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Qualified Business Income Deduction - Everything You Need to Know

  • AFSP
  • CPA (US)
  • EA
  • Tax Preparer
  • CTEC
Qualified Business Income Deduction - Everything You Need to Know

2 Credits

$20

Subject Area

Taxes

Webinar Qualifies For

2 CPE credit of Taxes for all CPAs

2 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-T-00210-20-O)

2 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273) (Approval No. 6273-CE-0217)

2 CE credit of Annual Filing Season program (AFSP)( IRS Approved : GEHNZ )

2 CE credit of Federal Tax for Maryland Tax Preparers (Approval No. GEHNZ-T-00210-20-O)

2 CE credit of Federal Tax for Oregon Tax Preparers (Approval No. GEHNZ-T-00210-20-O)

2 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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.

How can you maximize the qualified Business Income Deduction?

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.

The Qualified Business Income Deduction and Rental Real Estate-Making Sense of It All

Does rental real estate (RRE) qualify for the §199A deduction? When is a rental property a trade or business (T or B)? Does it really matter? What if the rental has net income? A loss? All of these questions have caused much confusion since the Sec. 199A Qualified Business Income Deduction (QBID) was announced as part of the Tax Cuts and Jobs Act of 2017.

The answers to these questions and more will be provided by experienced instructor Nicholas Preusch in this two-hour tax CE course.

In this Online CPE/CE course, you will learn the ins and outs of IRC 199A. This refresher online CPE 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. 

This Online CPE/CE Webinar covers following Key Topics:

  • Calculating QBI
  • Classification of items that are not qualified business income
  • Calculating UBIA
  • Calculating W-2 Wages
  • Determine new updates to IRC 199A since the final regulations were released.
  • Non-Duplication rule
  • LKE and involuntary conversions
  • Basis allocation
  • Unadjusted Basis

Click for webinars on |Latest Tax Updates | IRS Audit, Representation and Resolutions

Learning Objectives

  • To summarize the intricacies of the Qualified Business Income Deduction (QBID)
  • To identify which businesses will be able to take this deduction; 
  • To describe limitations which may apply to some of your clients; 
  • To calculate exactly the effect of these limitations
  • To identify tax planning opportunities that will allow clients to maximize the benefit from this deduction.

Who Should Attend?

  • Accounting Firm
  • Bookkeepers & Accountants & Tax Preparers
  • California Registered Tax Professional
  • Entrepreneurial Accountant
  • Financial Planner
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Senior Accountant
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Pros

Testimonial

4.3

(16)
50%
31%
19%
0%
0%

HT

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

LM

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

RF

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.

JM

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.

KT

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.

MI

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.