Final Regulations for Section 199A with Walter Nunnallee
353 | TSCPA In Person Events | Basic | Scheduled
On January 18, 2019 the IRS released its "final" regulations (247 pages) under section 199A addressing virtually every aspect of the 20% deduction. Taxpayers may use the August 2018 “proposed” regulations in their entirety or these newly-released “final” regulations in their entirety for 2018 tax returns. Along with the “final” regulations, the IRS issued Notice 2019-7 providing guidance in determining which rental real estate activities may be treated as generating "qualified business income" for purposes of the 20% deduction.
Walter’s presentation will cover all major aspects of this long-awaited guidance. For example, Walter will be emphasizing the provisions that practitioners will need to know in order to determine:
- Whether Income from a Rental Real Estate Activity Qualifies for the 20% Deduction;
- The Key Differences Between the Final Regulations and the Proposed Regulations;
- Which Business Income Is "Qualified Business Income" under Section 199A;
- Whether an "Aggregation Election" Is Available and Advisable (And How the Election Is Made);
- Whether a Business Activity Constitutes a "Specified Services Trade or Business" (SSTB) That May Not Qualify for the 20% Deduction;
- What Information Is Required to Be Reported by Pass-Through Entities and How it Will Be Reported;
- Whether an Anti-Abuse Provision Applies That Could Cause an Otherwise Qualifying Deduction to Be Reduced or Lost Altogether;
- Whether a Business Operation Represents a Single Trade or Business or Multiple Trades or Businesses.
- And More!
Participants will receive a printed copy of materials.
This is the in person version of the course.
|Number of Credits||Type of Credits|
- Member (Early Bird)
- Non-Member (Early Bird)
Walter H. Nunnallee, JD, LLM, CPA
Walter H. Nunnallee, Esq., CPA, served as a professor of tax law at North Carolina Central University School of Law, Durham, North Carolina from 1986 to 2010. Mr. Nunnallee has also served as visiting interim professor at the University of Florida College of Law and as an adjunct professor of tax law at University of North Carolina School of Law, Duke University School of Law, and the Graduate Tax Program at the University of Florida College of Law.
He worked as a CPA with KPMG, Raleigh, North Carolina from 1975 to 1978, and from 1981 through 1988 he was an attorney with the law firms of Poyner & Spruill and Manning, Fulton and Skinner, Raleigh, North Carolina. His academic credentials include a B.S. from Florida State University, a J.D. from the University of North Carolina, and an LL.M. in Taxation from the University of Florida (where he finished first in his class).
He has authored numerous tax articles published in the Oregon Law Review, The Tax Lawyer, Tax Notes, and The Review Of Taxation Of Individuals.
Mr. Nunnallee has frequently lectured at tax conferences including the University of Montana School of Law Tax Institute; Southern Federal Tax Institute, Virginia Tax Conference, University of North Carolina School of Law Annual Tax Institute; and various state tax institutes. He is a frequent discussion leader for tax-oriented CPE seminars throughout the country. He is also a member of the North Carolina Association of Certified Public Accountants and the North Carolina Bar Association (past chairman of the Tax Section, 1991-92). He serves on the Board of Advisers of the J. Nelson Young Tax Institute.
Mr. Nunnallee has been a partner with Don Farmer, CPA, PA since 1991 presenting tax seminars around the country.Back to Facilitators