SVSJ Tax Group: 20% of Domestic Trade or Business Income Deduction | N2171018

Instructors

Date :
October 23, 2018 12:00 PM - 1:30 PM
Location :
San Jose Area
Facility :
Abbott Stringham & Lynch
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Level of Difficulty :
Update
Member Price :
30.00
Nonmember Price :
70.00
CPE Credits :
CPE 1.00, MCLE 1.00
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Come Join the SVSJ Tax Group:
 
Topic:  
The 20% deduction for qualified domestic business income of non corporate and S corporation businesses is one of the most complex provisions of the Tax Cuts and Jobs Act that was enacted on December 22, 2017.
 
The requirements for qualifying for and computing the deduction add a layer of complexity to our tax laws for owners of unincorporated businesses and S corporations similar to the complexity of the alternative minimum tax, the passive activity loss rules and the net investment income tax.  The IRS has issued proposed regulations that answer many questions about how to implement the new rules and leave many other questions unanswered.
 
Speaker: Michael Gray, CPA, will explain the highlights of the proposed regulations so that you will be better able to advise your clients for 2018 and are aware of the mechanics of the elections available and how the deduction works.

Objectives:

1. Learn the highlights of new proposed regulations for the 20% of domestic trade or business income deduction
2. Gain Background for better advising clients about this new complex deduction
3. Understand Elections available to clients who own small businesses 

Major Subjects:

* The basics of Section 199A
* What is qualified business income?
* How the limitations apply
* What is the unadjusted basis immediately after acquisition of qualified property?
* The definition of W-2 wages for the limitation
* The definition of common control for this deduction
* Specified service trades or businesses
* The trade or business of performing services as an employee
* Aggregation
* Pass-through entity reporting
* Handling losses
* Multiple trusts

Advanced Prep:


Misc. Information:

Lunch Included in Registration Fee
Level of Difficulty:
Update
Field of Interest:
Taxes
Prerequisites:


Designed For:
CPAs and other Financial Professionals

Instructors

Michael C Gray, CPA
Michael C. Gray founded his CPA firm, Michael Gray, CPA October 1, 1996. He has continuously worked in public accounting since June, 1974. Mike was a co-founder and partner in charge of tax services of Hubler, Gray and Associates from June, 1986 through September, 1996 and a tax manager at KMG Main Hurdman, subsequently acquired by KPMG Peat Marwick, from February, 1978 to June, 1986. The areas of practice that Mike has focused on include tax planning for individuals, estate and trust planning and administration, tax planning for businesses, tax examinations, and tax procedure. He also assists other tax practitioners in dealing with complex tax issues. Mike has given many presentations and written many articles on tax subjects, including for the California Society of CPAs, Silicon Valley Bar Association and Santa Clara County Bar Association. Mike has been a CPA in California since March, 1977. He received his BS in accounting and MBA at San Jose State University in June, 1974 and June, 1978, respectively. He is a past president of the Silicon Valley San Jose CPAs, past chairman of the tax committee for the Silicon Valley San Jose CPAs and past member of the state tax committee for the California CPAs. He is also a member of the Santa Clara County Estate Planning Council, and has been involved with the Executive Planning Committee of the Tax Section for the Santa Clara County Bar Association. Currently, Mike and his wife Janet devote their Saturdays to caring for their grandsons, Kyan and Clive Baker, while their parents, Holly and Dan Baker, work in the family restaurant, Marché Aux Fleurs, in Ross, California.
No Agenda or Materials posted.