Putting the Final §199A Pieces Together #054

Did we get all the missing pieces to the §199A puzzle in the recently released final guidance? Guest Tony Nitti joins host Damien Martin to fit the pieces provided in the final regulations together and offer key takeaways for applying this complex new provision with tax filing season now officially underway. TIME STAMPS OF WHAT’S COVERED A big announcement from Tony @2:04 Hats off to Treasury and the IRS @3:59 Headlines from the final regs @5:00 How to digest 247 pages of final guidance @8:24 More extended tax returns this year? @10:01 The problem for rental real estate and the triple net lease under the final regs @11:43 Safe harbor for treating a rental real estate enterprise as a trade or business @13:01 Multiple trades or businesses within the same entity @18:51 Putting it all together @20:51 The incidental rule is gone @23:51 Clarification on treatment of services or property provided to a specified service trade or business (SSTB) @24:51 They narrowed down the SSTB definitions @26:08 Big clarification for consulting @27:18 Relying on the proposed regulations @33:00 What’s ahead for Tony’s Forbes articles @37:07 What’s ahead for §199A @38:24 BIO FOR GUEST Tony Nitti is a tax partner at RubinBrown. His practice focuses primarily on corporate and partnership tax planning, with a special focus on the consolidated return regulations and the reorganization provisions, including the structuring of acquisitions, mergers, reorganizations, spin-offs and other restructuring transactions. Tony is a contributor to Forbes and his opinions and commentary on important tax issues have been quoted in Bloomberg, CNN Money and the BNA Daily Tax Report. More about Tony: Tax Section Member Spotlight on Anthony (Tony) Nitti, CPA Bonus episode – CPA to CPA with Tony Nitti Connect with Tony on Social Media: Follow Tony on Twitter Connect with Tony on LinkedIn RESOURCES MENTIONED IN THE EPISODE Previous episodes of the “Simply Tax” podcast covering §199A: Episode 8: The Nitty Gritty—of Section §199A—with Tony Nitti Episode 16: AICPA's 199A Task Force  Episode 35: The Proposed 199A Regulations with Tony Nitti Episode 37: #TaxTwitter Answers to 199A Questions  Episode 43: The Hearing on the Proposed 199A Regs Episode 46: Do You Have 199A Confusionosis? More on §199A from Tony: IRS Publishes Final Guidance On The 20% Pass-Through Deduction: Putting It All Together (Forbes) The new QBI deduction is finally clearer (Journal of Accountancy) INSIGHT: Proposed Section 199A Rules Fill in Framework of Statute (BNA Daily Tax Report) Proposed 199A Regulations: Three Big Questions Remain (Tax Notes, subscription required) IRS Provides Guidance On 20% Pass-Through Deduction, But Questions Remain (Forbes) 5 Passthrough Deduction Questions the IRS Must Answer (Tax Notes, subscription required) Understanding the new Sec. 199A business income deduction (The Tax Adviser) The New ‘Qualified Business Income Deduction’ Varies Based On Your Business Type – Or Does It? (Forbes) Making Sense of the New '20% Qualified Business Income Deduction' (Forbes) BKD webinar on §199A: The QBI Deduction: Insights on the Latest Guidance  GET MORE “SIMPLY TAX” A complete archive of our episodes is available on our website and YouTube playlist. We’d love to hear from you! Email feedback and questions to [email protected]. Connect with Damien on social media! LinkedIn | Twitter | Instagram