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Understanding Form 8995: From the Ridiculously Complicated to the Ridiculously Simple



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Individual taxpayers and some trusts and estates may be entitled to a deduction of up to 20% of their net QBI from a trade or business. Any  practitioner who has waded into this area knows that there are two new 2019 forms (8995 and 8995-A) and four schedules (Schedules A - D) that are now used  to calculate a client’s qualified business income (QBI) deduction. 

The forms and schedules interact dynamically as you change amounts or check boxes, and they're ridiculously complicated. With 12 variables and 2-6 choices each, there are at least 648,000 combinations of results! 

Now there’s help for preparers who are struggling with how these forms and schedules work. Join Vince Lackner in his exclusive LISI Webinar where he makes the ridiculously complicated look ridiculously simple. Here’s an overview of what Vince will cover in his content-packed webinar: 

·     A novel approach to tax analysis:  dynamic, interactive, animated flowcharts

·      Recap of Section 199A

o   QBI: Qualified Business Income 

o   QBID: Qualified Business Income Deduction

·      Why there are at least 648,000 combinations of results (12 variables with 2-6 choices each)

·      How Section 199A looks like a "Pousse Café" (multi-layered French liqueur drink)

·      Sweet-Spot Calculator

·      Zone 2 Phase-In/Phase-Out

·      Super-Charged Deductions

·      C Corp vs. S Corp

·      Sole Prop vs. S Corp vs. Partnership

·      Single vs. Married/Joint vs. Married/Separate

·      Self-Employment Tax

·      New for Tax Year 2019 (Production Year 2020)

o   Form 8995, 8995-A, Schedules A-D (required for 2019 e-file)

o   8995    Instructions released on 12/12/2019

o   8995-A Instructions released on 01/22/2020

·      When do I use Form 8995 (Simplified)? 

·      When do I use Form 8995-A (Advanced)?

·      When do I use Schedule A (Specified Service Trades or Businesses, or "SSTB")?

·      When do I use Schedule B (Aggregation of Business Operations)?

·      When do I use Schedule C (Loss Netting and Carryforward)?

·      When do I use Schedule D (Patrons of Agricultural or Horticultural Cooperatives)?

·      How do I determine my "threshold"?

·      How do I determine my "phase-in range"?

·      How do I determine my taxable income "zone" (Go Zone, Twilight Zone, No Zone)?

·      How does the "phase-in" work (Twilight Zone only).

·      How does the "phase-out" work (Twilight Zone/SSTB only).

·      How are SSTBs subject to a double reduction (combination of phase-in and phase-out in the Twilight Zone).

·      Percentage limitations:  2.5%, 20%, 25%, 50%

·      Percentage reductions:  phase-in reduction vs. applicable percentage

·      How could the IRS have simplified the double reduction.  Hint:  apply the applicable percentage twice!

·      The subtle difference between the two income limitations:  taxable income ("TI") vs. "modified" taxable income ("MTI")

·      Where to use TI and where to use MTI?

·      Why you can be subject to the Twilight Zone phase-in/phase-out (TI is $160,700 to $210,700 for an estate) when MTI is 0?



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Vincent F. Lackner, Jr., J.D., is President of The Lackner Group and a Principal in Leimberg, LeClair & Lackner.   In his latter role, he also provides all technical support for NumberCruncher and QuickView. Mr. Lackner founded The Lackner Group, Inc. in 1985 in Pittsburgh, PA (www.lacknergroup.com). He is the primary author of The 6-in-1 Estate Administration System, first released in 1986 and currently relied upon by nearly 1,500 users in law firms, accounting firms, and banks throughout the United States. He received his undergraduate degree from Harvard University and his law degree from New York University School of Law.


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