One of the primary goals of the 2017 Tax Act was to reward business owners operating as pass-through entities with a 20 percent deduction. The resulting new code section, 199A, is complex with definitions and hurdles that must be navigated. Last month, the IRS released proposed regulations to clarify both the application and the implementation of 199A. This seminar will discuss the new regulations and provide an in-depth look at the elements of 199A, including the calculation of Qualified Business Income, the limitations based on the entity's W-2 wages and qualified property, the exclusion for specified service trades or businesses, the income restrictions and the new aggregation rules for business owners operating multiple entities. The presenters will then discuss various strategies for business owners seeking to take advantage of 199A, including the use of trusts, retirement planning and the timing of capital investments. Lastly, the seminar will cover the anti-abuse rules implemented by the IRS as well as a handful of other fall planning ideas.
Audrey Young · Mr. Steven M. Burke, CPA, Esq.
Audrey Young is Of Counsel with the Trusts & Estates Department at McLane Middleton. She concentrates her practice on estate planning, representing business owners, family offices and corporate fiduciaries. She counsels business owners on tax, retirement and succession planning as well as trust and estate administration. Audrey also works with foundations and other charitable organizations on tax and administration matters. Audrey formerly worked as the Washington National Tax Director for private client services at an international accounting firm and at an AM 100 law firm.close
Steve is a Director at McLane Middleton where he has been a member of its Tax, Trusts and Estates and Corporate Department for over twenty-five years. Using his expertise as a licensed CPA as well as an attorney, Steve represents individuals and businesses before the IRS as well as the New Hampshire and Massachusetts Department of Revenue agencies, and has assisted clients in obtaining administrative rulings from those taxing authorities. He also advises high net worth individuals, families and fiduciaries on estate and income tax planning and administration, and wealth preservation strategies.close
McLane Middleton, PA