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Did we get all the missing pieces to the §199A puzzle in the recently released final guidance? Guest Tony Nitti joins host Damien Martin to fit the pieces provided in the final regulations together and offer key takeaways for applying this complex new provision with tax filing season now officially underway.
TIME STAMPS OF WHAT’S COVERED
- A big announcement from Tony @2:12
- Hats off to Treasury and the IRS @4:14
- Headlines from the final regs @5:17
- How to digest 247 pages of final guidance @8:44
- More extended tax returns this year? @10:24
- The problem for rental real estate and the triple net lease under the final regs @12:15
- Safe harbor for treating a rental real estate enterprise as a trade or business @13:59
- Multiple trades or businesses within the same entity @19:32
- Putting it all together @21:50
- The incidental rule is gone @24:48
- Clarification on treatment of services or property provided to a specified service trade or business (SSTB) @25:56
- They narrowed down the SSTB definitions @27:12
- Big clarification for consulting @28:26
- Relying on the proposed regulations @34:19
- What’s ahead for Tony’s Forbes articles @ 38:03
- What’s ahead for §199A @40:07
BIO FOR GUEST
Tony Nitti is a tax partner at RubinBrown. His practice focuses primarily on corporate and partnership tax planning, with a special focus on the consolidated return regulations and the reorganization provisions, including the structuring of acquisitions, mergers, reorganizations, spin-offs and other restructuring transactions. Tony is a contributor to Forbes and his opinions and commentary on important tax issues have been quoted in Bloomberg, CNN Money and the BNA Daily Tax Report.
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RESOURCES MENTIONED IN THE EPISODE
Previous episodes of the “Simply Tax” podcast covering §199A:
More on §199A from Tony:
BKD webinar on §199A: The QBI Deduction: Insights on the Latest Guidance
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