MYCPE ONE

199A Cutting Edge Tax Strategies for Specified Service Trades or Businesses (SSTBs) 1 Credit 1 Credit

Jan 16, 2025, 01:30 PM EDT

199A Cutting Edge Tax Strategies for Specified Service Trades or Businesses (SSTBs) 1 Credit 1 Credit

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Jan 16, 2025, 01:30 PM EDT

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AI Review Summary

Generated by AI based on all course reviews

Learning Objectives

  • To determine which businesses are SSTB.
  • To explain how to disclose to the IRS if an entity may be in an SSTB grey area.
  • To explore how entity structure will change your SSTB calculations.
  • To determine UBIA and W-2 wages and their impact on QBI.
  • To inspect misc. SSTB provisions.

Course Overview

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. 

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: 

  • Specified Service Trades or Businesses - Health, Law, Performing Arts, Financial Services, etc.
  • Entity Structuring
  • W-2 Limitations
  • Property Held For a Short Time
  • LKE and Involuntary Conversions
  • Tax-Free Transactions

On Demand Credits for All Qualifications

Live Webinar Credits for All Qualifications

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-01466) 1 CE Approved
Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01827-24-S) 1 CE Approved
Taxes for Delaware Licensed Public Accountant (DE-LPA) 1 CPE Eligible
Federal tax-related matters for Maryland Tax Preparer (MRTP) (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 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-01466) 1 CE Approved
Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01827-24-O) 1 CE Approved
Taxes for Delaware Licensed Public Accountant (DE-LPA) 1 CPE Eligible
Federal tax-related matters for Maryland Tax Preparer (MRTP) (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 Approved
Taxes for Iowa Licensed Public Accountant (IA-LPA) 1 CPE Eligible
Taxes for Maine Licensed Public Accountant (ME-LPA) 1 CPE Eligible

Additional Information

Credit

1

Credit

1

Course Level

Advanced

Instructional Method

QAS Self Study

Group Internet Based

Pre-requisites

None

Advance Preparation

None

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 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.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC, in accordance with the standards set forth in Circular 230 section 10.6, grants Continuing Education (CE) credits based on a 50-minute hour. MY-CPE LLC is approved by the California Tax Education Council (CTEC) (Provider Number – 6273) to offer continuing education courses that count towards the annual continuing education requirement for CTEC Registered Tax Preparers. Additional information regarding registration as a tax preparer can be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free at (877) 850-2832, or by visiting www.ctec.org.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC 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.

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. 

About Instructor

Nicholas Preusch

Nicholas Preusch | CPA (US)

Certified Public Accountant (CPA), Nicholas Preusch

  • 4.5
  • rating
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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).

On Demand FAQs

What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. Our courses qualify for credits with NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other professional organizations.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses accepted by NASBA and other professional organizations?

MY-CPE LLC courses are accepted for continuing education credit by various professional certification programs, including NASBA, IRS, CFP Board, and HRCI. MY-CPE LLC is also recognized by SHRM to offer Professional Development Credits (PDCs) for SHRM-CP® and SHRM-SCP® recertification activities.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other professional organizations for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Live Webinar FAQs

What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. Our courses qualify for credits with NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other professional organizations.

How do I earn credits through live webinars?

To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.

Are the live webinars accepted by NASBA and other Professional Organizations?

MY-CPE LLC courses are accepted for continuing education credit by various professional certification programs, including NASBA, IRS, CFP Board, and HRCI. MY-CPE LLC is also recognized by SHRM to offer Professional Development Credits (PDCs) for SHRM-CP® and SHRM-SCP® recertification activities.

What are the requirements to maintain compliance with live webinar courses?

To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.

How can I access my webinar completion certificates?

After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are accepted for compliance and reporting purposes with NASBA, IRS, CFP Board, HRCI, SHRM (for PDCs), Payroll Org, FP Canada, and 25+ other professional organizations.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Reviews and Ratings

out of 5

Excellent (64%)

Very Good (28%)

Average (7%)

Poor

Terrible

OM

Owen Mccafferty, CPA (US)

5

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

Yolanda Leaks, AFSP

5

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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SEC. 199A

Inclusions

  • Multiple Credits

    Multiple Credits

    Earn continuing education credits with flexibility. Choose from live webinars, on-demand courses, e-books, or podcasts to fit your learning style and schedule.

  • Certifications & Reporting

    Certifications & Reporting

    We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days - fastest in the industry.

  • Credit Tracker

    Credit Tracker

    Track and manage your compliance across all 50 states and over 100 designations. Our Credit Tracker keeps your CPE credits and compliance requirements always up-to-date.

  • Certificate Vault

    Certificate Vault

    Certificate Vault to upload, manage, and access certificates earned from various sources and an integrated credit tracker, allowing users to monitor and manage their credits conveniently for compliance.

  • Compliance Reminders

    Compliance Reminders

    Stay current with our automated reminder system. Receive timely alerts for your CPE requirements, ensuring you never miss a deadline.

  • Mobile App Access

    Mobile App Access

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