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Creative Planning Under Section 199A- Important Techniques to Help Maximize the Deduction

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Alan S. Gassman, Christopher Denicolo and Brandon Ketron will discuss estate planning opportunities and traps for the unwary brought about by the Final Regulations under Internal Revenue Code Section 199A. This presentation will highlight the numerous pitfalls and potential opportunities that exist in order to optimize the qualified business income deduction under Section 199A established by the Tax Cuts and Jobs Act of 2017. The presentation will cover the basic rules that are fundamental to all Section 199A and related planning, including all applicable and necessary definitions. Further, the presentation will cover changes effectuated by the Final Regulations as well as planning opportunities through the use of trusts and other entities. The program additionally will cover the planning considerations that apply to medical and other professional practices, which are treated differently under this deduction. Tax professionals and advisors will not want to miss this presentation, as it will be extremely helpful in educating their clients on the potential benefits of the Section 199A deduction.

In a 90-minute webinar, Alan, Christopher and Brandon will address the following specific items and related issues:

  • Understanding the mechanical and definitional rules that apply to virtually all Section 199A and related planning, including the Qualified Property and Wage definitions, what it takes to be an active trade or business, and the dreaded “Specified Service Trade or Business” classification.

  • The changes made to the Section 199A law through the Final Regulations that were released in February, 2019, including the complicated attribution and aggregation rules.

  • The use of trusts to save income taxes under Section 199A tax provisions, and how to navigate the minefield presented by the anti-abuse rules.

  • Planning for Specified Services Trades or Businesses in order to maximize the impact of the deduction where Section 199A and its applicable regulations do not make such opportunities readily available.

  • Unique and nuanced rules associated with real estate activities
  • A myriad of other issues, such as entity selection under Section 199A, classification of employees or independent contractors, and strategies to reduce taxable income in order to qualify for the Section 199A deduction.

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Alan S. Gassman, J.D., LL.M., is a partner in the law firm of Gassman, Crotty & Denicolo, P.A., and practices in Clearwater, Florida. He is a frequent contributor to LISI, and has published numerous articles and books in publications such as BNA Tax & Accounting, Estate Planning, Trusts and Estates, Interactive Legal and Haddon Hall Publishing. The Alan Gassman Channel at Interactive Legal has recently opened, and features many books and resources, including many Florida and Federal based materials, forms and resources. He is also the Moderator for Bloomberg BNA's 2017 Estate Planning Webinar Series. On February 24th Alan and his partners Christopher Denicolo and Ken Crotty will present a Bloomberg BNA Webinar at 12:30 EST on Innovative Trust Planning for Uncertain Times.

Christopher Denicolo, J.D., LL.M., is a partner at the Clearwater, Florida law firm of Gassman, Crotty & Denicolo P.A., where he practices in the areas of estate tax and trust planning, taxation, physician representation, and corporate and business law. He has co-authored several handbooks that have been featured in Bloomberg BNA Tax & Accounting, Steve Leimberg's Estate Planning and Asset Protection Planning Newsletters and the Florida Bar Journal. is also the author of the Federal Income Taxation of the Business Entity Chapter of the Florida Bar's Florida Small Business Practice, Seventh Edition Mr. Denicolo received his B.A. and B.S. degrees from Florida State University, his J.D. from Stetson University College of Law and his LL.M. (Estate Planning) from the University of Miami.

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