The qualified business income deduction under section 199A is so complex that the taxpayer may incur large penalties over their tax dues instead of getting the deduction if not applied correctly with proper understanding.
Though it is undeniable fact that under IRC 199A taxpayers have received one of the best new tax deductions from Tax Cuts and Jobs Act – i.e. new 20% qualified business income deduction. Indeed the issues in the case of Qualified Business Income Deduction is not only about learning and understanding the code, but also about making sure the tax calculations are done with accuracy. This webinar takes a deep dive into maximizing the QBID for S corporations.
Due to numerous reasons such as economic challenges; to increase financial tax or operating efficiency; to adapt to new market dynamics, or debt/loss situation, etc. take the path of drastically changing their capital structure. Such capital restructuring brings numerous accounting and tax complexities, financial reporting, and other compliances, etc. Sometimes identifying such issues in time provides you numerous advantages. In case, there is such a restructuring between an intercompany debt transaction that is aimed to provide the shareholders with more basis, how should it take place? The webinar will take the topic in a detailed discussion on this. Further, whether it is in the interest of the shareholders to provide the funds to the company as a loan or contribution.
Major Topics:
Section 199A – special considerations for S corporations.
Restructuring intercompany debt to increase shareholder basis.
Transferring funds to an S corporation: Are loans better than capital contributions?
The speaker has a practical approach and will include practical examples to explain the topic. These explanation styles will benefit CPAs, EAs, Other Tax Professionals, and Other Accounting Professionals in clarifying their understanding on the subjects.
Learning Objectives
To recognize how to Restructuring Intercompany debt to provide basis to shareholders
To recall Qualified Business Income Deductions
To identify how to maximize the section 199A deduction for clients in the context of S corporations.
To recognize Wage Planning as a strategies for all business structures
To compare the benefits of transferring funds to an S corporation by way of loans or capital contributions
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.
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
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.
Certified Public Accountant (CPA), State of the Art Tax LLC
Greg has been providing services in accounting and tax matters with a focus on seafood and maritime industries for over 30 years. He specializes in tax planning, compliance, US Tax Court litigation, and representation of taxpayers before the Internal Revenue Service. He has provided expert witness testimony in many cases, and has served both as a Court Appointed Receiver and Court Appointed Special Master.
Greg is an Adjunct Professor with the Golden Gate University School of Taxation in Seattle and lecturers frequently for organizations providing professional education to other tax CPAs. He is a member of the American Society of Certified Public Accountants, and the Washington State Society of Certified Public Accountants.
About Company
State of the Art Tax LLC
State of the Art Tax LLC provides educational services to tax professionals. It offers a wide variety of topics including tax planning, S corporations, real estate, partnerships, choice of entity, and accounting methods.
FAQ
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.
Polling feature Not supported: If you are logging in through browser or web portal in the browser (zoom.us) it doesn’t support the polling feature. Please be advised the current polling feature can only be supported via Zoom desktop and mobile app. You can check the same here : https://support.zoom.us/hc/en-us/articles/203749865-Polling-for-webinars
This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
If you still face the polling problem please don’t panic and provide your response in the chat and we shall consider the same for processing for credits. You can download Zoom by clicking on the mentioned link : https://zoom.us/download
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.
Refund/Cancellation Policy
For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128
In case any of the course or live webinars gets cancelled we would be refunding you the entire amount (if paid).
Testimonial
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4.8
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MS
Michael Smith, CPA
Dec 10th 2020
Program was very effective and provided me some resolutions for current problems. Well presented content and examples.
