EY - Final Regulations under Section 199A

EY Tax Webcast

Treasury, IRS release much-anticipated Final Regulations under Section 199A

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The Section 199A Qualified Business Income deduction was introduced by the 2017 Tax Cuts and Jobs Act.

In general, Section 199A provides a 20% deduction to non-corporate taxpayers for certain business income derived from partnerships, S corporations or sole proprietorships.

A notice of proposed rulemaking (REG-107892-18) and final regulations were issued on 18 January 2019. Simultaneous with the final regulations, the IRS released: (1) additional proposed regulations (REG-134652-18), (2) Notice 2019-07, and (3) Revenue Procedure 2019-11. The issued guidance provides clarity for some outstanding issues not addressed by the 2018 proposed regulations, for pass-through tax returns being prepared for tax years ending in 2018, and for calendar year taxpayers that want to take advantage of the deduction for qualified business income for 2018.

This event is intended for tax executives and owners of pass-through entities, trusts, estates, real estate investment trusts, publicly traded partnerships, regulated investment companies and sole proprietorships. Note, published guidance affects taxpayers preparing returns for tax years ending after 31 December 2017 (including entities that have fiscal year tax years that began in 2017 and ended in 2018).

The following topics will be discussed during the webcast:

  • Brief overview of Section 199A and guidance issued under proposed regulations
  • Changes made under final regulations
  • Uncertainties/questions left unanswered by the final regulations, additional guidance
  • Pass-through entity considerations

Panelists


  • Alexa Claybon, Principal, National Tax Quantitative Services, Ernst & Young LLP
  • David Kirk, Partner, National Tax Private Client Services, Ernst & Young LLP
  • Andrea Whiteway, Principal, National Tax Joint Venture & Partnership Tax Services, Ernst & Young LLP

Moderator


  • Laura MacDonough, Executive Director, National Tax Private Client Services, Ernst & Young LLP