"1st Look" at What Non-Tax Lawyers Should Know About the Impact of New IRC199A on Pass-Through Deductions for Businesses
Essential tips to save your clients money
- Product Number: 2190253P01
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2 substantive credits, 0 ethics credits CLE Credit Note -
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Product Description
Product Description
Section 199A, effective January 1, 2018, provides various types of federal income tax deductions, but the most important by far are "pass-through deductions" for the owners of pass-through businesses—such as sole proprietorships—usually in the form of single-member LLCs; S corporations; and entities taxable as partnerships, such as most multi-member LLCs. Section 199A provides these taxpayers with federal income tax deductions of up to 20% of their net business income. For example, for owners who file joint federal tax returns and have joint incomes of $168,000, this means federal income tax savings of around $7,500. Section 199A potentially provides substantial pass-through federal income tax deductions to at least 50 million business owners—including not only pass-through businesses, but also C corporations if they convert to pass-through businesses. All business lawyers should be conversant in this essential tool for saving clients money—and enhancing their value-add as counsel.
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