Qualified Business Income (QBI) Deduction (IRC 199a) The Ins & Outs

Course Description
Course Qualification
Presenter
FAQ

Course Description

The Tax Cuts and Jobs Act (TCJA) was a major overhaul of our tax system that has lowered the income tax rates for individual and corporate taxpayers and introduced a new 20% deduction for qualified business income (QBI) for sole proprietors and pass-through entities. The cornerstone of this online continuing education course is the comprehensive discussion of the newly enacted 20% QBI deduction regulations under IRC §199A and other TCJA income tax provisions affecting individuals and businesses.

This 8 hours online CPE webinar also includes qualified business income deduction and newly issued regulations under IRC §199A. In addition, the online CPE course will review many other income tax provisions affecting the QBI deduction calculation with an emphasis on newly enacted income tax regulations, IRS notices, and revenue procedures.

This Online Tax Webinar for CPAs, EAs, AFSPs, and Other Tax Professionals covers the following major key topics:

Detailed coverage of calculating the combined qualified business income amount (i.e., QBI component and REIT/PTP component)
Determine what trade or businesses under §162 are eligible for the QBI deduction (i.e., rentals and specified service trades or businesses (SSTB))
Discuss how the 20% QBI deduction (i.e., QBI component) is subject to a wage/capital limitation and SSTB income is phased out for taxpayers with taxable income above the inflation-adjusted threshold amounts
Walkthrough the simplified QBI Form 8995 (i.e., taxpayers below the TI threshold amounts) and detailed Form 8995-A and related schedules
Determine what wages and the unadjusted basis immediately after acquisition (UBIA) are for those subject to the wage and capital limitations
Look at what the definition of QBI is and what items are effectively connected with that trade or business (i.e., self-employment tax, health insurance, retirement plans)
Review the aggregation rules for the QBI computation and both the entity and individual level
Walkthrough the reporting responsibilities of partnerships and S corporations to their owners on the Schedule K-1s
Explain how the modifications to the net operating losses (NOLs) and §461(l) excess business loss limitations affect the QBI computation

J. Patrick Garverick is one of the most admired and best-reviewed Tax Speakers in the country and we are offering the classes at a much-discounted price during the pandemic. His courses have been best-reviewed time and again

For Quality of Content
For Relevance and Practical Case studies
For Best Teaching Approach
For Best Course Material

Awards and Accolades

Award for Instructor Excellence for California Education Foundation
Award for Outstanding Course materials for California Education Foundation.
Rated top tax instructor in nearly every location he has presented
One of the few instructors to have received perfect scores (multiple times) from attendees for both presentation skills and knowledge.

During this webinar, you will get Free E-Book worth $200. The book will be shared with you during the webinar. The book is copyright protected.

Learning Objectives

To recall the newly enacted 20% QBI deduction regulations under IRC §199A.
To identify the new TCJA income tax provisions affecting individuals - business clients, colleagues, and employees.
To identify the new TCJA income tax provisions affecting businesses.
To accurately calculate the newly enacted QBI deduction to their clients, colleagues, and employees.
To accurately report the newly enacted QBI deduction to their clients, colleagues, and employees.

Recommended For

This IRS-Approved CE course is recommended for CPAs, EAs, AFSPs, and other tax professionals involved in advising their clients in tax-related matters.It is also helpful for tax professionals who want to recall new TCJA provisions and QBI deductions.

Who Should Attend?

Bookkeepers & Accountants & Tax Preparers
California Registered Tax Professional
Certified Valuation Analysts
CPA (Industry)
CPA - Mid Size Firm
CPA - Small Firm
CPA in Business
Enrolled Agent
Entrepreneurial CPA
Maryland Tax Preparers
Oregon Tax Preparers
Tax Accountant (Industry)
Tax Director (Industry)
Tax Firm
Tax Managers
Tax Practitioners
Tax Preparer
Tax Professionals
Tax Pros
Young CPA

Course Qualification

Webinar Qualifies For

8 CE Credit of Federal Tax Law Update for Enrolled Agents (EA) (Approval No. GEHNZ-U-00249-20-O)
8 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
8 CE Credit for Annual Filing Season Program (AFSP)
8 CE Credit of Federal Tax Law Update for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0257)
8 CE Credit of Federal Tax Law Update for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-U-00249-20-O)
8 CE Credit of Federal Tax Law Update for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-U-00249-20-O)
8 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
8 CE Credit for Certified Wealth Strategist (CWS)
8 General Credit for Accountant/Bookeeper
8 CPE Credit for Chartered Advisor in Senior Living (CASL)
8 CPE Credit for Chartered Financial Consultant (ChFC)
8 CPE Credit for Chartered Special Needs Consultant (ChSNC)
8 CPE Credit for Retirement Income Certified Professional (RICP)
8 CPE Credit for Wealth Management Certified Professional (WMCP)
8 CPE Credit for Financial Services Certified Professional (FSCP)
8 CPE Credit for Certified Government Financial Manager (CGFM)
8 CPD Credit for Personal Financial Specialist (PFS)

Additional details

Course Level :

Intermediate
Credits :

8
Instructional Method :

Group Internet Based
Pre-requisites :

An Understanding About Qualified Business Income (QBI) Deduction (IRC 199a)
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

J. Patrick Garverick, CPA (US)

Accounting Manager, The Garvs, LLC

Pat Garverick is a Certified Public Accountant who currently lives in the Phoenix, Arizona area. He began his career in public accounting in 1988 after obtaining his Bachelor of Science in Business Administration (BSBA) in Accounting from The Ohio State University. After receiving his Master of Taxation (MT) degree from Arizona State University in 1992, Mr. Garverick began operating his own tax and financial planning business. He also started writing, reviewing, and teaching tax and financial planning continuing professional education courses around the country.

In addition to being a CPA, Pat is also a Certified Financial Planner (CFP®). This role serves to enhance the knowledge he brings as he writes and presents continuing education material. Mr. Garverick is a member of the Arizona Society of Certified Public Accountants and the American Institute of Certified Public Accountants. Pat has presented continuing education sessions throughout the country and has won awards for both his skills as an instructor as well as for the content he has created. His knowledge, expertise, and high energy have made him one of the profession’s most highly rated speakers. He is in a very small group of instructors that are both extremely knowledgeable and interesting.

During his time in college, Pat earned a letter as a member of the Ohio State Basketball squad. He remains a staunch supporter of the sports programs at his alma mater.

Awards & accolades

Multi-time winner of the California Education Foundation’s 1) Award for Instructor Excellence and 2) Award for Outstanding Course materials
Rated top tax instructor in nearly every location he has presented
One of the few instructors to have received perfect scores (multiple times) from attendees for both presentation skills and knowledge.

About Company

The Garvs, LLC

thetaxu.com/

Since 1993 award winning author and instructor J. Patrick “Pat” Garverick, CPA, MT, CFP® has been providing tax and financial training educational courses to business professionals through out the country. Pat is recognized as one, if not THE best tax instructor in the country.

Faq

FAQs content

To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
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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)
As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, 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 continuing education requirement as 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.
myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

Ratings and Review

4.7

69 Ratings

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Terrible

Karen Clevenger, EA

Nov 11th, 2020

This was a wonderfully creative approach to 199A, and in particular, how to think about returns that have multiple QBI activities. I especially liked the reminders that need to be kept in mind if you might want to aggregate activities. Thanks for the presentation.

Kenneth Lenz, CPA (US)

Mar 16th, 2022

QBI is a fairly simple concept which the IRS has greatly complicated over this past year. Pat provides a clear and easy-to-follow guide for understanding all the exceptions and nuances in this new area of tax law.

Jack London, CPA/ABV, CPA/CFF, CFE, CPA (US), CVA

Dec 15th, 2021

Well taught and great examples

Charles Luebbering, CPA (US)

Dec 15th, 2021

The course was very helpful. The only minor suggestion is that it would be helpful to have a handout on QBI calculations that Pat presents in writing on screen as a worksheet that we could use in our practices.