategies, new relevant laws, etc. that are articulated in client terms. RSM article: Comparing the final and proposed regulations under Section 199A The episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Visit us online at www.aicpa.org/pfp to join our community and gain access to valuable member-only benefits. Don’t miss an episode – subscribe to our podcast series on iTunes and Pod-o-matic! And leave us a review so we can continue bringing valuable and relevant content to you.

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In Legal Terms: VITA Clinics

In Legal Terms

Play Episode Listen Later Feb 26, 2019

Professor Donna Davis from the University of Mississippi School of Law discusses Volunteer Income Tax Assistance Clinics. Ms. Davis also talk about the new tax law for 2018 income taxes. Need help preparing your taxes? https://www.irs.gov/individuals/free-tax-return-preparation-for-you-by-volunteers The Volunteer Income Tax Assistance (VITA) program offers free tax help to people who generally make $55,000 or less, persons with disabilities and limited English speaking taxpayers who need assistance in preparing their own tax returns. IRS-certified volunteers provide free basic income tax return preparation with electronic filing to qualified individuals.In addition to VITA, the Tax Counseling for the Elderly (TCE) program offers free tax help for all taxpayers, particularly those who are 60 years of age and older, specializing in questions about pensions and retirement-related issues unique to seniors. The IRS-certified volunteers who provide tax counseling are often retired individuals associated with non-profit organizations that receive grants from the IRS.VITA and TCE sites are generally located at community and neighborhood centers, libraries, schools, shopping malls and other convenient locations across the country. To locate the nearest VITA or TCE site near you, use the VITA Locator Tool https://irs.treasury.gov/freetaxprep/ or call 800-906-9887.We took a question about Section 199A deductions: https://www.irs.gov/newsroom/tax-cuts-and-jobs-act-provision-11011-section-199a-qualified-business-income-deduction-faqsWhere can you get a free lunch or a good deal on tax day? https://www.offers.com/blog/post/tax-day-freebies/ See acast.com/privacy for privacy and opt-out information.

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Section 199A - Update, Part 3

jumpstart 199a section 199a bloomberg tax

Play Episode Listen Later Feb 14, 2019 24:57

Bloomberg Tax’s Joe Hagedorn and Ashley Fausset discuss the recent guidance issued on §199A. Jumpstart is a new podcast series from the Bloomberg Tax editorial team that explains tax law changes made by the 2017 tax reform act.

Alan Gassman joins Andrea L. Ben-Yosef in a podcast about the new tax code §199A and trust planning. Alan is a tax and estate planning lawyer and founding partner of the Florida law firm Gassman, Crotty & Denicolo. Alan is a frequent contributor to Bloomberg Tax and other publishers, and lectures on Section 199A and many other topics. Among his books are Florida & Federal Asset Protection Law, available on Bloomberg Tax. Estate planners, trustees, and other advisors involved with trust planning must have a firm grasp of §199A as it applies to both existing and possible future trust related arrangements. This podcast will cover how this new tax law impacts present structures and what can be done to help families avoid taxes while also fulfilling other objectives.

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Putting the Final §199A Pieces Together #054

Play Episode Listen Later Jan 29, 2019 40:32

Did we get all the missing pieces to the §199A puzzle in the recently released final guidance? Guest Tony Nitti joins host Damien Martin to fit the pieces provided in the final regulations together and offer key takeaways for applying this complex new provision with tax filing season now officially underway. TIME STAMPS OF WHAT’S COVERED A big announcement from Tony @2:04 Hats off to Treasury and the IRS @3:59 Headlines from the final regs @5:00 How to digest 247 pages of final guidance @8:24 More extended tax returns this year? @10:01 The problem for rental real estate and the triple net lease under the final regs @11:43 Safe harbor for treating a rental real estate enterprise as a trade or business @13:01 Multiple trades or businesses within the same entity @18:51 Putting it all together @20:51 The incidental rule is gone @23:51 Clarification on treatment of services or property provided to a specified service trade or business (SSTB) @24:51 They narrowed down the SSTB definitions @26:08 Big clarification for consulting @27:18 Relying on the proposed regulations @33:00 What’s ahead for Tony’s Forbes articles @37:07 What’s ahead for §199A @38:24 BIO FOR GUEST Tony Nitti is a tax partner at RubinBrown. His practice focuses primarily on corporate and partnership tax planning, with a special focus on the consolidated return regulations and the reorganization provisions, including the structuring of acquisitions, mergers, reorganizations, spin-offs and other restructuring transactions. Tony is a contributor to Forbes and his opinions and commentary on important tax issues have been quoted in Bloomberg, CNN Money and the BNA Daily Tax Report. More about Tony: Tax Section Member Spotlight on Anthony (Tony) Nitti, CPA Bonus episode – CPA to CPA with Tony Nitti Connect with Tony on Social Media: Follow Tony on Twitter Connect with Tony on LinkedIn RESOURCES MENTIONED IN THE EPISODE Previous episodes of the “Simply Tax” podcast covering §199A: Episode 8: The Nitty Gritty—of Section §199A—with Tony Nitti Episode 16: AICPA's 199A Task Force Episode 35: The Proposed 199A Regulations with Tony Nitti Episode 37: #TaxTwitter Answers to 199A Questions Episode 43: The Hearing on the Proposed 199A Regs Episode 46: Do You Have 199A Confusionosis? More on §199A from Tony: IRS Publishes Final Guidance On The 20% Pass-Through Deduction: Putting It All Together (Forbes) The new QBI deduction is finally clearer (Journal of Accountancy) INSIGHT: Proposed Section 199A Rules Fill in Framework of Statute (BNA Daily Tax Report) Proposed 199A Regulations: Three Big Questions Remain (Tax Notes, subscription required) IRS Provides Guidance On 20% Pass-Through Deduction, But Questions Remain (Forbes) 5 Passthrough Deduction Questions the IRS Must Answer (Tax Notes, subscription required) Understanding the new Sec. 199A business income deduction (The Tax Adviser) The New ‘Qualified Business Income Deduction’ Varies Based On Your Business Type – Or Does It? (Forbes) Making Sense of the New '20% Qualified Business Income Deduction' (Forbes) BKD webinar on §199A: The QBI Deduction: Insights on the Latest Guidance GET MORE “SIMPLY TAX” A complete archive of our episodes is available on our website and YouTube playlist. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram

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Putting the Final §199A Pieces Together #054

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Play Episode Listen Later Jan 29, 2019 40:32

Did we get all the missing pieces to the §199A puzzle in the recently released final guidance? Guest Tony Nitti joins host Damien Martin to fit the pieces provided in the final regulations together and offer key takeaways for applying this complex new provision with tax filing season now officially underway. TIME STAMPS OF WHAT'S COVERED A big announcement from Tony @2:04 Hats off to Treasury and the IRS @3:59 Headlines from the final regs @5:00 How to digest 247 pages of final guidance @8:24 More extended tax returns this year? @10:01 The problem for rental real estate and the triple net lease under the final regs @11:43 Safe harbor for treating a rental real estate enterprise as a trade or business @13:01 Multiple trades or businesses within the same entity @18:51 Putting it all together @20:51 The incidental rule is gone @23:51 Clarification on treatment of services or property provided to a specified service trade or business (SSTB) @24:51 They narrowed down the SSTB definitions @26:08 Big clarification for consulting @27:18 Relying on the proposed regulations @33:00 What's ahead for Tony's Forbes articles @37:07 What's ahead for §199A @38:24 BIO FOR GUEST Tony Nitti is a tax partner at RubinBrown. His practice focuses primarily on corporate and partnership tax planning, with a special focus on the consolidated return regulations and the reorganization provisions, including the structuring of acquisitions, mergers, reorganizations, spin-offs and other restructuring transactions. Tony is a contributor to Forbes and his opinions and commentary on important tax issues have been quoted in Bloomberg, CNN Money and the BNA Daily Tax Report. More about Tony: Tax Section Member Spotlight on Anthony (Tony) Nitti, CPA Bonus episode – CPA to CPA with Tony Nitti Connect with Tony on Social Media: Follow Tony on Twitter Connect with Tony on LinkedIn RESOURCES MENTIONED IN THE EPISODE Previous episodes of the “Simply Tax” podcast covering §199A: Episode 8: The Nitty Gritty—of Section §199A—with Tony Nitti Episode 16: AICPA's 199A Task Force Episode 35: The Proposed 199A Regulations with Tony Nitti Episode 37: #TaxTwitter Answers to 199A Questions Episode 43: The Hearing on the Proposed 199A Regs Episode 46: Do You Have 199A Confusionosis? More on §199A from Tony: IRS Publishes Final Guidance On The 20% Pass-Through Deduction: Putting It All Together (Forbes) The new QBI deduction is finally clearer (Journal of Accountancy) INSIGHT: Proposed Section 199A Rules Fill in Framework of Statute (BNA Daily Tax Report) Proposed 199A Regulations: Three Big Questions Remain (Tax Notes, subscription required) IRS Provides Guidance On 20% Pass-Through Deduction, But Questions Remain (Forbes) 5 Passthrough Deduction Questions the IRS Must Answer (Tax Notes, subscription required) Understanding the new Sec. 199A business income deduction (The Tax Adviser) The New ‘Qualified Business Income Deduction' Varies Based On Your Business Type – Or Does It? (Forbes) Making Sense of the New '20% Qualified Business Income Deduction' (Forbes) BKD webinar on §199A: The QBI Deduction: Insights on the Latest Guidance GET MORE “SIMPLY TAX” A complete archive of our episodes is available on our website and YouTube playlist. We'd love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram

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Episode 2: John Hewitt Pt. 1 and Section 199A for Rental Activity

Hey Tax Pro

Play Episode Listen Later Jan 25, 2019 14:03

Coming to you exclusively from Hey Tax Pro, we've got a one-of-a-kind interview with none other than John Hewitt, CEO of Loyalty Brands, founder of Liberty Tax, and Jackson-Hewitt. Come hear his opinions on the state of the tax professional industry and its future and join us next week for part two! We also have a brief overview and update on Section 199A for Rental Activity brought to you by our own Antonio Martinez!

Keebler: An Overview of Section 199A Final Regulations

Play Episode Listen Later Jan 24, 2019

In this 19-minute podcast, Bob Keebler provides an overview of the final section 199A regulations and Notice 2019-07. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

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Keebler: An Overview of Section 199A Final Regulations

Play Episode Listen Later Jan 24, 2019

In this 19-minute podcast, Bob Keebler provides an overview of the final section 199A regulations and Notice 2019-07. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

regulations keebler powerpoint presentations 199a section 199a bob keebler

Keebler: An Overview of Section 199A Final Regulations

American Institute of CPAs - Personal Financial Planning (PFP)

Play Episode Listen Later Jan 24, 2019

In this 19-minute podcast, Bob Keebler provides an overview of the final section 199A regulations and Notice 2019-07. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

regulations keebler powerpoint presentations 199a section 199a bob keebler

Tax reform: When does real estate qualify for the 199A deduction {PFP Section}

Play Episode Listen Later Jan 22, 2019 12:02

Guest(s): Bob Keebler, CPA/PFS Category: Technical On January 18th, the IRS released the highly-anticipated final regulations on Section 199A for the qualified business income deduction for pass-through entities. In this podcast, Bob Keebler, CPA/PFS shares details on the provisions, specifically Notice 2019-07 and answers: When does real estate qualify as a trade or business for purposes of the 199A qualified business income deduction? Access the related resources from this podcast: Impact of Tax Reform on Planning Toolkit AICPA Tax Reform Resource Center Broadridge Advisor (free access to PFP/PFS members) includes extensive-content written by CPAs, attorneys and other experts on planning strategies, new relevant laws, etc. that are articulated in client terms. The episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Visit us online at www.aicpa.org/pfp to join our community and gain access to valuable member-only benefits.

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Tax reform: Section 199A final regulations {PFP Section}

American Institute of CPAs - Personal Financial Planning (PFP)

Play Episode Listen Later Jan 22, 2019 21:14

Guest(s): Bob Keebler, CPA/PFS Category: Technical On January 18th, the IRS released the highly-anticipated final regulations on Section 199A for the qualified business income deduction for pass-through entities. In this podcast, Bob Keebler, CPA/PFS shares an overview of the IRS guidance that was released. Find out: What are the major changes in Final 199A regulations, including changes to the aggregation regulations and how to net income across businesses? What are the methods for calculating W-2 wages under Revenue Proc. 2019-11? What is the real estate safe harbor under Notice 2019-07? How do you use the basis increase with 754 election to compute UBIA? What do you need to know about the new proposed 199A regulations? Access the related resources from this podcast: Impact of Tax Reform on Planning Toolkit AICPA Tax Reform Resource Center Broadridge Advisor (free access to PFP/PFS members) includes extensive-content written by CPAs, attorneys and other experts on planning strategies, new relevant laws, etc. that are articulated in client terms. The episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Visit us online at www.aicpa.org/pfp to join our community and gain access to valuable member-only benefits.

personal podcasts planning impact financial irs reform tax regulations cpas tax reform pfp aicpa 199a cpa pfs section 199a bob keebler

2019-01-21 199A Final Regulations and Rental Safe Harbor

Current Federal Tax Developments

Play Episode Listen Later Jan 21, 2019 33:10

IRS issues final regulations on Section 199A and related rental safe harbor, IRS grants some relief from underpayment penalties and more.

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'Twas the Night Before TCJA #050

Play Episode Listen Later Dec 22, 2018 13:18

Previous guests of the “Simply Tax” podcast gather around the fire as host Damien Martin tells a classic story of the enactment and first year of the Tax Cuts and Jobs Act (TCJA). Listen to hear the story and guests of the following previous episodes: Episode 49: Tax Planning Questions for Businesses Episode 47: Tax Planning for High-Net-Worth Families After the TCJA Episode 46: Do You Have 199A Confusionosis? Episode 44: The R&D Tax Credit Episode 42: Cutting Through the Tax Static with Ed Karl Episode 39: Tax Technology of the Future Episode 38: Bonus Depreciation Regs & More Episode 36: Simply Small Business Taxpayer Accounting Methods Episode 35: The Proposed 199A Regulations with Tony Nitti Episode 27: The SALT Workarounds with Annette Nellen Episode 25: Ed Updates – IRS Reform & Guidance on the New Tax Law Episode 19: Tax Reform for Insurance Companies Episode 16: AICPA's 199A Task Force Episode 15: Tax Reform for Health Care Providers Episode 13: Tax Reform for Construction & Real Estate Episode 12: Ed Karl's Tax Reform Carnival Update Episode 11: The Twins on Tax Reform for Individuals Episode 10: The International Side of Tax Reform Episode 9: Tax Reform for Businesses Bonus Episode: CPA to CPA with Tony Nitti Episode 8: The Nitty Gritty—of Section 199A—with Tony Nitti Bonus Episode: Tax Bill Whack-A-Mole Bonus Episode: Latest from the Reform Roller Coaster Bonus Episode: Tax Framework with Ed Karl Episode 1: Talking Tax Reform with Ed Karl THE STORY ‘Twas the night before TCJA, when all through the House, A tax reform framework was stirring, with momentum moving quicker than a mouse; A budget resolution had just passed in Congress with care, In hopes that tax reform soon would be there; The stage had been set to use reconciliation by those who led, While visions of rate cuts danced in their heads; And Republicans in the House and the Senate moving ASAP, Remained committed to using the unified framework as a map, When on November 2nd there arose such a clatter, It was the Tax Cuts and Jobs Act that was the matter! Away to the internet I flew like a flash, To open the bill that made such a splash. The text on freshly printed pages as white as snow Gave the luster of new tax changes offering so much to know, When, what to my wondering eyes should appear, But new provisions to add and amend the tax code as I sat down to read it with a beer, With the changes moving, so lively and quick, I still was not certain if these provisions would stick. More rapid than eagles the markups they came, And they passed different versions of the bill in the House and the Senate under the TCJA name; Now, Republicans! Now, Democrats! In a conference committee mixin’! On compromises! On changes! On things that needed fixin’! Back to the House and the Senate with time running small Now three last-minute changes that were then voted on by all, Including a name change that’s made the bill somewhat hard to identify, But around the Tax Cuts and Jobs Act name most seem to still unify. So after enactment on December 22nd tax advisors they flew, To their copies of the bill with highlighters and even hole punch reinforcers, too. And then, in a twinkling, I heard tax advisors raise the roof The excitement of new code sections that arrived in a poof. Now after reading the TCJA, I knew that choice of entity was bound, To be a big deal with many significant changes now around. It was presented as simplification with reduced rates at its root, But is often complex when combined with the tax law that stayed put; A bundle of questions arose when tax advisors started to unpack The provisions of the newly enacted tax law with areas of uncertainty starting to stack. And the many significant international changes that can seem quite frankly scary! Actually, Chris Clifton of episode 10, would you explain while I refill my sherry? Now one thing that clearly began to show, Was each taxpayer’s situation is unique and tax planning for the TCJA could not be put on auto; A decision like charitable giving now has much more to consider, Like will you itemize, what are you giving and even what and how much do you plan to bequeath; And the new 20 percent deduction has led to many calls on the telly, With the definition of trade or business under §162 that can seem as fluid as a bowlful of jelly. Whether you get the deduction and what industry are important questions to ask yourself, For example, Brian Todd of episode 15, for health care would say it depends on the organization itself? And though the TCJA-related guidance so far has given much to put in our head, More from Treasury and the IRS is still needed and expected to come ahead; And though enhanced capital expensing is quite a perk, A technical correction for qualified improvement property would address issues that still lurk, And keep in mind under the TCJA some saw overall tax increases as their effective tax rate rose, Netting the effect of new limits on deductions with the beneficial changes is something you must juxtapose; To many tax advisors the TCJA can seem like a thistle, So I’d like frequent podcast guest Tony Nitti to offer some advice to those starting to bristle. So with that I’d like you to celebrate the one year of the TCJA with spirits that are bright, Happy TCJA to all, and to all a good night! ADDITIONAL RESOURCES AICPA Tax Reform Resource Center BKD Tax Reform Resource Center GET MORE “SIMPLY TAX” A complete archive of our episodes is available on our website and YouTube playlist. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram

'Twas the Night Before TCJA #050

business owners cpa year end tax tips deduction section 199a

Play Episode Listen Later Dec 22, 2018 13:18

Previous guests of the “Simply Tax” podcast gather around the fire as host Damien Martin tells a classic story of the enactment and first year of the Tax Cuts and Jobs Act (TCJA). Listen to hear the story and guests of the following previous episodes: Episode 49: Tax Planning Questions for Businesses Episode 47: Tax Planning for High-Net-Worth Families After the TCJA Episode 46: Do You Have 199A Confusionosis? Episode 44: The R&D Tax Credit Episode 42: Cutting Through the Tax Static with Ed Karl Episode 39: Tax Technology of the Future Episode 38: Bonus Depreciation Regs & More Episode 36: Simply Small Business Taxpayer Accounting Methods Episode 35: The Proposed 199A Regulations with Tony Nitti Episode 27: The SALT Workarounds with Annette Nellen Episode 25: Ed Updates – IRS Reform & Guidance on the New Tax Law Episode 19: Tax Reform for Insurance Companies Episode 16: AICPA's 199A Task Force Episode 15: Tax Reform for Health Care Providers Episode 13: Tax Reform for Construction & Real Estate Episode 12: Ed Karl's Tax Reform Carnival Update Episode 11: The Twins on Tax Reform for Individuals Episode 10: The International Side of Tax Reform Episode 9: Tax Reform for Businesses Bonus Episode: CPA to CPA with Tony Nitti Episode 8: The Nitty Gritty—of Section 199A—with Tony Nitti Bonus Episode: Tax Bill Whack-A-Mole Bonus Episode: Latest from the Reform Roller Coaster Bonus Episode: Tax Framework with Ed Karl Episode 1: Talking Tax Reform with Ed Karl THE STORY ‘Twas the night before TCJA, when all through the House, A tax reform framework was stirring, with momentum moving quicker than a mouse; A budget resolution had just passed in Congress with care, In hopes that tax reform soon would be there; The stage had been set to use reconciliation by those who led, While visions of rate cuts danced in their heads; And Republicans in the House and the Senate moving ASAP, Remained committed to using the unified framework as a map, When on November 2nd there arose such a clatter, It was the Tax Cuts and Jobs Act that was the matter! Away to the internet I flew like a flash, To open the bill that made such a splash. The text on freshly printed pages as white as snow Gave the luster of new tax changes offering so much to know, When, what to my wondering eyes should appear, But new provisions to add and amend the tax code as I sat down to read it with a beer, With the changes moving, so lively and quick, I still was not certain if these provisions would stick. More rapid than eagles the markups they came, And they passed different versions of the bill in the House and the Senate under the TCJA name; Now, Republicans! Now, Democrats! In a conference committee mixin'! On compromises! On changes! On things that needed fixin'! Back to the House and the Senate with time running small Now three last-minute changes that were then voted on by all, Including a name change that's made the bill somewhat hard to identify, But around the Tax Cuts and Jobs Act name most seem to still unify. So after enactment on December 22nd tax advisors they flew, To their copies of the bill with highlighters and even hole punch reinforcers, too. And then, in a twinkling, I heard tax advisors raise the roof The excitement of new code sections that arrived in a poof. Now after reading the TCJA, I knew that choice of entity was bound, To be a big deal with many significant changes now around. It was presented as simplification with reduced rates at its root, But is often complex when combined with the tax law that stayed put; A bundle of questions arose when tax advisors started to unpack The provisions of the newly enacted tax law with areas of uncertainty starting to stack. And the many significant international changes that can seem quite frankly scary! Actually, Chris Clifton of episode 10, would you explain while I refill my sherry? Now one thing that clearly began to show, Was each taxpayer's situation is unique and tax planning for the TCJA could not be put on auto; A decision like charitable giving now has much more to consider, Like will you itemize, what are you giving and even what and how much do you plan to bequeath; And the new 20 percent deduction has led to many calls on the telly, With the definition of trade or business under §162 that can seem as fluid as a bowlful of jelly. Whether you get the deduction and what industry are important questions to ask yourself, For example, Brian Todd of episode 15, for health care would say it depends on the organization itself? And though the TCJA-related guidance so far has given much to put in our head, More from Treasury and the IRS is still needed and expected to come ahead; And though enhanced capital expensing is quite a perk, A technical correction for qualified improvement property would address issues that still lurk, And keep in mind under the TCJA some saw overall tax increases as their effective tax rate rose, Netting the effect of new limits on deductions with the beneficial changes is something you must juxtapose; To many tax advisors the TCJA can seem like a thistle, So I'd like frequent podcast guest Tony Nitti to offer some advice to those starting to bristle. So with that I'd like you to celebrate the one year of the TCJA with spirits that are bright, Happy TCJA to all, and to all a good night! ADDITIONAL RESOURCES AICPA Tax Reform Resource Center BKD Tax Reform Resource Center GET MORE “SIMPLY TAX” A complete archive of our episodes is available on our website and YouTube playlist. We'd love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram

Year-End Tax Tips and New Deduction for Business Owners

OJM Group

Play Episode Listen Later Dec 12, 2018 9:50

In the latest addition to our podcast channel, OJM Principal OJM Principal Carole Foos, CPA reminds taxpayers that their 2018 tax situation may be substantially different under the new tax code. She discusses year-end tax planning considerations for all taxpayers and provides an overview of the Section 199A deduction now available for some business owners.

Section 199A and The 20% Deduction for Qualified Business Income

ACTEC Trust & Estate Talk

Play Episode Listen Later Dec 11, 2018 8:23

Discussion regarding Department of Treasury and the Internal Revenue Service’s proposed regulations under Section 199A regarding 20% deduction for qualified business income. The American College of Trust and Estate Counsel, ACTEC, is a professional society of peer-elected trust and estate lawyers in the United States and around the globe. This series offers professionals best practice advice, insights, and commentary on subjects that affect the profession and clients. Learn more in this podcast.

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Do You Have 199A Confusionosis? #046

Play Episode Listen Later Nov 20, 2018 44:00

Despite recent guidance, uncertainty and confusion remain while taxpayers and tax practitioners alike await final guidance on new Internal Revenue Code Section 199A. Cut through the confusion on the 20 percent deduction everyone's been talking about as two previous Simply Tax guests join host Damien Martin to discuss what we know (and what we don't) as of November 20, 2018. First, returning guest Amy Wang—American Institute of CPAs (AICPA) tax policy and advocacy senior manager—provides an update from the AICPA's Qualified Business Income (QBI) Task Force. Then, returning guest Glen Birnbaum—shareholder at Heinold Banwart, Ltd.—shares industry insights for farmers, considerations for choice of entity and more. TIMESTAMPS OF WHAT'S COVERED Interview with guest Amy Wang [ 02:29 ] Initial reactions to the proposed guidance from the AICPA QBI Task Force [ 03:28 ] Requested guidance included in the proposed regulations [ 04:27 ] Writing a comment letter in 45 days [ 06:10 ] Oral testimony by Troy Lewis [ 07:05 ] The priority concern and number one question on the proposed regulations [ 08:54 ] Recommendation regarding anti-base and de minimis rules [ 11:45 ] Prioritizing recommendations [ 14:17 ] Who's on the task force and how they worked together on the comment letter [ 15:27 ] When we'll see final guidance and the form for calculating the QBI deduction [ 18:27 ] The best way to learn how the calculations will work and other considerations Interview with guest Glen Birnbaum [ 23:06 ] Concerns with the definition of “dealing in commodities” [ 24:54 ] Are farmers providing services? [ 27:45 ] Guidance on the QBI deduction for co-ops [ 29:14 ] Rental trade or business considerations for farmers [ 31:06 ] Should you take 199A-related action while we await final guidance? [ 34:26 ] Tax reform-related takeaways from Chuck Levun and Michael Cohen [ 39:49 ] What it means that equipment no longer qualifies for like-kind exchanges BIO FOR GUESTS Amy Wang is a member of the AICPA Tax Policy & Advocacy Team, whose mission is to serve the public interest by helping AICPA members be the most trusted professional providers of tax services while also advocating sound tax policy and effective administration. She plays a key role in the development of AICPA testimony for tax-related congressional hearings. Connect with Amy on LinkedIn | Follow Amy on Twitter Glen Birnbaum is a shareholder at Heinold Banwart, Ltd., where he provides accounting and tax advisory services for a range of entities including agriculture, manufacturing and contracting companies. In particular, he enjoys tax planning and working with clients on succession planning and new initiatives. Connect with Glen on LinkedIn | Follow Glen on Twitter ADDITIONAL RESOURCES Mentioned by Amy on the podcast AICPA Tax Reform Resource Center AICPA oral testimony for IRS hearing on REG-107892-18 QBI deduction IRS draft tax forms Mentioned by Glen on the podcast Levun Goodman & Cohen, LLP Tax Planning Forum More on Section 1202: Episode 26 – Is Section 1202 for You? More on choice of entity considerations under the Tax Cuts and Jobs Act. MORE ON SECTION 199A Articles White Paper Proposed Regulations Issued August 8 Grain Glitch Fix Summaries Flow Chart Specified Service Trades or Businesses Aggregation Rules Podcast Episodes Episode 8 – The Nitty Gritty—of Section 199A—with Tony Nitti Episode 16 – AICPA's 199A Task Force Episode 35 – The Proposed 199A Regulations with Tony Nitti Episode 37 – #TaxTwitter Answers to 199A Questions Webinars Insights & Planning Points from the Proposed §199A Regulations (August 22) Pass-Through Considerations of Tax Reform (January 23) BKD Advocacy Comment Letter GET MORE SIMPLY TAX A complete archive of our episodes is available on our website and YouTube playlist. We'd love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram

Do You Have 199A Confusionosis? #046

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Play Episode Listen Later Nov 20, 2018 44:00

Despite recent guidance, uncertainty and confusion remain while taxpayers and tax practitioners alike await final guidance on new Internal Revenue Code Section 199A. Cut through the confusion on the 20 percent deduction everyone’s been talking about as two previous Simply Tax guests join host Damien Martin to discuss what we know (and what we don’t) as of November 20, 2018. First, returning guest Amy Wang—American Institute of CPAs (AICPA) tax policy and advocacy senior manager—provides an update from the AICPA’s Qualified Business Income (QBI) Task Force. Then, returning guest Glen Birnbaum—shareholder at Heinold Banwart, Ltd.—shares industry insights for farmers, considerations for choice of entity and more. TIMESTAMPS OF WHAT’S COVERED Interview with guest Amy Wang [ 02:29 ] Initial reactions to the proposed guidance from the AICPA QBI Task Force [ 03:28 ] Requested guidance included in the proposed regulations [ 04:27 ] Writing a comment letter in 45 days [ 06:10 ] Oral testimony by Troy Lewis [ 07:05 ] The priority concern and number one question on the proposed regulations [ 08:54 ] Recommendation regarding anti-base and de minimis rules [ 11:45 ] Prioritizing recommendations [ 14:17 ] Who’s on the task force and how they worked together on the comment letter [ 15:27 ] When we’ll see final guidance and the form for calculating the QBI deduction [ 18:27 ] The best way to learn how the calculations will work and other considerations Interview with guest Glen Birnbaum [ 23:06 ] Concerns with the definition of “dealing in commodities” [ 24:54 ] Are farmers providing services? [ 27:45 ] Guidance on the QBI deduction for co-ops [ 29:14 ] Rental trade or business considerations for farmers [ 31:06 ] Should you take 199A-related action while we await final guidance? [ 34:26 ] Tax reform-related takeaways from Chuck Levun and Michael Cohen [ 39:49 ] What it means that equipment no longer qualifies for like-kind exchanges BIO FOR GUESTS Amy Wang is a member of the AICPA Tax Policy & Advocacy Team, whose mission is to serve the public interest by helping AICPA members be the most trusted professional providers of tax services while also advocating sound tax policy and effective administration. She plays a key role in the development of AICPA testimony for tax-related congressional hearings. Connect with Amy on LinkedIn | Follow Amy on Twitter Glen Birnbaum is a shareholder at Heinold Banwart, Ltd., where he provides accounting and tax advisory services for a range of entities including agriculture, manufacturing and contracting companies. In particular, he enjoys tax planning and working with clients on succession planning and new initiatives. Connect with Glen on LinkedIn | Follow Glen on Twitter ADDITIONAL RESOURCES Mentioned by Amy on the podcast AICPA Tax Reform Resource Center AICPA oral testimony for IRS hearing on REG-107892-18 QBI deduction IRS draft tax forms Mentioned by Glen on the podcast Levun Goodman & Cohen, LLP Tax Planning Forum More on Section 1202: Episode 26 – Is Section 1202 for You? More on choice of entity considerations under the Tax Cuts and Jobs Act. MORE ON SECTION 199A Articles White Paper Proposed Regulations Issued August 8 Grain Glitch Fix Summaries Flow Chart Specified Service Trades or Businesses Aggregation Rules Podcast Episodes Episode 8 – The Nitty Gritty—of Section 199A—with Tony Nitti Episode 16 – AICPA's 199A Task Force Episode 35 – The Proposed 199A Regulations with Tony Nitti Episode 37 – #TaxTwitter Answers to 199A Questions Webinars Insights & Planning Points from the Proposed §199A Regulations (August 22) Pass-Through Considerations of Tax Reform (January 23) BKD Advocacy Comment Letter GET MORE SIMPLY TAX A complete archive of our episodes is available on our website and YouTube playlist. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram

264 Qualified Business Deduction (Section 199A)

Jeff England

Play Episode Listen Later Nov 15, 2018 8:32

Episode 26: The Power of the Limited Liability Company, with Lee Phillips

The Mentor Podcast

Play Episode Listen Later Oct 17, 2018 35:01

Attorney, Lee R. Phillips, will teach you how to reposition yourself in the law so that you can go out and make more money than you have ever thought possible. You will be amazed at how a good knowledge of the law will actually let you make more money. In today's lawsuit happy society, making it isn't enough. You also have to know how to protect your wealth, or someone will take it away from you. It might be your tenants, the IRS, the government regulations (like lead paint) or some greedy lawyer. Unless you are shielded, everything you have can be lost. Lee is a counselor to the Supreme Court of the United States and an engaging speaker. He will walk you through how to make it and how to keep it using the tools of wealth. Nobody ever gets rich without an understanding of the tools that create wealth and protect it. What you'll learn about in this episode: Lee's professional background as an attorney specializing in LLCs and tax liability What an LLC is, and what mistakes people make in utilizing the LLC structure that invalidate the asset protection an LLC offers What advantages an LLC offers over a corporation, and why an LLC can be a desirable business structure How laws governing LLCs vary from state to state and could affect you differently based on where your LLC is set up How to effectively use friends and family to create a multi-member LLC for further asset protection How to leverage your LLC to negotiate with creditors when you haven't distributed money and haven't declared a profit The history of the LLC, and how its unique tax rules allow you to be taxed as a sole-proprietorship How the new Section 199A deductions can benefit pass-through entities by allowing up to 20% of income to be tax deductible How to get a great discount on two hours of audio content from Lee, discussing how to properly set up or amend your LLC's operating agreement, click the link below and enter LEGRAND as the promo code for your special price Additional resources: Website: www.thementorpodcast.com/lee

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SCACPA Podcast 025

SCACPA's Weekly Federal Tax Update

Play Episode Listen Later Oct 2, 2018 24:27

Lynn Nichols Federal Tax Update Podcast October 02, 2018, edition Listen as Lynn Nichols provides commentary on 6 Items pertaining to current developments in U.S. tax law. This week’s topics include: New Loss Limitation Hard to Calculate, Interpret With Other Rules The main focus of discussions on the Tax Cuts and Jobs Act has been the Section 199A passthrough deduction, but less talked about is a loss limitation that could have consequences for start-ups and real estate projects. [Tax Notes Today; 8/27/2018; Article by Eris Yauch] Combat-Zone Contractors Qualify for Foreign Earned Income Exclusion Contract support for the military in designated combat zones may now qualify for the foreign earned income exclusion because of a change in the tax home requirement under the Bipartisan Budget Act of 2018. [IR-2018-173; 8/24/2018] Stock Transfer Under Divorce Decree Won’t Affect S Corp Tax Status An S corporation won’t be considered to have a second class of stock in violation of federal tax rules solely because shares of its stock will be transferred to a trust under a divorce decree. [LTR 201834007; 5/18/2018; rel. 8/24/2018] Remaining Value Prevents Worthless Investment Deduction An individual's investments in a dozen special purpose entities holding real estate ventures were not worthless on December 31, 2008, and thus not deductible for 2008, because of evidence of value that would be lost in the event of foreclosure and because the entities successfully renegotiated their construction loans through 2011. [Forlizzo, Robert et ux.; T.C. Memo. 2018-137; 8/27/2018] Guidance Clarifies Definition of Qualifying Relative, Exemption Amount IRS and Treasury will issue proposed regulations clarifying the definition of “qualifying relative” under section 152(d) for purposes of various tax code provisions, including the new $500 credit for other dependents and head of household filing status for tax years in which the section 151(d) exemption amount is zero. [Notice 2018-70; 2018-38 IRB 441; 8/28/2018] Tax Court Says Individual’s Debt Cancellation Income Is Taxable An individual failed to provide evidence that his cancellation of debt income was not taxable because of insolvency or because the loan related to the debt was secured by his principal residence. The Tax Court upheld additions to tax and penalties for failure to timely file. [Smethers, Daniel; T.C. Memo 2018-140; 8/29/2018]

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Section 199A - Application, Part 2

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Play Episode Listen Later Sep 10, 2018 14:50

In Part 2 of the podcast, Bloomberg Tax's Sarah Salzenberg and Ashley Fausset dive into the Section 199A rules and technical guidance. Jumpstart is a new podcast series from the Bloomberg Tax editorial team that explains tax law changes made by the 2017 tax reform act.

Section 199A - Update, Part 1

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Play Episode Listen Later Sep 10, 2018 8:47

Bloomberg Tax's Sarah Salzenberg and Ashley Fausset follow up on May's podcast on Section 199A. Jumpstart is a new podcast series from the Bloomberg Tax editorial team that explains tax law changes made by the 2017 tax reform act.

The New Tax Code Will Save Most Listeners to This Podcast Thousands of Dollars

Monday Morning Radio

Play Episode Listen Later Sep 2, 2018 26:41

Millions of small business owners stand to realize big savings on their 2018 taxes, thanks to revisions of the federal tax code that were signed into law in late 2017. Only in the past few weeks, however, has the IRS fully explained who stands to profit from the so-called Section 199A deduction for qualified business income – and who will be left out. Rachel Sawyer, a partner in Denver-based TaxOps, a respected business tax specialty and advisory firm, joins host and reputation coach Dean Rotbart this week to delve into the nuances of the new tax code and what entrepreneurs can do to take maximum advantage of the savings it offers. If you qualify, Section 199A could mean tens of thousands of dollars of extra cash in your pocket come next year. Photo: Rachel Sawyer, TaxOpsPosted: September 3, 2018Monday Morning Run Time: 26:41

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August 28, 2018

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Play Episode Listen Later Aug 28, 2018

In this week's Tax Credit Tuesday Podcast, Michael J. Novogradac, CPA, discusses affordable housing legislation recently introduced in Congress: the Middle-Income Housing Tax Credit Act of 2018 [2:11] and the Rent Relief Act of 2018 [5:47]. Then, he discusses the new Section 199A deduction created under the 2017 tax reform legislation [8:07]. After that, he shares other headlines that include efforts to overhaul the Community Reinvestment Act, an interim rule that could result in lower interest rates on housing bond debt and a new report on the importance of the renewable energy production tax credit for growing wind power capacity [14:05].

August 28, 2018

Play Episode Listen Later Aug 28, 2018

In this week's Tax Credit Tuesday Podcast, Michael J. Novogradac, CPA, discusses affordable housing legislation recently introduced in Congress: the Middle-Income Housing Tax Credit Act of 2018 [2:11] and the Rent Relief Act of 2018 [5:47]. Then, he discusses the new Section 199A deduction created under the 2017 tax reform legislation [8:07]. After that, he shares other headlines that include efforts to overhaul the Community Reinvestment Act, an interim rule that could result in lower interest rates on housing bond debt and a new report on the importance of the renewable energy production tax credit for growing wind power capacity [14:05].

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The Proposed 199A Regs with Tony Nitti #035

Play Episode Listen Later Aug 21, 2018 52:56

The proposed regulations under Internal Revenue Code Section 199A are finally here! Guest Tony Nitti returns to the podcast to cut through the 184 pages of recently released guidance to share his highly sought insight on the doors that were shut (and those that opened) in the proposed regulations. TIME STAMPS OF WHAT’S COVERED [02:40] Initial reactions to the proposed regulations [05:48] Challenges in implementing the proposed guidance [11:09] What’s a trade or business and when does a rental activity raise to the level of one? [16:16] Increased penalty associated with being aggressive [18:21] Aggregation rules [22:00] The tax law confidence bell curve [25:15] How #TaxTwitter contributed to the proposed regulations [30:48] We need a roadmap for QBI [33:25] Absent action, the deduction sunsets after 2025 [37:03] Tony’s take on the treatment of §1231 assets [38:39] My head hurts! [41:49] UBIA and other terms of art from the proposed regulations [44:36] Approach the TCJA-related guidance as a marathon not a sprint [48:27] Advice for a successful tax career in tax BIO FOR GUEST Tony is a tax partner based in WithumSmith+Brown’s Aspen, Colorado office and is a certified public accountant in the states of New Jersey and Colorado. Tony’s practice focuses primarily on corporate and partnership tax planning, with a special focus on the consolidated return regulations and the reorganization provisions, including the structuring of acquisitions, mergers, reorganizations, spin-offs and other restructuring transactions. Tony is a contributor to Forbes and his opinions and commentary on important tax issues have been quoted in Bloomberg, CNN Money and the BNA Daily Tax Report. Follow Tony on Twitter Connect with Tony on LinkedIn ADDITIONAL RESOURCES Mentioned in the episode Qualified business income deduction flowchart Simply Tax Episode 8: The Nitty Gritty—of Section 199A—with Tony Nitti Simply Tax Bonus Episode: CPA to CPA with Tony Nitti Proposed regulations: Qualified business income deduction More on §199A from Tony IRS Provides Guidance On 20% Pass-Through Deduction, But Questions Remain (Forbes) 5 Passthrough Deduction Questions the IRS Must Answer (Tax Notes, subscription required) Understanding the New Sec. 199A Business Income Deduction (The Tax Adviser) The New 'Qualified Business Income Deduction Varies Based on your Business Type - Or Does It? (Forbes) Making Sense of the New '20% Qualified Business Income Deduction' (Forbes) GET MORE SIMPLY TAX A complete archive of our episodes is available on our website and YouTube playlist. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com Connect with Damien on social media! LinkedIn | Twitter | Instagram

The Proposed 199A Regs with Tony Nitti #035

Chief Insights: Tax Reform Edition

Play Episode Listen Later Aug 21, 2018 52:56

The proposed regulations under Internal Revenue Code Section 199A are finally here! Guest Tony Nitti returns to the podcast to cut through the 184 pages of recently released guidance to share his highly sought insight on the doors that were shut (and those that opened) in the proposed regulations. TIME STAMPS OF WHAT'S COVERED [02:40] Initial reactions to the proposed regulations [05:48] Challenges in implementing the proposed guidance [11:09] What's a trade or business and when does a rental activity raise to the level of one? [16:16] Increased penalty associated with being aggressive [18:21] Aggregation rules [22:00] The tax law confidence bell curve [25:15] How #TaxTwitter contributed to the proposed regulations [30:48] We need a roadmap for QBI [33:25] Absent action, the deduction sunsets after 2025 [37:03] Tony's take on the treatment of §1231 assets [38:39] My head hurts! [41:49] UBIA and other terms of art from the proposed regulations [44:36] Approach the TCJA-related guidance as a marathon not a sprint [48:27] Advice for a successful tax career in tax BIO FOR GUEST Tony is a tax partner based in WithumSmith+Brown's Aspen, Colorado office and is a certified public accountant in the states of New Jersey and Colorado. Tony's practice focuses primarily on corporate and partnership tax planning, with a special focus on the consolidated return regulations and the reorganization provisions, including the structuring of acquisitions, mergers, reorganizations, spin-offs and other restructuring transactions. Tony is a contributor to Forbes and his opinions and commentary on important tax issues have been quoted in Bloomberg, CNN Money and the BNA Daily Tax Report. Follow Tony on Twitter Connect with Tony on LinkedIn ADDITIONAL RESOURCES Mentioned in the episode Qualified business income deduction flowchart Simply Tax Episode 8: The Nitty Gritty—of Section 199A—with Tony Nitti Simply Tax Bonus Episode: CPA to CPA with Tony Nitti Proposed regulations: Qualified business income deduction More on §199A from Tony IRS Provides Guidance On 20% Pass-Through Deduction, But Questions Remain (Forbes) 5 Passthrough Deduction Questions the IRS Must Answer (Tax Notes, subscription required) Understanding the New Sec. 199A Business Income Deduction (The Tax Adviser) The New 'Qualified Business Income Deduction Varies Based on your Business Type - Or Does It? (Forbes) Making Sense of the New '20% Qualified Business Income Deduction' (Forbes) GET MORE SIMPLY TAX A complete archive of our episodes is available on our website and YouTube playlist. We'd love to hear from you! Email feedback and questions to SimplyTax@bkd.com Connect with Damien on social media! LinkedIn | Twitter | Instagram

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Episode 8: What Do the New Proposed Regulations for Section 199A Really Mean?

Play Episode Listen Later Aug 20, 2018 11:23

Tax partners Mike Kolk and Chris Madison discuss the proposed regulations aimed at clarifying how to take advantage of Section 199A’s deduction on qualified business income from pass-through entities, including what is a specified service, trade or business, and how aggregation could work.

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Bob Keebler on Tax Planning Under the Section 199A Regulations

Play Episode Listen Later Aug 19, 2018

In this 15-minute podcast, Bob Keebler discusses planning strategies under the Section 199A proposed regulations. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

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Bob Keebler on Tax Planning Under the Section 199A Regulations

Trusts

Play Episode Listen Later Aug 19, 2018

In this 15-minute podcast, Bob Keebler discusses planning strategies under the Section 199A proposed regulations. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

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Bob Keebler on Tax Planning Under the Section 199A Regulations

Play Episode Listen Later Aug 19, 2018

In this 15-minute podcast, Bob Keebler discusses planning strategies under the Section 199A proposed regulations. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

regulations tax planning powerpoint presentations section 199a bob keebler

Bob Keebler on Tax Planning Under the Section 199A Regulations

Play Episode Listen Later Aug 19, 2018

In this 15-minute podcast, Bob Keebler discusses planning strategies under the Section 199A proposed regulations. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

regulations tax planning powerpoint presentations section 199a bob keebler

Bob Keebler -- Overview of the Section 199A Proposed Regulations

Corporate Tax Planning

Play Episode Listen Later Aug 16, 2018

In this 14-minute podcast, Bob Keebler provides an overview of the proposed regulations implementing the income tax deduction for qualified business income. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

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Bob Keebler -- Overview of the Section 199A Proposed Regulations

Play Episode Listen Later Aug 16, 2018

In this 14-minute podcast, Bob Keebler provides an overview of the proposed regulations implementing the income tax deduction for qualified business income. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

powerpoint presentations proposed regulations section 199a bob keebler

Bob Keebler -- Overview of the Section 199A Proposed Regulations

Play Episode Listen Later Aug 16, 2018

In this 14-minute podcast, Bob Keebler provides an overview of the proposed regulations implementing the income tax deduction for qualified business income. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

powerpoint presentations proposed regulations section 199a bob keebler

Bob Keebler -- Overview of the Section 199A Proposed Regulations

Trusts

Play Episode Listen Later Aug 16, 2018

In this 14-minute podcast, Bob Keebler provides an overview of the proposed regulations implementing the income tax deduction for qualified business income. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

powerpoint presentations proposed regulations section 199a bob keebler

Bob Keebler -- Overview of the Section 199A Proposed Regulations

adams agriculture ncba section 199a

Play Episode Listen Later Aug 16, 2018

In this 14-minute podcast, Bob Keebler provides an overview of the proposed regulations implementing the income tax deduction for qualified business income. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

powerpoint presentations proposed regulations section 199a bob keebler

Adams on Agriculture - August 10, 2018

Adams on Agriculture

Play Episode Listen Later Aug 10, 2018 51:50

Friday on Adams on Agriculture Colin Woodall with NCBA discusses imitation meat, CPA Paul Neiffer explains the Section 199A tax deduction for farmers and attorney Gary Baise reviews a court ruling banning the use of a pesticide.

Bob Keebler on Section 199A: An Executive Summary

Play Episode Listen Later Aug 8, 2018

In this 17-minute podcast, Bob Keebler explains new Code section 199A and the planning opportunities it presents. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

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Bob Keebler on Section 199A: An Executive Summary

Play Episode Listen Later Aug 8, 2018

In this 17-minute podcast, Bob Keebler explains new Code section 199A and the planning opportunities it presents. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

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Bob Keebler on Section 199A: An Executive Summary

Chief Insights: Tax Reform Edition

Play Episode Listen Later Aug 8, 2018

In this 17-minute podcast, Bob Keebler explains new Code section 199A and the planning opportunities it presents. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

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Episode 4: How Business Owners May Benefit from the New Section 199A Deduction

Play Episode Listen Later Jul 12, 2018 13:26

Tax partners and gurus Mike Kolk and Chris Madison are back to tackle Section 199A. Particularly, they expand on how the 20% deduction on qualified business income from pass-through entities may impact business owners on their personal returns and provide another major consideration in the entity structure debate.

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Moving Iron Podcast Tax Moves With Glen Birnbaum 6 - 15 - 18

Moving Iron Podcast

Play Episode Listen Later Jun 16, 2018 11:15

June 15th – due date for second quarter tax estimates. Rules somewhat unclear for these estimates. Not sure how income is taxed. In particular Section 199A. Section 199A – we are not talking about the grain glitch and subsequent patch passed back in March. We are talking about “regular” 199A for this podcast. For a farmer, assume you sell all grain to a private elevator (sell nothing to co-op_. What are the questions that we still have? Note: IRS has said that guidance will be released by the end of this month. 199A refresher – you get a 20% deduction on your business income. Income of $100K, pay tax only on $80K. Subject to wage limitations and capital invested once you exceed $315K of taxable income. Wages need to be 40% of net income to get the full 20% deduction. Open Items: What is a trade or business? In particular, will farmland cash rent be eligible for the 20% deduction?Self rental - ok? The farm that you own and run pays rent to an LLC where you and your family own the landCrop share – ok? Wages – can I combine wages from different entities together?What if I have a trucking business, farming business, and custom harvesting business. Do I need to pay wages out of each entity? How do the wage and property rules work when I sell my business?What if I sell in January (then not much wages) vs. sell late in the year?What if I have no equipment on hand at end of year because sold it all – do I get anything deduction assuming no wages paid? How do certain page 1 deductions factor in for the sole proprietor or active partner? Deductions that don’t show up on Sch F. Do these deductions reduce the 20% benefit?Self employed health insuranceSEP retirement plan contribution50% of Self employment tax Big picture is that we expect guidance soon, and there may need to be action taken. Could be busy July/Aug for CPAs.For more information Glen may be contacted at 309-694-4251, on Twitter @glenbirnbaum, or at www.hbcpas.comGlen heads the Consulting and Business Valuation department at the Firm Hienold Banwart and holds three business valuation appellations: Certified Valuation Analyst (CVA), Accredited in Business Valuation (ABV), and Accredited Senior Appraiser (ASA) of the American Society of Appraisers. He has more than 18 years of experience in valuing closely held businesses and also holds the Certified Merger & Acquisition Advisor (CM&AA) credential.

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Moving Iron Podcast Tax Moves With Glen Birnbaum 6 - 15 - 18

Moving Iron

Play Episode Listen Later Jun 16, 2018

June 15th – due date for second quarter tax estimates. Rules somewhat unclear for these estimates. Not sure how income is taxed. In particular Section 199A. Section 199A – we are not talking about the grain glitch and subsequent patch passed back in March. We are talking about “regular” 199A for this podcast. For a farmer, assume you sell all grain to a private elevator (sell nothing to co-op_. What are the questions that we still have? Note: IRS has said that guidance will be released by the end of this month. 199A refresher – you get a 20% deduction on your business income. Income of $100K, pay tax only on $80K. Subject to wage limitations and capital invested once you exceed $315K of taxable income. Wages need to be 40% of net income to get the full 20% deduction. Open Items: What is a trade or business? In particular, will farmland cash rent be eligible for the 20% deduction? Self rental - ok? The farm that you own and run pays rent to an LLC where you and your family own the land Crop share – ok? Wages – can I combine wages from different entities together? What if I have a trucking business, farming business, and custom harvesting business. Do I need to pay wages out of each entity? How do the wage and property rules work when I sell my business? What if I sell in January (then not much wages) vs. sell late in the year? What if I have no equipment on hand at end of year because sold it all – do I get anything deduction assuming no wages paid? How do certain page 1 deductions factor in for the sole proprietor or active partner? Deductions that don’t show up on Sch F. Do these deductions reduce the 20% benefit? Self employed health insurance SEP retirement plan contribution 50% of Self employment tax Big picture is that we expect guidance soon, and there may need to be action taken. Could be busy July/Aug for CPAs. For more information Glen may be contacted at 309-694-4251, on Twitter @glenbirnbaum, or at www.hbcpas.com Glen heads the Consulting and Business Valuation department at the Firm Hienold Banwart and holds three business valuation appellations: Certified Valuation Analyst (CVA), Accredited in Business Valuation (ABV), and Accredited Senior Appraiser (ASA) of the American Society of Appraisers. He has more than 18 years of experience in valuing closely held businesses and also holds the Certified Merger & Acquisition Advisor (CM&AA) credential.

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Section 199A

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Play Episode Listen Later May 25, 2018 12:50

Bloomberg Tax’s Ron Newlin and Ashely Fausset discuss the new Section 199A pass-through deduction.

Talking Tax- Episode 67- PwC's Pam Olson Provides Status Update on Tax Law Rules

Talking Tax

Play Episode Listen Later Apr 20, 2018 13:44

The IRS faces a long list of tasks if it plans to complete all of the items on its priority guidance plan to implement the new tax law. The Internal Revenue Service has highlighted several projects, including the pass-through deduction under tax code Section 199A and new international base erosion measures, to address by June 30, the end of the agency's business year. Pam Olson, the U.S. deputy tax leader and Washington National Tax Services practice leader at PricewaterhouseCoopers LLP, joined Talking Tax host Allyson Versprille on April 20 to discuss the status of regulations for the 2017 tax act (Pub. L. No. 115-97) and what taxpayers and practitioners should expect this summer. Before joining PwC, Olson was assistant secretary for tax policy at the Treasury Department. It may be difficult for the government to meet that end-of-June target if history is any indication, according to Olson. The IRS and Treasury have made good progress so far with guidance on the repatriation tax on foreign earnings and profits and the new limitation on the deductibility of business interest expense, she said.

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Moving Iron Podcast's Tax Tip of the Week With Glen Birnbaum 3-30-18

Moving Iron Podcast

Play Episode Listen Later Mar 30, 2018 13:13

This week’s tax tip concerns final changes to Section 199A of the tax code and new tax benifts concering Operating Lease and Installment Purchases Glen may be contacted at 309-694-4251, on Twitter @glenbirnbaum, or at www.hbcpas.comGlen heads the Consulting and Business Valuation department at the Firm Hienold Banwart and holds three business valuation appellations: Certified Valuation Analyst (CVA), Accredited in Business Valuation (ABV), and Accredited Senior Appraiser (ASA) of the American Society of Appraisers. He has more than 18 years of experience in valuing closely held businesses and also holds the Certified Merger & Acquisition Advisor (CM&AA) credential.

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Moving Iron Podcast's Tax Tip of the Week With Glen Birnbaum 3-30-18

Moving Iron

Play Episode Listen Later Mar 30, 2018

This week’s tax tip concerns final changes to Section 199A of the tax code and new tax benifts concering Operating Lease and Installment Purchases Glen may be contacted at 309-694-4251, on Twitter @glenbirnbaum, or at www.hbcpas.com Glen heads the Consulting and Business Valuation department at the Firm Hienold Banwart and holds three business valuation appellations: Certified Valuation Analyst (CVA), Accredited in Business Valuation (ABV), and Accredited Senior Appraiser (ASA) of the American Society of Appraisers. He has more than 18 years of experience in valuing closely held businesses and also holds the Certified Merger & Acquisition Advisor (CM&AA) credential.

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Adams on Agriculture Friday, March 9 2018

Adams on Agriculture

Play Episode Listen Later Mar 9, 2018 51:50

Friday on Adams on Agriculture Chuck Connor, President and CEO of the National Council of Farmer Cooperatives gives an update on efforts to change the Section 199A tax exemption, Missouri Farm Bureau President Blake Hurst discusses key ag issues, Minnesota Ag Commissioner Dave Fredrickson explains groundwater protection efforts in his state and Brian Kuehl, executive director of Farmers For Free Trade talks about trade concerns.

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Episode 122 - Learn about 2018 TAX REFORM and how it will impact you

Old Capital Real Estate Investing Podcast with Michael Becker & Paul Peebles

Play Episode Listen Later Feb 1, 2018 33:39

Not since 1986, have we seen major changes to tax legislation. Mark Patten and Mandy Thiebaud are CPA’s with McKinnon Patten in Dallas. They joined us in the podcast to explain what changes you can expect as a real estate investor. Mark expands on SECTION 199A. (QUALIFIED BUSINESS INCOME DEDUCTION) This is the biggest tax break afforded to small business owners in 30 years; it benefits owners/investors of pass-thru entities and needs to be understood when you invest in real estate. Mandy discusses SECTION 179 and COST SEGREGATION and 1031-EXCHANGES and if any changes were made with the new legislation. Please contact your CPA or financial advisor for further clarification on how the new tax reform legislation will impact you. To contact Mandy or Mark: www.mckcpas.com or 214 696 1922 Mandy Thiebaud, CPA mandy@mckcpas.com Mark Patten, CPA mpatten@mckcpas.com To receive our FREE 15 page WHITE PAPER REPORT on the 2018 FUNDAMENTALS OF MULTIFAMILY FINANCING 101 and to learn more about upcoming events at Old Capital Speaker Series please visit us at OldCapitalPodcast.com Are you interested in learning more about how Multifamily Syndications work? Please visit www.spiadvisory.com to learn about Michael's Real Estate Syndication business with SPI Advisory LLC.

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The Nitty Gritty—of Section 199A—with Tony Nitti #008

Play Episode Listen Later Jan 9, 2018 39:12

The Tax Cuts and Jobs Act is one of the most significant changes to tax law in 31 years. Guest Tony Nitti joins host Damien Martin to discuss the nitty gritty details of one of the most intimidating provisions of the new legislation—the newly created IRC Section 199A. Here are some of the key questions about this new 20 percent qualified business income deduction: Is it just a pass-through deduction? @ 3:19 What’s the starting point for the deduction? @ 5:43 How will be get guidance on this new provision? @ 8:26 Does it apply to rental activities? @ 10:29 What’s a specified service trade or business? @ 16:23 Are self-rentals included in qualified business income? @ 23:05 Should an S corporation convert to a C corporation? @ 26:16 BIO FOR GUEST Tony is a tax partner based in WithumSmith+Brown’s Aspen, Colorado office and is a certified public accountant in the states of New Jersey and Colorado. Tony is a contributor to Forbes and his opinions and commentary on important tax issues have been quoted in Bloomberg, CNN Money and the BNA Daily Tax Report. Follow Tony on Twitter Connect with Tony on LinkedIn ADDITIONAL RESOURCES Forbes: “Tax Geek Tuesday: Making Sense Of The New ‘20% Qualified Business Income Deduction’” Forbes: “The New ‘Qualified Business Income Deduction’ Varies Based On Your Business Type - Or Does It?”

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The Nitty Gritty—of Section 199A—with Tony Nitti #008