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Put Your Client's 199A Return on Extension?

If So, Then You Need This Special LIMITED TIME 199A Filing Extension Bundle.




Many firms we've spoken that have clients with potentially large 199A deductions put many if them on extension. If you're in that group, this is a great chance to brush up on your 199A expertise with LISI's exclusive ""199A Filing Extension Bundle."" For one low price you get 3 amazing tools that will quickly get you up to speed:

  • Bob Keebler's 199A e-Book that's been updated for the final regulations;

  • Two essential Keebler webinars on 199A:

    • Critical 199A Mathematics Updates: What Advisors Need To Know To Properly Advise Clients About the Small Business Deduction
    • Penalty Proofing Your Client's 199A Deduction: How To Avoid Penalties

Frequent LISI Commentators Bob Keebler and Peter Melcher have just written and UPDATED for the FINAL REGULATIONS what must be considered the ultimate guide to Code Section 199A - the Qualified Business Income Deduction.  Here's what Steve Leimberg recently said about their book:

179 Pages on the Qualified Business Income Deduction?  Do we really need this?  You bet we do!  If your clients include sole proprietorships, partnerships, LLCs, S corporations, trusts, estates, qualified cooperatives and real estate investment trusts (REITs), you need to read (and reread) this book.

The strength of this new Keebler-Melcher book is the incredible number of examples the authors have inserted so that every point they make is immediately illustrated with practical examples - and with voluminous citations so you can check directly with the law to confirm their comments and suggestions.

One of the most important and potentially valuable provisions of the Tax Cuts and Jobs Act (TCJA) is the Code Section 199A 20% deduction for the qualified business income (QBI) of non-corporate taxpayers. You may think you understand this highly complex material, but until you've read this material and listened to Bob's discussion of it, you haven't mastered it - as you will have when you've finished!

 


Penalty Proofing Your Client's 199A Deduction: How To Avoid Penalties

This class will prove to be one of Bob’s most timely, insightful and actionable classes.   Joining Bob will be Michael Goller, JD a nationally recognized tax lawyer who has taught practice and procedure at the graduate school level and for 1,000s of CPAs and tax lawyers.    Michael brings an unmatched understanding of the law along with a practical approach to protecting your clients.  

The Section 199A statute, regulations, and guidance leave many common questions unanswered. Therefore, many practitioners must evaluate what position to take and whether there is sufficient authority. Part of this analysis is determining what, if any, penalties might apply should the IRS prevail on audit.    Some of the more difficult issues are:

  1.   Framing out the critical Section 199A issues with penalty exposure
  2.   Reviewing the trade or business issue and the multi-entity issue
  3.   Addressing aggregation elections and penalties and Notice 2019-7 Elections
  4.   Understanding the separate and separable issue
  5.   Understanding the statutory employee issue
  6.   Understanding the multiple trust rules and the impact of these provisions
  7.   Understanding the various penalties under the Internal Revenue Code
  8.   Understanding the levels of assurance for penalty waivers
  9.    Understanding how and when to use opinion letters to reduce a client’s exposure
  10.    Finally, how and when to use form 8275 disclosures

Practitioners also need to be acutely aware of the impact on the Sec. 6662(b)(2) substantial-understatement penalty. For taxpayers that take a Sec. 199A deduction, a special rule decreases the threshold that triggers the penalty from an understatement that is 10% of the tax required to be shown on the original return or $5,000, to an understatement that is 5% of the tax required to be shown on the original return or $5,000 (Sec. 6662(d)(1)(C)). 
With a basic understanding of how to disclose positions and demonstrate sufficient authority for the position, the accuracy-related penalty can be avoided. This highly practical and actionable webinar will teach you how to penalty-proof your clients' 199A positions.




Critical 199A Mathematics Updates: What Advisors Need To Know To Properly Advise Clients About the Small Business Deduction

Advisers must have a strong understanding of Section 199A for the upcoming tax return filing season and understand its intricate calculations.  Join nationally recognized 199A expert Bob Keebler and Michael Geeraerts in their exclusive LISI webinar where they review 199A deduction calculations with numerous examples.
Watching this webinar you will learn:

  • How to calculate the deductible amount for each trade or business.

  • How to calculate the phase-in of the W-2/UBIA limitations when taxable income is in the phase-out range as well as when taxable income is above the threshold.

  • How to calculate the phase-out of the deduction for specified service trades or businesses when taxable income is in the phase-out range.

  • How to calculate the deduction when aggregating or not aggregating two or more businesses.

  • How qualified REIT dividends and qualified publicly traded partnership income impacts the deduction.

  • How to allocate qualified business income, W-2 wages, and UBIA between a non-grantor trust and its beneficiaries.

Numerous illustrative examples and calculations will be provided, so be sure to register now for this important webinar.




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