- NY Credits : 2.0
- TX Credits : 2.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 2.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 2.0
The Evolution of IRC Sec. 199A – IRS Final Regulations
The Tax Cuts and Jobs Act (TCJA) introduced the new Code Sec. 199A qualified business income deduction but left many questions unanswered. The IRS has issued final regulations on the Code Sec. 199A qualified business income (QBI) deduction, along with accompanying Rev. Proc. 2019-11 and Notice 2019-07 (addressing wages and real estate enterprises, respectively). The final regulations will be examined in-depth, including the operational rules of Reg(s). 1.199A-1 and -2, Reg. 1.199A-3’s discussion of QBI, the aggregation rules of Reg. 1.199A-4, the specified service trade or business rules of Reg. 1.199A-5, and more. Detailed examples and computations will be presented throughout the discussion.
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