Mark A. Sellner, CPA, JD, one of the session leaders at the 2018 Oklahoma Tax Institute, is the owner of Sellner Tax Consulting, LLC in Sarasota, Florida. He consults with other CPAs and their clients on business and executive tax matters, including partnership taxation and the tax consequences of buying and selling a business. He will be presenting A Four-Step Approach to the 20 Percent Qualified Business Income Deduction and Tax Issues in the Oklahoma LLC Act.
The WIRE caught up with Sellner and asked a few inquiring questions:
WIRE: Why did you become a CPA?
Sellner: My dad recommended a CPA and law combination as a background for tax, but always reminded me that someone had to be ringing the cash register at a business before they would need my help. I have always been interested in clients’ business success stories for that reason.
WIRE: What is the Section 199A deduction and who does it impact?
Sellner: The Section 199A deduction is a new tax incentive for any business except a C Corporation to create jobs and invest in assets. While C corporations now have a flat 21% tax rate instead of a top 35% tax rate, other businesses receive up to a 20% deduction to reduce their owners’ individual taxes. Especially because the deduction may be reduced or eliminated at higher income levels, it provides CPAs a great opportunity to consult with their middle market business clients.
WIRE: Is rental income eligible for the deduction?
Sellner: Whether rental income is eligible for the deduction is the #1 question not clearly answered by either Congress or the IRS. The answer is yes if the rental activity constitutes a trade or business and not merely a passive investment. Again, a great opportunity for CPAs to add value to their client relationships.
WIRE: What is your favorite movie?
Sellner: The Martian, because when people were asked if they would like to donate to help bring Matt Damon back from Mars, many people actually took out their wallets. (He’s not really there. It’s only a movie!)
WIRE: Where would you most like to go and why?
Sellner: The National Championship game with Notre Dame winning this year.
Don’t miss Sellner at the 2018 Oklahoma Tax Institute, Nov. 29-30, at the Sheraton Reed Center in Midwest City. Guests can also register to only attend Day 1 or only attend Day 2. Can’t make it in person? Register for the simulcast.