IRC 199A Update (UPDATED 2019)
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Course Details

Overview of Topics

  • How to get deduction from your Qualified Business Income?14 mins
  • What W-2 wages are for QBI?22 mins
  • Determine how much of UBIA is for QBI.27 mins
  • How to derive correct QBI?34 mins
  • Understanding aggregation to QBI.52 mins

Why You Should Attend ?

The potential tax savings for business owners is astronomical if they properly plan for the deduction. Part of planning is having an idea of how the deduction is calculated for each different individual.

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.

IRC 199A, the new 20% of qualified business income deduction, is the best new tax deduction from the Tax Cuts and Jobs Act. The deduction has a lot of complexities to it, and without proper knowledge of how the deduction works, taxpayers can see large penalties and taxes due. 

This webinar will look at all the different scenarios involved when calculating the IRC 199A deduction. It will also look at different ways practitioners and taxpayers can protect themselves from some of the more grey areas involved with the 199A deduction. The IRS has processed its final regulations on IRC 199A, so practitioners now have more clarity on the different intricacies for the deduction. These create amazing tax opportunities for business owners to increase their deductions to continue to save on their taxes.

This webinar will provide partnership tax and business advisers with a useful practice guide to handling the tax compliance and business planning issues for clients under IRC Section 199A.

Learning objectives

  • What is a qualified business income and whether disclosures are needed for 199A deduction
  • Updates with the final regulations to the 199A deduction
  • How to calculate W-2 wages
  • How to calculate the 20% IRC 199A deduction
  • How to calculate UBIA

About Presenter

Nicholas Preusch, CPA

Tax Manager,Nicholas Preusch, CPA

npreusch@pbmares.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).

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
  1. Which one of the following statement is true?
  2. Which one of the following statement is true?
  3. Which one of the following statement is true?
  1. QBI is:
  2. Which is not a method to calculate W-2 wages
  3. Under what taxable income does a marreid couple not need to worry about being an SSTB
  4. Which is not an SSTB
  5. Which of the following is an SSTB

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.
  • Upon achieving a passing score, test takers will be notified of the correct answers to the questions missed.
  • These are Live recorded presentations converted into Self Study (On-Demand Videos).

Refund/Cancellation Policy

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Reviews

4.3
(317)
56%
29%
10%
2%
3%
  • WJ
    William Jones
    Nov 8th 2019
    Very good, to the point and informative. Very well organized and presented. Thank You
SBH
sIMONA bARNA hYTHASON
The examples provided were great.
DF
Damien Falato , CPA
The interface sucks
DA
Dana Arthur , CPA
Excellent job, listed to as a self study
JN
Jonathan Novak , CPA
Great course giving details on the nuances of 199A
MS
MIESHA SHELLEY , CPA
Good material and quality

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CECL Overview
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Accounting for Business Combinations Overview
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Accounting Principle Changes
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CIRCULAR 230
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UNDERSTANDING THE ENTITIES: PLANNING AND COMPLIANCE
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  • Cost $10
  • CPE Credits 1
  • CE Credits 1
  • IRS Course ID GEHNZ-U-00029-19-S
  • CTEC Course ID 6273-CE-0004
  • Subject Area Taxes
  • Course Level Basic
  • Instructional Method QAS Self Study
  • Prerequisites None
  • Advanced Preparation None
  • Recorded Date October 25 ,2019
  • Published Date November 12 ,2019
  • Who should attend? Enrolled Agent Tax Attorney Tax Practitioners Accountant Business Owner Others CPA - Small Firm CPA - Mid Size Firm Tax Pros Tax Firm Tax Accountant (Industry) Tax Director (Industry) Senior Accountant
  • Handout Material Download
  • Key Terms Download

On-Demand Webinars

Revenue – Five Steps to Recognition
Wednesday, July 29, 2020 View Details/Register
GUIDE TO DEPRECIATION UNDER THE TCJA
Wednesday, July 29, 2020 View Details/Register
PAYROLL FRAUD INFORMATION AND DISCUSSION
Wednesday, July 29, 2020 View Details/Register
Forecasting in a Time of Uncertainty (COVID-19)
Tuesday, July 28, 2020 View Details/Register
TAX IMPLICATIONS AND PLANNING DUE TO COVID-19
Tuesday, July 28, 2020 View Details/Register
UBIT Under The TCJA
Tuesday, July 28, 2020 View Details/Register
Tax Planning Under Tax Cuts & Job Act : 10 Tips to Reduce Taxes for your Clients
Tuesday, July 28, 2020 View Details/Register
Tax Consequences on the CARES Act – Overview of major tax issues from the CARES Act and related notice including planning tec
Monday, July 27, 2020 View Details/Register
CECL Overview
Monday, July 27, 2020 View Details/Register
Accounting for Business Combinations Overview
Monday, July 27, 2020 View Details/Register
Accounting Principle Changes
Monday, July 27, 2020 View Details/Register
CIRCULAR 230
Monday, July 27, 2020 View Details/Register
UNDERSTANDING THE ENTITIES: PLANNING AND COMPLIANCE
Monday, July 27, 2020 View Details/Register
BEYOND WORKING REMOTELY – CASE STUDIES | BENEFITS | CHALLENGES FOR ACCOUNTING & TAX FIRMS.
Friday, July 24, 2020 View Details/Register
Excel Accountant: Auditing Excel Workbooks
Friday, July 24, 2020 View Details/Register