Princeton, N.J.; New York City, N.Y.; Boston, MA; Washington, DC; Orlando, FL – In the wake of the newest tax-law regulation announcements earlier this week, WithumSmith+Brown PC (Withum) has developed a webinar entitled “Artificial” Calculation of QBI Gets Real: Understanding the New Section 199A Rules, to be held on Tuesday, August 14 from 1 p.m. – 3 p.m. The two-hour session is being led by nationally recognized and sought after tax policy expert Tony Nitti, Withum partner and Forbes blogger.
“For months tax professionals have been eagerly awaiting guidance on the calculation of the new Section 199A deduction, a key component of the Tax Cuts and Jobs Act,” said Nitti, who noted the new deduction allows for an “artificial” calculation of qualified business income and opens up the possibility of deductions as high as 20% for partnerships, LLCs, S-corporations and sole proprietors. “The wait is over, the guidance is here and it is more than we bargained for.”
According to Nitti, in order to reap the benefits of this new deduction for clients, tax professionals will need to quickly master an extremely complex multi-step calculation process that may phase out some or all of the deduction. “To do that, they must first digest a guidance package of epic proportions,” he said.
During the webinar, Nitti will provide guidance in the application to master the calculations, spot opportunities and avoid potential pitfalls and traps. Additional areas of focus include:
- Identification of clients eligible to claim the deduction
- Determining a client’s qualified business income for purposes of the deduction
- Navigating the many limitations, exceptions to limitations, phase-ins, phase outs and grey areas in the guidance
A frequent and highly sought-after speaker for every facet of the Tax Cuts and Jobs Act, Nitti has been following the evolution of this critical and much anticipated guidance closely since its inception. He is a tax partner in Withum’s National Tax Service Group and the featured tax writer of Forbes.com’s “Taxes: The Nitti Gritty” column, which has been attracting hundreds of thousands of followers since 2012. Due to his unique ability to explain the tax law in terms people can understand, he also has emerged as one of the most sought-after tax instructors in America.
In addition, Nitti is the author of numerous articles, including those that have appeared in The Tax Advisor – the most recent of which entitled Understanding the New Section 199(a) Business Income Deduction was featured in the April, 2018 issue. Furthermore, he is a co-author of the CCH expert tax treatise: Corporations Filing Consolidated Returns and his opinions and commentary on important tax issues have been quoted in Bloomberg, CNN Money and the BNA Tax Report.
The overview-level webinar requires no prerequisites for enrollment. Approved for two CPE credits, the program requires advance registration and there is a fee of $299 per participant. For more information, visit Withum’s events registration page.
Withum is a national top-ranking public accounting firm providing advisory, tax and audit services to businesses and individuals on a local-to-global scale. Headquartered in Princeton, NJ, additional offices are located in major financial centers including New York City, NY; Boston, MA; Philadelphia, PA; Washington, DC.; and Orlando, FL. Withum is an independent member of HLB, the global advisory and accounting network committed to assisting clients build and expand around the world. Visit www.withum.com for more information.