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This timely, brand-new book examines the provisions of Code Sec.199 that created the new deduction on income from domestic production activities under the American Jobs Creation Act of 2004. The new provisions can provide a great benefit to both large and small companies--in all types of industries, not just traditional manufacturing companies. However, in order to obtain the attractive tax benefits, there is a good deal of accounting compliance required. All tax practitioners need to educate themselves on Code Section 199 as it relates to many different types of businesses because of the wide reach of the new provisions. The domestic production deduction is available to manufacturers, developers, producers, growers of agricultural products, businesses that extract minerals, contractors, engineers, architects, installers and other entities that derive income from qualified production activities performed in the United States. Code Sec. 199 allows these taxpayers a deduction equal to a percentage of the lesser of either the taxpayer's income for the taxable year generated by qualified production activities; or the taxpayer's taxable income for the taxable year. Congress intended that this deduction be available to as many taxpayers who generate income from qualified production activities as possible, although it has it's origin in global politics and international tax. The deduction is in large part a result of the World Trade Organization's ruling that forced Congress to repeal the Extraterritorial Income Exclusion (ETI). CCH's "Practical Guide to the Sec. 199 Deduction" describes the ins and outs of the tax benefits, who qualifies and how to qualify. It explores what considerations have to be made, how to calculate the deduction, special planning opportunities that may be available and pitfalls to avoid. This enlightening guide offers a straightforward and practical explanation of how the deduction works, how to track and report qualifying costs and revenues, and it provides extensive examples to illustrate the concepts and help the reader grasp the complexities. This book’s author, Jim Kehl, has studied, spoken about and consulted clients and fellow practitioners extensively on the new manufacturer's deduction since it was created in the Fall 2004. His real-world, problem-solving experience and insights into the domestic production deduction is woven throughout this practice manual and will help save readers tremendous time as they grapple to understand the intricacies and applications of this significant new tax code section to gain the benefits it can provide. This practice manual will quickly pay for itself many times over! Here are just some of the many reasons why you need to put CCH’s Practical Guide to the Sec. 199 Deduction to work for you: - It shows you what you can really do with the new deduction—and what you need to do NOW to maximize tax savings for clients or for your business - It distills the new complex rules to understandable, straightforward guidance to save you hours of time sifting through the new provision yourself - It offers a plethora of real-world examples peppered throughout to show how to apply the new rules - It serves as a practice manual to help professionals in public practice easily generate thousands of dollars of engagement fees advising clients on capitalizing on the new deduction - CPAs and tax managers in industry will be able to save significant fees by not having to pay external tax consultants to educate them on the new rules; rather, they can focus the engagements and pay their consultants to actually implement real tax-savings strategies and compliance measures
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James M. Kehl, CPA, is a partner in the accounting firm of Meehan & Roby in Timonium, Maryland. Mr. Kehl received a B.A. degree in accounting from Loyola College of Baltimore and received a Masters of Science degree in Taxation from the University of Baltimore. He has more than 33 years of public accounting experience with a concentration on taxation. While at a Big Eight firm, he authored an internal firm-wide manual on Sec. 1031 exchanges. He has taught courses in taxation for numerous professional societies and private firms. He has also authored several tax articles that have been published in professional tax magazines, including recent articles on the new Sec. 199 manufacturing deduction CCH's TAXES: The Tax Magazine and the Journal of Passthrough Entities. He was the instructor for two interactive seminars sponsored by CCH on Code Sec. 199 and has also published an article concerning allocating costs under Code Sec. 199 in the Daily Tax Report.
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