The Joint Committee on Taxation has released a slide show about section 199A. I have not yet had time to review any of the 27 slides included in the show, and to my knowledge, the JCT has not yet released a link for the show; I know about it through the March 15th edition of the CCH daily tax information service. However, it is clear that every lawyer, accountant and other professional who advises clients under section 199A must be familiar with these 27 slides.
For subscribers to Tax Notes who are interested in section 199A, the article cited below will be of interest.
Here’s the cite:
What’s Next for the Passthrough Deduction
Posted on Feb. 19, 2019
By: Marie Sapirie
A recent set of final and proposed rules and other guidance significantly advanced the implementation of the 20 percent deduction for the qualified business income (QBI) of passthrough entities and the 20 percent deduction for qualified real estate investment trust dividends, but some questions remain for Treasury and the IRS to resolve.
I published the article linked below in Tax Notes, a leading federal tax daily information service, on about February 8, 2019, and, as permitted by Tax Notes, I am publishing it today in this post. The article seeks to provide clear, practical and comprehensive guidelines for computing pass-through deductions for all of the seven categories of taxpayers who are eligible for them. The discussion in the article concerning a particularly aggressive method of computation that arguably may be used by Category 4 taxpayers is controversial, but Section 199A experts should be aware of it.
The article cited below ably addresses a number of issues important to LLC lawyers and tax professionals practicing under section 199A.
Here’s the cite:
16 Pitt. Tax Rev.
Pittsburgh Tax Review
Stephen J. Pieklik, Nathan S. Catanese, Cory C. Omasta
Copyright © 2018 by University of Pittsburgh; Stephen J. Pieklik, Nathan S. Catanese, Cory C. Omasta
DEDUCTING SUCCESS: CONGRESSIONAL POLICY GOALS AND THE TAX CUTS AND JOBS ACT OF 2017
Tax Changes May Affect Bottom Line of Many Business Owners
The IRS has just issued a brief summary of the most important impacts of the Tax Cuts and Jobs Act of 2017 on small businesses. These impacts will, of course, effect many millions of LLCs.
The link to the IRS statement is https://www.irs.gov/newsroom/irs-several-tax-law-changes-may-affect-bottom-line-of-many-business-owners