IRC 199A: 2 YEARS IN – KEY OVERLOOKED PLANNING INITIATIVES

1 Credit = 1 Meal
Community Objective Mealionaire Program 1 Credit = 1 Meal Timeline
Login
create an account

Forgot Password ?

IRC 199A: 2 YEARS IN – KEY OVERLOOKED PLANNING INITIATIVES

4.8 (10)

You have completed only 0% of the video. Please continue watching the video.
Please don’t fast forward or alter the cursor of the video. You must watch entire video to get your CPE credits.

Before starting this self study progarm, please go through the Instructional Document.

Download

Course Details

Overview of Topics

Computation with Capital Gains
7 mins
Qualified REIT and PTP Income
16 mins
Unmodified Box Method
36 mins
Depreciable Period
48 mins
Unadjusted Basis
60 mins
SSTB Consulting
80 mins

Course Description

The passage of Section 199A in the 2017 tax overhaul legislation was a watershed moment for tax advisers and compliance professionals. Indeed, the reach of the provision is proving to be so extensive as to constitute a separate and distinct practice area for tax practitioners, as advisers face an increased need for statute-specific competence on the workings of Section 199A.

The framework of Section 199A is straightforward: Taxpayers who are owners of pass-through businesses can claim a deduction of up to 20% of their share of the net business income of their business. The Section has created a significant benefit to the approximately 60 million taxpayers who are shareholders and members of pass-through entities.

In this practical webinar, you will learn the ins and outs of IRC 199A. This refresher course will look at the must need to know information about IRC 199A to make sure you are calculating all the different moving parts correctly.

Highlights of the webinar :

Calculating QBI
Calculating UBIA
Calculating W-2 Wages
Determine new updates to IRC 199A since the final regulations were released
Outline the ins and outs of the deduction

Webinar Qualifies for

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

Learning objectives

To recall how QBI is calculated
To recall how UBIA is calculated
To identify the methods to calculate QBI wages
To recall the newest updates to 199A
To identify the nuances of the deduction

About Presenter

Nicholas Preusch, CPA

Accounting Manager,PBMares, LLP

npreusch@gmail.com

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 VSCPA’s Tax Advisory Committee and the AICPA’s Tax Practice and Responsibilities Committee. Nicholas is an adjunct professor with 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).

PBMares, LLP

www.linkedin.com/in/nick-preusch-2b256986

Nicholas Preusch, CPA, JD, LLM, is a tax manager with PBMares, LLP. 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 VSCPA’s Tax Advisory Committee and the AICPA’s Tax Practice and Responsibilities Committee. Nicholas is an adjunct professor with 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).

Review Questions

Question 1 : 00:15
Question 2 : 00:30
Question 3 : 00:45
Question 4 : 01:00
Question 5 : 01:15
Question 6 : 01:30

Review Questions
Final Quiz

Which one of the following is excluded from Qualified Business Income?
- Short term capital gain.
  Short term and long term capital gain and losses are excluded from qualified business income.
- Long term Capital gain.
  Short term and long term capital gain and losses are excluded from qualified business income.
- Short term capital gain loss and long term capital gain loss.
  Short term and long term capital gain and losses are excluded from qualified business income.
- Short term and long term capital gain and losses.
  Short term and long term capital gain and losses are excluded from qualified business income.
Under IRC 461(f), non-corporate married taxpayers filing jointly cannot claim more than _____ net business losses.
- $50,000.
  Under IRC 461(f), non-corporate married taxpayers filing jointly cannot claim more than 500,000 net business losses.
- $500,000.
  Under IRC 461(f), non-corporate married taxpayers filing jointly cannot claim more than 500,000 net business losses.
- $5,000.
  Under IRC 461(f), non-corporate married taxpayers filing jointly cannot claim more than 500,000 net business losses.
- None of the above.
  Under IRC 461(f), non-corporate married taxpayers filing jointly cannot claim more than 500,000 net business losses.
Which one of the following adjustments to basis are not included in UBIA?
- Depreciation reduction under IRC 1016(a)(2) or (3).
  The following adjustments to basis are not included in UBIA: Depreciation reduction under IRC 1016(a)(2) or (3); Any basis adjustments due to tax credits claimed by the taxpayer; and Any election to expense property under IRC 179, 179B, or 179C.
- Any basis adjustments due to tax credits claimed by the taxpayer.
  The following adjustments to basis are not included in UBIA: Depreciation reduction under IRC 1016(a)(2) or (3); Any basis adjustments due to tax credits claimed by the taxpayer; and Any election to expense property under IRC 179, 179B, or 179C.
- Any election to expense property under IRC 179, 179B, or 179C.
  The following adjustments to basis are not included in UBIA: Depreciation reduction under IRC 1016(a)(2) or (3); Any basis adjustments due to tax credits claimed by the taxpayer; and Any election to expense property under IRC 179, 179B, or 179C.
- All of the above.
  The following adjustments to basis are not included in UBIA: Depreciation reduction under IRC 1016(a)(2) or (3); Any basis adjustments due to tax credits claimed by the taxpayer; and Any election to expense property under IRC 179, 179B, or 179C.
Which one of the following shows the double deduction of wages for non-calendar year taxpayers that is not allowed by IRS under Non-duplication rule?
- An amounts treated as W-2 wages for a taxable year under any method cannot be treated as W-2 wages of any other taxable year.
  An amounts treated as W-2 wages for a taxable year under any method cannot be treated as W-2 wages of any other taxable year; and An amount cannot be treated as W-2 wages by more than one trade or business: shows the double deduction of wages for non-calendar year taxpayers that is not allowed by IRS under Non-duplication rule.
- An amount cannot be treated as W-2 wages by more than one trade or business.
  An amounts treated as W-2 wages for a taxable year under any method cannot be treated as W-2 wages of any other taxable year; and An amount cannot be treated as W-2 wages by more than one trade or business: shows the double deduction of wages for non-calendar year taxpayers that is not allowed by IRS under Non-duplication rule.
- Both A and B.
  An amounts treated as W-2 wages for a taxable year under any method cannot be treated as W-2 wages of any other taxable year; and An amount cannot be treated as W-2 wages by more than one trade or business: shows the double deduction of wages for non-calendar year taxpayers that is not allowed by IRS under Non-duplication rule.
- None of the above.
  An amounts treated as W-2 wages for a taxable year under any method cannot be treated as W-2 wages of any other taxable year; and An amount cannot be treated as W-2 wages by more than one trade or business: shows the double deduction of wages for non-calendar year taxpayers that is not allowed by IRS under Non-duplication rule.
If the taxpayer cannot show the purpose of acquiring property was not for increasing the IRC 199A deduction, then which of the following property should be ignored?
- A property acquired within 60 days of the end of the tax year.
  If the taxpayer cannot show the purpose of acquiring property was not for increasing the IRC 199A deduction, then the following properties must be ignored: a property acquired within 60 days of the end of the tax year; a property not used in the business for at least 45 days; and a property disposed of within 120 days.
- All of A, C, and D.
  If the taxpayer cannot show the purpose of acquiring property was not for increasing the IRC 199A deduction, then the following properties must be ignored: a property acquired within 60 days of the end of the tax year; a property not used in the business for at least 45 days; and a property disposed of within 120 days.
- A property not used in the business for at least 45 days.
  If the taxpayer cannot show the purpose of acquiring property was not for increasing the IRC 199A deduction, then the following properties must be ignored: a property acquired within 60 days of the end of the tax year; a property not used in the business for at least 45 days; and a property disposed of within 120 days.
- A property disposed of within 120 days.
  If the taxpayer cannot show the purpose of acquiring property was not for increasing the IRC 199A deduction, then the following properties must be ignored: a property acquired within 60 days of the end of the tax year; a property not used in the business for at least 45 days; and a property disposed of within 120 days.
According to election available under Reg. 1.168(j)-6, which one of the following is true?
- The election allows a single combined basis under MACRS.
  According to election available under Reg. 1.168(j)-6, the following are true: the election allows a single combined basis under MACRS; this election treats the original asset as being disposed at the time of disposition; and this election treats the new asset as having one basis and depreciation starts on the date of acquisition.
- This election treats the original asset as being disposed at the time of disposition.
  According to election available under Reg. 1.168(j)-6, the following are true: the election allows a single combined basis under MACRS; this election treats the original asset as being disposed at the time of disposition; and this election treats the new asset as having one basis and depreciation starts on the date of acquisition.
- This election treats the new asset as having one basis and depreciation starts on the date of acquisition.
  According to election available under Reg. 1.168(j)-6, the following are true: the election allows a single combined basis under MACRS; this election treats the original asset as being disposed at the time of disposition; and this election treats the new asset as having one basis and depreciation starts on the date of acquisition.
- All of A, B, and C.
  According to election available under Reg. 1.168(j)-6, the following are true: the election allows a single combined basis under MACRS; this election treats the original asset as being disposed at the time of disposition; and this election treats the new asset as having one basis and depreciation starts on the date of acquisition.

Minimum 70% Questions answer should be right.

Which one of the following is true regarding qualified business income?
- Under section 1231 there is a possibility for capital or ordinary treatment of gain or losses.
- Under section 1231 creates a capital gain, then these amounts are not added to QBI.
- Qualified REIT dividends are included in qualified business income.
- Qualified income from Publicly Traded Partnerships are included in qualified business income.
Which one of the following is a not a qualified business income?
- Dividends
- Annuities
- Income from notional principal contracts
- All of the above.
Generally ___ are not taken into account in later taxable year for purposes of computing QBI?
- Losses or deduction that were disallowed, or suspended
- Losses or deduction that were disallowed, suspended, limited or carried over from taxable years ending prior to January 2018
- Losses or deduction that were limited from taxable years ending prior to January 2018
- Losses or deduction that were carried over from taxable years ending prior to January 2018.
Passive activity losses can only be offset by which one of the following?
- Accumulated income until the start of the year
- Any income
- Passive income
- Fixed income securities
Under IRC 461(f), non-corporate taxpayers cannot claim more than ___ net business losses.
- $250
- $25,000
- $2,500
- $250,000
If the taxpayers has a like kind exchange or involuntary conversion then the new property is considered to be …
- New purchase of property
- None of the A, C, and D.
- Not a replacement property.
- Replacement property.
Which one of the following is included in the SSTB Accounting?
- All of B, C, and D.
- Return Preparers
- Financial Auditors
- Enrolled Agents
According to SSTB - De Minimis Rule, which one of the following is true?
- When gross receipts are less than $25,000,000 during the taxable year, the trade or business is not an SSTB as long as gross receipts are less than 20 percent from an SSTB.
- When gross receipts are less than $2,500,000 during the taxable year, the trade or business is not an SSTB as long as gross receipts are less than 10 percent from an SSTB.
- When gross receipts are less than $250,000 during the taxable year, the trade or business is not an SSTB as long as gross receipts are less than 20 percent from an SSTB.
- When gross receipts are less than $25,000,000 during the taxable year, the trade or business is not an SSTB as long as gross receipts are less than 10 percent from an SSTB.
The performance of services that consist of investing and investment management refers to a trade or business involves which one of the following?
- Asset management.
- Investment Management Services.
- All A, B, and D.
- Providing advice with respect to buying and selling investments.
For each taxable year, individuals are required to attach a statement to their returns identifying each trade or business aggregated under the regulations. It must include which one of the following?
- A description of trade or business
- Information identifying any trade or business that was formed, ceased operations, was acquired, or was disposed of during the taxable year
- The name and EIN of each entity in which a trade or business is operated.
- All of A, B, and C.

FAQ

myCPE self-study courses are online.
The self-study format allows you to access the material online 24/7 and study at your own pace.
As per NASBA guidelines, you have one year from date of registration to complete each program.
Complete your final exam at any time and get CPE Credit instantly. You can retake the exam multiple times without any additional charges.
Course have minimum passing score of 70% and test takers will not be provided feedback on failed exams.
These are Live recorded presentations converted into Self Study (On-Demand Videos).

Refund/Cancellation Policy

For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128
Please email to help@my-cpe.com in case of any self study program queries.

Reviews

4.8

(10)

80%

20%

HT

Hiep Tran , EA, EA

Nov 9th 2020

This is a complex calculation, having to take into account multiple factors. I am not a licensed tax preparer, this was for my own personal tax preparation. I understand it much better now and can prepare my own 199A deduction but I still had trouble arriving at the right conclusion for the exam. This was well worth the small fee to take the course

Lisa Manning , CPA

Nov 6th, 2020

The overview was brief but very insightful. Enough to give you a heads up to problem areas and where you will need to dig deeper for more knowledge. I love the pdf of the course so I could focus on the lecture rather than taking notes! Great 1 hour CPE course that exceeded my expectations

Rochelle Fogg , CPA, Bookkeeper

Oct 14th, 2020

There is much food for thought in this webinar, and practitioners will have their work cut out for them to assist clients in the months to come, This webinar will assist practitioners in helping their clients to strategize how to benefit the most from Nicholas.

JEROME MATHES , EA

Aug 5th, 2020

Accounting and income tax preparation are my areas of expertise. I enjoy being an attendee of any webinars and tax events designed to add value to my business. This webinar was a good resource to meeting that objective.

Kevin Taunton , CPA

Aug 5th, 2020

This very difficult and important subject was well presented by an extremely knowledgeable person. I appreciate all the programs available from Excel Accountant and try to attend as often as I can. I also like the self study options.

mark imowitz , ACCT./BK

Aug 5th, 2020

I appreciated the explanation of the Oil & Gas investments being exempt from the passive activity rules. In previous 199A presentations, Oil & Gas investments were briefly mentioned along with retirement plans as ways to get around the income limitation, but not explained in the level of detail that was presented today.

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.

On-Demand Webinars

PASSIVE LOSS ISSUES WITH SCHEDULE K-1S

Wednesday, November 11, 2020 View Details/Register

IRS TAX PRACTICE & PROCEDURE INTRODUCTION

Friday, November 06, 2020 View Details/Register

BEST TAX RETURN WORKSHOP ON Partnerships & LLCs (FORM 1065) - 2020 UPDATES

Friday, November 06, 2020 View Details/Register

ITEMIZED DEDUCTION UPDATES - WITH EXAMPLES & CASE STUDIES

Thursday, November 05, 2020 View Details/Register

COVER YOUR ASSETS: FRAUD AND INTERNAL CONTROLS

Monday, November 02, 2020 View Details/Register

Excel Accountant: CREATING ERROR-FREE EXCEL SPREADSHEETS

Monday, November 02, 2020 View Details/Register

HOW TO ANALYZE YOUR CLIENT’S TAX SITUATION

Monday, November 02, 2020 View Details/Register

BEST TAX RETURN WORKSHOP ON S CORPORATION (1120S) - 2020 Updates

Friday, October 30, 2020 View Details/Register

IRS PENALTIES, ABATEMENTS, AND REASONABLE CAUSE

Wednesday, October 28, 2020 View Details/Register

YELLOW BOOK BOOT CAMP - NFP AND GOVERNMENTAL ACCOUNTING & AUDITING UPDATE

Wednesday, October 28, 2020 View Details/Register

IS IT DEDUCTIBLE: COMMONLY ASKED IRS DEDUCTIONS (UPDATED 2020)

Wednesday, October 28, 2020 View Details/Register

YELLOW BOOK BOOT CAMP – INTRODUCTION TO NFP AND GOVERNMENTAL ACCOUNTING & AUDITING

Monday, October 26, 2020 View Details/Register

Ethics for Wyoming CPAs

Friday, October 09, 2020 View Details/Register

CPA & ACCOUNTANTS: WHAT YOU SHOULD KNOW ABOUT CREDIT CARD SURCHARGING & IT'S LEGALITY

Thursday, October 22, 2020 View Details/Register

WORK WELL REMOTE: BOUNDARIES FOR BETTER HABITS

Wednesday, October 21, 2020 View Details/Register

Cost $20
CPE Credits 2
CE Credits 2
IRS Course ID GEHNZ-T-00210-20-S
CTEC Course ID 6273-CE-0217
Subject Area Taxes
Course Level Basic
Instructional Method QAS Self Study
Prerequisites None
Advanced Preparation None
Published Date November 11 ,2020
Who should attend? Enrolled Agent Tax Attorney Tax Practitioners Accountant Accounting Firm Tax Pros Tax Firm Tax Accountant (Industry) Accounting Practice Owners Senior Accountant Accounts Director Entrepreneurial Accountant Tax Managers Accounting Managers Tax Preparer
Handout Material Download
Key Terms Download

On-Demand Webinars

PASSIVE LOSS ISSUES WITH SCHEDULE K-1S

Wednesday, November 11, 2020 View Details/Register

IRS TAX PRACTICE & PROCEDURE INTRODUCTION

Friday, November 06, 2020 View Details/Register

BEST TAX RETURN WORKSHOP ON Partnerships & LLCs (FORM 1065) - 2020 UPDATES

Friday, November 06, 2020 View Details/Register

ITEMIZED DEDUCTION UPDATES - WITH EXAMPLES & CASE STUDIES

Thursday, November 05, 2020 View Details/Register

COVER YOUR ASSETS: FRAUD AND INTERNAL CONTROLS

Monday, November 02, 2020 View Details/Register

Excel Accountant: CREATING ERROR-FREE EXCEL SPREADSHEETS

Monday, November 02, 2020 View Details/Register

HOW TO ANALYZE YOUR CLIENT’S TAX SITUATION

Monday, November 02, 2020 View Details/Register

BEST TAX RETURN WORKSHOP ON S CORPORATION (1120S) - 2020 Updates

Friday, October 30, 2020 View Details/Register

IRS PENALTIES, ABATEMENTS, AND REASONABLE CAUSE

Wednesday, October 28, 2020 View Details/Register

YELLOW BOOK BOOT CAMP - NFP AND GOVERNMENTAL ACCOUNTING & AUDITING UPDATE

Wednesday, October 28, 2020 View Details/Register

IS IT DEDUCTIBLE: COMMONLY ASKED IRS DEDUCTIONS (UPDATED 2020)

Wednesday, October 28, 2020 View Details/Register

YELLOW BOOK BOOT CAMP – INTRODUCTION TO NFP AND GOVERNMENTAL ACCOUNTING & AUDITING

Monday, October 26, 2020 View Details/Register

Ethics for Wyoming CPAs

Friday, October 09, 2020 View Details/Register

CPA & ACCOUNTANTS: WHAT YOU SHOULD KNOW ABOUT CREDIT CARD SURCHARGING & IT'S LEGALITY

Thursday, October 22, 2020 View Details/Register