Join Greg White and George Koutelieris as they take a comprehensive, deep dive into the final regulations and the real estate “safe harbor” provided in Notice 2019-07. Coverage will include qualification of real estate under triple net leases, specified service trades or businesses, aggregation of real estate rentals, maximizing Section 199A when selling a business, strategies for maximizing the UBIA (property factor) and W-2 wages. They will provide sample aggregation disclosures and Notice 2019-07 statements. They will also put SSTBs (like doctors, lawyers, consultants, etc.) “under the microscope” with a deep exploration of the SSTB rules.
Mechanics of the new qualified business income deduction (QBID). Which income qualifies for the 20% deduction? When do real estate rentals qualify? Does royalty income qualify? Which set of regulations should you apply for the 2020 year? Real estate safe harbor (Notice 2019-7). Qualification of rentals outside the safe harbor. Changes in the definition of specified service trades or businesses. Aggregating businesses for purposes of the wage and property limits. Can a passive investor qualify for the deduction? Changes in the rules for computing the “property factor”, including rules for like-kind exchanges and partnership step-ups. Practical strategies to assist your clients in qualifying for the QBID. What amount of wages is needed to optimize the QBID? What amount of property basis is needed to optimize the QBID?
Identify basic calculation of the 20% qualifying income business deduction (“QBID”). Identify the QBID limits that apply to higher income taxpayers. Apply the safe harbor for rental real estate (we’ll provide a sample notice you can use in your practice). In the case of rental real estate not qualifying for the safe harbor, determine qualification for the QBID. Determine whether clients are engaging in Specialized Service Trades or Businesses (“SSTB’s). Select the best option for the 2020 filing season: proposed or final regulations. Calculate the taxable income cap on the QBID that applies to all taxpayers.
George Koutelieris, CPA, is a shareholder with the firm Johnson & Shute P.S. He subsequently received his Master’s in Taxation from Golden Gate University graduating with Highest Honors in 2010 and being awarded the Outstanding Graduate Tax Student Award for the Seattle campus of Golden Gate. He is currently an Adjunct Professor at Golden Gate University teaching various tax courses. George’s practice includes planning and consulting on complex transactions including formations, liquidations, mergers and acquisitions, purchase and sales, multi-state and international tax for closely held businesses and their owners. In addition, George provides compliance and representation services before the IRS and various state taxing agencies for clients. George is also an active speaker on various tax topics, having presented in the past for Golden Gate University, the Washington Society of Certified Public Accountants, and the Oregon Society of Certified Public Accountants. George Koutelieris and Greg White are available to teach in-house courses in tandem for company CPE needs.
Non-Member Price $410.00
Member Price $310.00