The "Tax Cuts and Jobs Act" added new Section 199A to the Code, granting a 20% deduction against 'qualified business income' for S corporation shareholders. But how does the deduction really work? Who is eligible and who isn't? This session will cut through the confusion surrounding this controversial new provision.
Learning Objectives:
identify changes made to the treatment of S corporation shareholder by the Tax Cuts and Jobs Act
• Understand how to compute the Section 199A deduction
• Identify how to compute qualified business income eligible for the deduction
• Define a 'specified service business' ineligible for the deduction
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