Qualified Business Income (QBI) Deduction ( 199A) - The Ins & Outs

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  • Location
    • Your Computer
      Your Space
      ISCPA / ACPEN Webinar, ID 00000
  • Credits
    • 8.00
  • Credit Type(s)
    • Taxes (Technical) (8.00)
  • Prerequisites
    • Background in individual and business income tax law

  • Vendor
    • ACPEN
  • Level
    • Intermediate
  • Fields of Study
    • Taxes
  • Message
    • Virtual Experience

Description

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 §199A.   

**Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com



  • Presented by J. Patrick Garverick

    • Delivery Format: Live Webcast Replay

    Designed For

    Professionals in public or private practice in need of an in-depth training on the 20% qualified business income (QBI) deduction

    Objectives

    • Once participants have completed this session, they should be able to calculate and explain the QBI deduction to their clients, colleagues and employees.

    Highlights

    • Detailed coverage of calculating the combined qualified business income amount (i.e., QBI component and REIT/PTP component)
    • Determine what trade or businesses under §162 are eligible for the QBI deduction (i.e., rentals and specified service trades or businesses (SSTB))
    • Discuss how the 20% QBI deduction (i.e., QBI component) is subject to a wage/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 (i.e., taxpayers below the TI threshold amounts) 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 (i.e., self-employment tax, health insurance, retirement plans)
    • 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 §461(l) excess business loss limitations affect the QBI computation

    Advanced Prep

    Background in individual and business income tax law

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    Leaders

    ACPEN Panel

    No Biography Available

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