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

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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.

Webinar Qualifies for

  • 1 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ )
  • 1 CE credit of Federal Tax for Maryland Tax Preparers
  • 1 CE credit of Federal Tax for Oregon Tax Preparers
  • 1 CE credit of Federal Tax Subjects for CRTPs (CTEC Approved - 6273)
  • 1 CE credit of Taxes for all CPAs
  • 1 General Educational credit for Tax Professionals/Bookkeepers/Accountants

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

About Presenter

Brett Thompson

Owner, Brett A. Thompson, Attorney at Law/CPA

bat@bttaxlaw.com

With more than thirty years experience working for a wide range of clients within national public accounting firms and law firm, responsibilities included: Federal income tax planning; corporate restructuring,international tax matters relating to FIRPTA, Netherlands Antilles Corporations and tax treaties. Also experienced in tax partnerships, audit defense and estate tax matters for individuals, corporations and partnerships and wills and family law matters; including private trust company and TEFRA litigation.

FAQ

  • To receive CPE credit for the event, you must register for the webcast prior to the start of each program.
  • CPE is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete webinar and respond to all polling questions asked during the webinar. CPE is issued on 50 minute credit hour basis.
  • This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during/after the webinar.
  • If you are Canadian Chartered Professional Accountant (CPA) many of our courses qualifies for your verifiable CPD requirements you will get your certificate for the program. You can check a tab of “Webinar Qualifies for” for the same.However please do verify with respective regulatory body about the eligibility for the same.
  • Many of our courses are approved by “CFP Board” for CE credits of certified financial Planner(CFP). Please check a tab of “Webinar Qualifies for” to verify whether webinar qualifies for CE credits for CFP or not.

Refund/Cancellation Policy

For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128

In case any of the course or live webinars gets cancelled we would be refunding you the entire amount (if paid).

Reviews

4
(72)
43%
31%
17%
4%
6%
  • GS
    Gerber Sierra
    Jul 14th 2020
    Great Presentation!
KS
kenneth shipp , EA
Webinar worked find. questions and responses kept audience engaged
RM
Renee Mayden , Bookkeeper, AFSP
Nice and friendly and accurate information. Love the time frame of 1 hour and speaker didn't waste my time talking about anything else.
SQ
Sabrina Quince
overall the materials was helpful and valuable
DL
Diane Lamb , CPA
Hard to follow with small Excel spreadsheet on the screen.

NASBA Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

IRS Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary

CTEC Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

upcoming Live CPE Webinars

BEST TAX RETURN WORKSHOP ON S CORPORATION (1120S)
Wednesday, August 05, 2020 | 09:00 AM EDT View Details/Register
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Wednesday, August 05, 2020 | 09:00 AM EDT View Details/Register
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Wednesday, August 05, 2020 | 03:00 PM EDT View Details/Register
Schedule C for 1040 (2020)
Wednesday, August 05, 2020 | 03:00 PM EDT View Details/Register
3 Things Your Pricing Should Include in Today's Environment (Covid-19 Special)
Wednesday, August 05, 2020 | 04:00 PM EDT View Details/Register
Quickbooks Online (QBO) Mobile Application for Accountants
Thursday, August 06, 2020 | 09:00 AM EDT View Details/Register
IRS COLLECTION REPRESENTATION IN THE WAKE OF COVID-19
Thursday, August 06, 2020 | 10:00 AM EDT View Details/Register
Building a Framework for Regulatory Ethics
Thursday, August 06, 2020 | 10:30 AM EDT View Details/Register
Passive Loss Issues with Schedule K-1s
Thursday, August 06, 2020 | 11:00 AM EDT View Details/Register
S-Corp Preparation, Basis Calculations & Distributions – Form 1120S Schedule K & K-1 Analysis
Thursday, August 06, 2020 | 11:00 AM EDT View Details/Register
Top 10 Things All CPAs Need to Know About IRS Representation
Thursday, August 06, 2020 | 11:30 AM EDT View Details/Register
INTRO TO ACCOUNTINGSUITE™ & MULTI-CHANNEL INVENTORY
Thursday, August 06, 2020 | 12:00 PM EDT View Details/Register
Effective Leadership – Finding Common Ground Despite Differing Points of View
Thursday, August 06, 2020 | 12:00 PM EDT View Details/Register
Excel Tips & Tricks: For every Accountant, CPA, Bookkeeper, Tax Professional, Auditor & Controller
Thursday, August 06, 2020 | 01:00 PM EDT View Details/Register
Advanced 1031 Exchange and Delaware Statutory Trusts: Tax Savings to Wealth Creation
Thursday, August 06, 2020 | 01:00 PM EDT View Details/Register
  • Cost FREE
  • CPE Credits 1
  • CE Credits 1
  • IRS Course ID GEHNZ-T-00182-20-O
  • CTEC Course ID 6273-CE-0194
  • Subject Area Taxes
  • Course Level Basic
  • Instructional Method group internet based
  • Prerequisites None
  • Advanced Preparation None
  • Who should attend? Enrolled Agent Tax Practitioners Accountant CPA - Small Firm CPA - Mid Size Firm Accounting Firm Tax Pros CPA (Industry) Tax Firm Young CPA CPA in Business Entrepreneurial CPA Senior Accountant VP Accounts Accounts Director Entrepreneurial Accountant Tax Managers Accounting Managers Tax Preparer
  • Handout Material Download

upcoming Live CPE Webinars

BEST TAX RETURN WORKSHOP ON S CORPORATION (1120S)
Wednesday, August 05, 2020 | 09:00 AM EDT View Details/Register
Government Contract Accounting - Fundamentals, Indirect Rates, Cost & Price Proposal, CAS (Updated 2020)
Wednesday, August 05, 2020 | 09:00 AM EDT View Details/Register
How to Analyze Your Client’s Tax Situation Course Information
Wednesday, August 05, 2020 | 03:00 PM EDT View Details/Register
Schedule C for 1040 (2020)
Wednesday, August 05, 2020 | 03:00 PM EDT View Details/Register
3 Things Your Pricing Should Include in Today's Environment (Covid-19 Special)
Wednesday, August 05, 2020 | 04:00 PM EDT View Details/Register
Quickbooks Online (QBO) Mobile Application for Accountants
Thursday, August 06, 2020 | 09:00 AM EDT View Details/Register
IRS COLLECTION REPRESENTATION IN THE WAKE OF COVID-19
Thursday, August 06, 2020 | 10:00 AM EDT View Details/Register
Building a Framework for Regulatory Ethics
Thursday, August 06, 2020 | 10:30 AM EDT View Details/Register
Passive Loss Issues with Schedule K-1s
Thursday, August 06, 2020 | 11:00 AM EDT View Details/Register
S-Corp Preparation, Basis Calculations & Distributions – Form 1120S Schedule K & K-1 Analysis
Thursday, August 06, 2020 | 11:00 AM EDT View Details/Register
Top 10 Things All CPAs Need to Know About IRS Representation
Thursday, August 06, 2020 | 11:30 AM EDT View Details/Register
INTRO TO ACCOUNTINGSUITE™ & MULTI-CHANNEL INVENTORY
Thursday, August 06, 2020 | 12:00 PM EDT View Details/Register
Effective Leadership – Finding Common Ground Despite Differing Points of View
Thursday, August 06, 2020 | 12:00 PM EDT View Details/Register
Excel Tips & Tricks: For every Accountant, CPA, Bookkeeper, Tax Professional, Auditor & Controller
Thursday, August 06, 2020 | 01:00 PM EDT View Details/Register
Advanced 1031 Exchange and Delaware Statutory Trusts: Tax Savings to Wealth Creation
Thursday, August 06, 2020 | 01:00 PM EDT View Details/Register