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Intensive Introduction of the New IRC Section 199A
- Why Congress Enacted Section 199A
- Basic Section 199A Terms-Definitions and Explanations
- Basic Substantive Provisions of Section 199A
- Why Section 199A Is Important to Millions of American Business Owners
- How to Compute Section 199A Pass-Through Deductions for Clients
- Computations for Clients Whose Taxable Income Does Not Exceed Their "Threshold Amount"
- Computations for Clients Whose Taxable Income Is Within Their "Phase-in Range"
- Computations for Clients Whose Taxable Income Exceeds Their Phase-in Range
- Helping Clients Choose Between Section 199A and Subchapter C
- Why Some Clients Should Choose Between Section 199A and Subchapter C
- Key Factors in Making the Choice
- The Need of Many Pass-Through Business Owners to Restructure Their Personal and Tax Arrangements in Order to Obtain or Maximize Their Section 199A Pass-Through Deductions
- Why Restructuring Is Often Necessary
- Main Types of Restructuring
Overview of the webinar
Section 199A became effective on January 1, 2018. It provides millions of owners of pass-through businesses with federal income tax deductions of up to 20% of their net business income. For many of these business owners, maximizing their Section 199A deduction could make the difference between business success and business failure.
Who should attend?
- Attorneys
- Legal Professionals
- Accountants
Why should you attend?
Section 199A is a long, complex and difficult section in the Internal Revenue Code, but its basic provisions can be explained in plain English that non-tax lawyers and their business owner clients can understand. After learning this information, you will be able to explain Section 199A to your clients and, in some cases, explain to them how to maximize the Section 199A deductions available to them.
Faculty - Mr.John M. Cunningham
John M. Cunningham is a former trial lawyer in the Tax Division of the U.S. Department of Justice and a former member of the Foreign Trade and Tax Department of the international law firm of Baker McKenzie. He is licensed to practice law in New Hampshire and Massachusetts. He is the principal of the Law Offices of John M. Cunningham, PLLC, and he is of counsel to the New Hampshire-based law firm of McLane Middleton, P.A. His practice is focused on LLC law and tax and on advising clients under Internal Revenue Code Section 199A.
He is the principal author of Drafting Limited Liability Company Operating Agreements, the leading U.S. LLC formbook and practice manual, published by Wolters Kluwer Law & Business. He chaired the committee that drafted the New Hampshire Revised Limited Liability Company Act, which became effective on January 1, 2013, and he was a principal drafter of that act.