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Qualified Business Income Deduction - Everything You Need to Know

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • EA
  • ORTP
  • Maryland Tax Prep.
  • CFIRS
  • CWS
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

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 matter? What if the rental has a 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 Tax Webinar covers the 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

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 that 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.

Recommended For

  • This online IRS-approved CE course is recommended for CPAs, EAs, AFSP, Tax Preparers, and Other Tax Professionals involved in advising clients with business income and tax deductions for their federal tax returns.

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

Course Qualification

Webinar Qualifies For

  • 2 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-00210-20-O)
  • 2 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 2 CE Credit of Federal tax-related matters for Annual Filing Season Program (AFSP)
  • 2 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00210-20-O)
  • 2 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00210-20-O)
  • 2 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0576)
  • 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 2 CE Credit for Certified Wealth Strategist (CWS)
  • 2 General Credit for Accountant/Bookeeper

Additional details

  • Course Level :
    Basic
  • Credits :
    2
  • Instructional Method :
    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 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.

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.

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.

Presenter

About Presenter

Nicholas Preusch

Certified Public Accountant (CPA), Nicholas Preusch

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).

Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
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Ratings and Review

4.3

51 Ratings

Excellent

25

Very Good

19

Average

6

Poor

1

Terrible

0

HT

Hiep Tran, EA

Nov 10th, 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

LL

Linda Luera, CPA (US)

Dec 16th, 2021

Good instructor with good mastery of the subject matter.

SF

Shelley Ferro, CFP (US)

Nov 19th, 2021

Very credentialed knowledgeable instructor. Thanks.

JS

John Sharp, CPA (US)

May 11th, 2022

The material was excellent in helping with the understanding of the QBI.

LL

Lorraine Lambeth, CPA (US)

Jan 17th, 2022

The instructor talks too fast and uses abbreviations too much.

Qualified Business Income Deduction - Everything You Need to Know

$20

2 Credits

Subject Area

Taxes

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