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.

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.

Some of the many reasons why this Guide will work for you:

It shows you what you can really do with the new deduction預nd 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