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Qualified Business Income (QBI) Deduction (IRC §199a) Detailed Study, Analysis, Calculations, Case Studies, Ins & Outs (Latest)

4.5 (11)

J. Patrick Garverick, CFP, CPA (US)

The Garvs, LLC

  • AFSP
  • CPA (US)
  • EA
  • Tax Preparer
  • Oregon Tax Preparer
  • CTEC

Published: September, 2020

8 Credits

$120

Subject Area

Taxes

Webinar Qualifies For

8 CPE credit of Taxes for all CPAs

8 CE credit of Federal Tax Update for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-U-00249-20-S)

8 CE credit of Federal Tax Law Update for California Tax Professionals (CTEC Approved-6273) (Approval No. 6273-CE-0257)

8 CE credit of Federal Tax Update for Oregon Tax Preparers (Approval No. GEHNZ-U-00249-20-S)

8 CE credit of Federal Tax for Maryland Tax Preparers (Approval No. GEHNZ-U-00249-20-S)

8 General Educational credit for Tax Professionals / Bookkeepers / Accountants

You need to register for the webinar to watch the video.

Click Here to Register

Before starting this self study program, please go through the instructional document.

The topic is also scheduled as live webinar on the following dates

Aug 03, 2021 | 09:00 AM EDT Register
Aug 17, 2021 | 12:00 PM EDT Register

Overview

  • Internal Revenue Code
    17 mins
  • Combined Qualified Business Income Amount
    35 mins
  • Qualified Business Income
    77 mins
  • Deduction Allowed to Specified Agriculture or Horticulture Cooperatives
    147 mins
  • IRC 162 Background & Rental Properties
    170 mins
  • 1.199A-4 Aggregation
    341 mins
  • Aggregation of Business Operations
    360 mins
  • Qualified Business Income Deduction
    397 mins

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 introduce a new 20% deduction for qualified business income (QBI) for sole proprietors and pass-through entities. The cornerstone of this 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 CPE webinar also includes,qualified business income deduction and newly issued regulations under IRC §199A. In addition, the 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.

Highlights of the webinar : 

  • 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
  • Walk through 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
  • Walk through 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 Speaker 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. 

After registering for this webinar you will get Free E-Book worth $200. The book would be emailed to you, a day before the webinar on your registered email address on myCPE. 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.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounts Director
  • Chief Accounting Officer
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Enrolled Agent
  • Entrepreneurial CPA
  • Senior Accountant
  • Staff of Accounting Firm
  • Tax Accountant (Industry)
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Pros
  • Young CPA

Testimonial

4.5

(11)
64%
27%
9%
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RL

Patirck Presentation on QBI was well informative. I obtained clarity in areas of the QBI that was unclear and learned information that I was not familiar with. This Presentation helped and thanks so much, for putting this presentation together. look forward to listening to his presentations in the future!

AL

This presentation was so well organized and covered so much material in two quickly-paced hours. Even better, it was accessible to me, a tax preparer who has been working with QBID for 1 1/2 tax seasons. Thank you for giving me time to chuckle and groan as well as to take many notes

ZS

Fantastic presenter!! Very thorough application of the QBI and 1099A forms with practical examples shown. Loved your comments to watch for or business application. Very Helpful! You will get a WEALTH of information from this excellent presenter!