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§199A Qualified Business Income Deduction : Category Approach to Understanding

3.9 (191)

Brett Thompson

Brett A. Thompson, Attorney at Law/CPA

Tuesday, July 14, 2020 | 10:00 AM EDT

  • CPA
  • EA

1 Credit

FREE

Subject Area

Taxes

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Course Description

The Section 199A Deduction in the Tax Cuts & Jobs Act of 2017 offers a substantial break for qualified individuals and pass-through entities. However, the law itself is vague and ambiguous. The final regulations, revenue procedures and notices recently issued by the IRS provide definitive guidance. The mechanics of the deduction are not that difficult, but the deduction either phases out or may be limited is taxable income exceeds a threshold amount. For non-service businesses the deduction may be limited based on the W-2 wages paid from the business or a combination of W-2 wages and unadjusted basis of property used in the business. For service businesses the deduction can be lost when income reaches the end of the phase-out range.

An examination of the mechanics of computing the deduction, considered by tax professionals as one of the most complex and difficult provisions of the Tax Cuts and Jobs Act of 2017. Simulations presented using numbers for various scenarios are analyzed and compared, using categorizing taxpayers according to their tax attributes and computing their §199A Qualified Business Income Deduction.

This webinar will help to better your understanding of the deduction mechanics to enhance tax our tax planning for your taxpayer-client and should pass-through business owners change their federal tax regimen of their businesses to Subchapter C in order to take advantage of the federal income tax savings available because of the flat 21% federal income tax rate. Conversely, should business owners of C corporations elect a pass-through business entity, changing from a C corporation that has a 21% federal income tax rate, to take advantage of the §199A 20% deduction.

Learning Objectives

  • To compute the Section 199A deduction for taxpayers above the threshold income level and for other taxpayers
  • To identify planning opportunities to maximize the deduction
  • To recognize what is included as a service business
  • To recall the QBID to owners of S corps and LLCs, partnership members, and trust and estate administrators
  • To identify tax planning strategies that will maximize the benefits of the Tax Cuts and Jobs Act for partnerships, S corps, and LLCs Type a message

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  • Accountant
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  • Entrepreneurial Accountant
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  • Senior Accountant
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Pros
  • VP Accounts
  • Young CPA

Testimonial

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    [no_of_record] => 191
    [average] => 3.8953
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3.9

(191)
40%
29%
17%
7%
6%

MM

I enjoyed the presentation and will be able to use the provided information. I like the hand-outs as a reference. Excellent instructor.