Qualified Business Income (QBI) Deduction (Section 199A) – The Ins and Outs WEBCAST
Overview
The Tax Cuts and Jobs Act (TCJA) was a major overhaul of our tax system that lowered the income tax rates for individual and corporate taxpayers and introduced the new 20% qualified business income (QBI) deduction for sole proprietors and pass-through entities. The cornerstone of this course is the comprehensive discussion of the 20% QBI deduction final regulations under IRC Section 199A.
Highlights
Detailed coverage of calculating the combined qualified business income amount. Determine what trade or businesses under Section 162 are eligible for the QBI deduction. Discuss how the 20% QBI deduction is subject to a wage and capital limitation and SSTB income is phased-out for taxpayers with taxable income above the inflation adjusted threshold amounts. Walk through the simplified QBI Form 8995 and detailed Form 8995-A and related schedules. Determine what wages and unadjusted basis immediately after acquisition (UBIA) are for those subject to the wage and capital limitations. Look at what the definition of QBI is and what items are effectively connected with that trade or business. Review the aggregation rules for the QBI computation and both the entity and individual level. Walk through the reporting responsibilities of partnerships and S corporations to their owners on the Schedule K-1s. Explain how the modifications to the net operating losses (NOLs) and Section 461(l) excess business loss limitations affect the QBI computation.
Prerequisites
Background in individual and business income tax law.
Designed For
Professionals in public or private practice in need of an in-depth training on the 20% qualified business income (QBI) deduction.
Objectives
Calculate and explain the QBI deduction to their clients, colleagues and employees.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
J Patrick Garverick, The Tax U
5 stars out of 5 - speaker rating for 2019 “[Pat Garverick] is very knowledgeable and an expert in his field of teaching. I would highly recommend him to colleagues.“ - past attendee
Pat began his career in public accounting in 1988 after obtaining his Bachelor of Science in Business Administration (BSBA) in Accounting from The Ohio State University. After receiving his Master of Taxation (MT) degree from Arizona State University in 1992, Pat began his own tax and financial planning business as well as writing, reviewing and teaching tax and financial planning CPE training courses around the country. As an award winning discussion leader, Pat’s knowledge, expertise and high energy has made him one of the profession’s highest rated speakers resulting in numerous perfect scores for both knowledge and presentation skills.Non-Member Price $400.00
Member Price $300.00