Description
The new Section 199A of the Internal Revenue Code provides a deduction of 20% or more to owners of pass-through businesses. These comprise sole proprietors, S corporation shareholders and partners of entities, including most multi-member LLCs, taxable as partnerships, totaling at least 75 million small-business owners. The section also provides these deductions to shareholders of closely held C corporations that convert to pass-through tax regimens. Given that Section 199A is one of the most complex to understand and apply, it is unfortunate that most of the beneficiaries are small businesses that can ill afford the sophisticated tax counsel needed to take full advantage of the benefits of the section.
This 90-minute webcast, designed both for tax professionals and for business lawyers and other professionals who are not tax specialists, provides attendees in plain, non-technical English with:
• An explanation of the origins and legislative intent of Section 199A
• A summary of the key contents of the section
• Guidelines on when shareholders of C corporations should retain that federal tax regimen and when pass-through business owners should convert their federal tax regimen to Subchapter C in order to take advantage of the new 21% flat rate applicable to C corporations
• An explanation of why many pass-through business owners need to restructure their businesses in order to obtain or maximize their Section 199A deductions
• Proposals as to the services that tax experts and professionals who are not tax specialists should provide their clients under the section