199A Cutting Edge Tax Strategies for Wage, Property, and Other Limits 1 Credit
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Dec 05, 2024 | 09:30 AM
ET
As a small business owner, tax deductions are always welcome. But, deductions aren’t static. Deductions change over time, and some go away completely. Or, in the case of the Section 199A deduction, new deductions are added. The 199A deduction has arguably been one of the most talked-about tax breaks included in the Tax Cuts and Jobs Act.
UBIA is the basis of a partnership’s property, and it can work to limit a partner’s section 199A deduction. If a partner recently bought their partnership interest, the partner may find their section 199A deduction limited by a percentage of both: UBIA, and wages. This limitation will be relevant to taxpayers or partners who own real estate as part of their business, especially those who qualify for the deduction under the safe harbor.
In this IRS-approved online Tax webinar, we will look at the W-2 and UBIA prongs of the 199A calculation. Depending on the client's income levels, these specific measurements could drive the entire 199A calculation.
Section 199A generally allows a deduction equal to 20% of the amount of a taxpayer’s qualified business income (QBI). However, there is a wages/capital limit on the deduction. Its second piece, the UBIA limitation, is a capital limit that depends on qualified property.
Key topics covered in this course:
This CE/CPE course will look at how to calculate W-2 wage along with what makes up UBIA. We will also look at common errors with these two items.
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Valid upto : Dec 31, 2024
Valid upto : Dec 31, 2024
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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.
Nicholas has worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nicholas has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. Nicholas has been recognized as the Top 5 Under 35 CPAs in Virginia, and is a member of the AICPA’s Tax Executive Committee. Nicholas is an adjunct professor at the University of Mary Washington. He is a graduate of Carthage College, University of Connecticut (M.S. in Accounting), Case Western Reserve University School of Law (J.D.), and Georgetown University (LLM in Taxation).
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