199A Cutting Edge Tax Strategies for Specified Service Trades or Businesses (SSTBs) 1 Credit
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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. Taxpayers who qualify for it can claim up to a 20% deduction on qualified business income (QBI) for businesses operated directly by the taxpayer or through a pass-through entity. For rental property owners, this can be a particularly valuable benefit.
It's a great benefit for those who qualify. The trouble is, not every business qualifies. According to Internal Revenue Code 199A, a specified service trade or business (SSTB) may not qualify for all or any of the QBI deductions.Â
In this CE/CPE Tax Webinar, we will go into specifics of Specified Services Trades, and Businesses and the IRC 199A QBI deduction. While the course will not focus on the calculations and the specifics of 199A generally, we will look at provisions that impact the SSTB calculations.
Activities that constitute separate trades or businesses are not clearly defined in the Code and regulations; hence, determinations largely depend on various factors described in case law and IRS guidance. Taxpayers also should analyze any correlative consequences of defining their trades or businesses for purposes of Sec. 199A, as a failure to do so, may result in unintended federal income tax implications under other Code provisions.
In this CE course, speaker Nicholas Preusch will go in-depth about the different types of SSTBs, along with the grey areas for some of these businesses. We will look at how to disclose grey areas with SSTBs to help avoid penalties. We will also discuss entity structuring to properly maximize the QBI calculations.
Key Topics Included:Â
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01827-24-S) | 1 CE | Approved |
| Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-01827-24-S) | 1 CE | Approved |
| Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1466) | 1 CE | Approved |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 1 CPE | Eligible |
| Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01827-24-S) | 1 CE | Approved |
| Federal tax-related matters for LTC (Approval No. GEHNZ-T-01827-24-S) | 1 CE | Eligible |
| Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01827-24-S) | 1 CE | Approved |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 1 CPE | Eligible |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 1 CPE | Eligible |
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01827-24-O) | 1 CE | Approved |
| Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-01827-24-O) | 1 CE | Approved |
| Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1466) | 1 CE | Approved |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 1 CPE | Eligible |
| Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01827-24-O) | 1 CE | Approved |
| Federal tax-related matters for LTC (Approval No. GEHNZ-T-01827-24-O) | 1 CE | Eligible |
| Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01827-24-O) | 1 CE | Approved |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 1 CPE | Eligible |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 1 CPE | Eligible |
Credit
1
Course Level
Basic
Instructional Method
QAS Self Study
Group Internet Based
Pre-requisites
None
Advance Preparation
None
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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 aintenance 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.
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.
Looking to fulfill your Enrolled Agent (EA) Continuing Education (CE) requirements? MY-CPE online Enrolled Agent CE courses are the best for you. Earn EA CE Credits while enhancing your domain knowledge and expertise in diverse tax regulations and practices. Our courses are designed to provide you with the latest updates and deep insights to keep you ahead in your field. With flexible scheduling and a user-friendly platform, MY-CPE offers you a greater convenient and interactive learning experience. Join MY-CPE today and take the next step in advancing your career as an Enrolled Agent.Â
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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I took this course one other time. I must have been distracted because myCPE.com indicated that I missed a poll(s) questions. They have ultimate determination so I have no room to dispute that determination. I do know that I had severe difficulty in the first time I took this fine course to receive the question and when I did it was after the 10 second time limit. Very discouraging. Now the good news. The presentation by Mr. Preusch was very good! A lot of the narrative was a visit back to 1989 to 1991 when the IRS was wrestling with the definition and inclusion of which individuals are classified for personal service corporation classification for Sub C maximum tax rate and the Sub S classification for using a fiscal year and prepayment of taxes based on a non prorata payment of compensation. I can honestly recommend Mr. Preusch's presentation on Sec. 199A
YL
I enjoy the myCPE platform because of the video's and the handouts. Being able to listen and then read is helpful. However, it would be nice if you could go back a few seconds on limited basis. Sometimes a person may not get the first go round.
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