Where Do we Stand With the Pass Through Deduction – Latest Guidance, Problems and Solutions


Tuesday, May 7, 2019 · 2:00 – 3:40 PM ET

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Continuing Education

CPE Program Knowledge Level: Overview
2 CPE Credit; NO prerequisites or advance preparation
CTEC Course #: 3022-CE-0130
IRS/RPO Approved Program
#7ZBUJ-T-00072-19-O (Online/Group) Live (Group-Internet Based)
#7ZBUJ-T-00072-19-S (QAS Self Study) Archive
Federal Tax Law (2 Hours)

Program Content

This online learning program, presented as a live webcast, will be also archived for QAS Self Study. The program will be available for viewing for 12 months after the live webcast. A panel of IRS and industry experts will present the content during a live, interactive discussion, where participant questions can be submitted. Questions will be answered live on the program or posted on the Resources page.

The program, through a lively round-table discussion and real time interaction with the audience, examines the deduction allowed against the business income of unincorporated businesses. The program will focus on the trades or businesses eligible for the deduction and how the amount of the deduction is determined. Panelists also will examine the proposed regulations and other IRS guidance relating to the deduction and the prospects for further guidance. In addition, the panel will discuss the lessons learned from the 2018 returns claiming the deduction from the viewpoints of both the IRS and tax professionals.

By the end of the program, participants will have a practical understanding, through accurate, current, and effectively designed communications, of how the pass-through deduction is computed, the trades and businesses eligible for the deduction, regulations and other guidance from the IRS relating to the deduction, and how any problems that developed during the 2018 filing season may be avoided in the future.

Program Learning Objectives

  1. Identify those trades or businesses eligible for the pass-through deduction and the income against which the deduction is taken.
  2. Identify how the deduction is calculated and the special rules that apply in certain situations.
  3. Identify the IRS regulations and other guidance that aid in the proper determination of the pass-through deduction.
  4. Identify the lessons IRS and tax professionals learned from any problems that were encountered on the tax returns for the 2018 tax year.

Program Outline

  • The Pass-through Deduction in General
    • Overview
    • Eligible trades and businesses
    • Qualified business income
    • How the deduction is determined
    • Special rule for cooperatives
  • Proposed Regulations
    • Computing deduction when income below threshold
    • Computing deduction when income above threshold
    • Determining wages and unadjusted basis
    • Qualified business income
    • Aggregation rules
    • Specified service trades or businesses
    • Relevant pass-through entities, PTPs, trusts, and estates
  • Other IRS Guidance
    • Basis questions and answers
    • Notice 2018-64, W-2 wages
  • Lessons from 2018 Filing Season
    • View from practitioners
    • View from IRS
  • Upcoming Guidance

Panelists

Moderator

Alan Pinck, EA
A. Pinck & Associates

Alan Pinck is an Enrolled Agent with over 25 years of tax preparation experience in the San Francisco Bay Area. He has built a practice specializing in individual, small business tax preparation and audit representation. He is currently a speaker at the NTPI events, CSEA Super Seminar as well as a variety of other presentations for tax groups and small business associations. Having represented thousands of tax returns in audit, Alan has obtained tremendous insight of the audit process as well as knowledge on a wide variety of tax issues.

IRS Panelists

To be coming soon

 

 

Industry Panelist

Thomas A. Gorczynski

Thomas A. Gorczynski, EA, USTCP
Senior Tax Consultant, Gorczynski & Associates, LLC

Thomas A. Gorczynski, EA, USTCP is Senior Tax Consultant at Gorczynski & Associates, LLC in Phoenix, AZ. He is a Certified Tax Coach, a National Tax Practice Institute (NTPI) Fellow, and admitted to practice before the United States Tax Court. He is a nationally-known instructor and technical writer on tax law and co-owner of Compass Tax Educators, which provides online education for tax professionals.

Kelly H. Myers

Kelly H. Myers, MBA, EA, Tax Consultant

Kelly Myers is a consultant with Myers Consulting Group, LLC providing seminars, tax planning, consulting, and controversy services to clients across the United States. Kelly has spoken nationally both as a consultant and during his 30+ year career with the IRS (retired 2017). Kelly spent his last 20 years of his IRS career working for the Washington, DC Headquarters as a Senior Technical Advisor. He has over 38 years of tax experience and specific subject matter expertise to assist tax professionals. He has developed efficient tax strategies in both preparation and controversy arenas. He has been a guest speaker for CPA and EA meetings, National Business Aircraft Association, IRS Nationwide Tax Forums, National associations, and others. Kelly is an Enrolled Agent (EA) qualifying to practice before the Internal Revenue Service. He has an MBA from the University of Tampa with emphasis in Accounting and Taxation. His BA is from Western State College with a double major in Accounting and Business Administration with a minor in Economics. He resides in Huntsville, Alabama.

Content Consultant

David F. Windish, J.D., LL.M
Content Consultant

David F. Windish, J.D., LL.M. in taxation, is a tax attorney and consultant. He has served as an instructor of tax-advantaged investments at the New York Institute of Finance; an Instructor of business law at the U.S. Merchant Marine Academy, Kings Point, N.Y.; and an adjunct professor at George Mason University, Fairfax, Va. He has also served as executive editor for Tax Analysts; managing editor for Business Strategies, published by CCH; and senior editor for the Institute for Business Planning.

Mr. Windish is the author of Practical Guide to Real Estate Taxation, published by CCH and currently going into its sixth edition. Earlier works include Tax Advantaged Investments and Investor's Guide to Limited Partnerships, both published by the New York Institute of Finance. Through the Center for Video Education, he authored continuing education courses dealing with real estate and closely held corporations. Those courses included readings, case studies, and videotape segments.

Mr. Windish is a graduate of Rutgers University Law School and the New York University School of Law, Graduate Division. He has been heard as a guest speaker at professional meetings and seminars and on popular radio programs.

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