199A Cutting Edge Tax Strategies: The Ground Rules and Planning to Optimize the QBID 2 Credits
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Jan 11, 12:30 PM
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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.
QBI is a way for individual taxpayers to reduce their tax liability with qualified business income (QBI) they receive from partnerships, S corporations, and sole proprietorships. Generally, taxpayers can deduct 20% of QBI, qualified cooperative dividends, qualified REIT dividends, and qualified publicly traded partnership (PTP) income. It’s a powerful tool for reducing your tax liability, but calculating the deduction can be tricky.
Join this online Tax Webinar to look at the ground rules for calculating the QBI deduction. We will specifically focus on how to calculate QBI deductions at different taxable income thresholds. In addition, we will focus on the aggregation of multiple business activities to optimize the QBI deduction.
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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).
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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.
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 recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
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.
LL
This is my 1st time take this instructor's course, I like this instructor a lot. He has a lot of experience from his background worked for IRS. I plan to retake a lot of the courses I took before which is instructed by him now. I am a CPA currently taking EA course on MYCPE, I hope MYCPE can have an EA courses teaches by this instructor.
JT
This course helped me understand the steps I need to take to calculate the correct QBI deduction for each taxable income which I work on.
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