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Course Details

Overview of Topics

  • 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.

Webinar Qualifies for

  • 8 CPE credit of Taxes for all CPAs
  • 8 CE credit of Federal Tax for Maryland Tax Preparers
  • 8 CE credit of Federal Tax Law Update for California Tax Professionals (CTEC Approved-6273)
  • 8 CE credit of Federal Tax Update for Enrolled Agents ( IRS Approved : GEHNZ )
  • 8 CE credit of Federal Tax Update for Oregon Tax Preparers
  • 8 General Educational credit for Tax Professionals/Bookkeepers/Accountants

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.

About Presenter

J. Patrick Garverick, CFP, CPA

Accounting Manager,THE GARVS LLC

pat@phoenixbeach.com

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. 

Phoenix Beach was developed to provide comprehensive and up-to-date educational content for business professionals of all types. As part of our mission we strive to make sure that the material we present is delivered by knowledgeable and skilled instructors so our session participants receive a great educational experience and value.

Review Questions

  • Question 1 : 00:15
  • Question 2 : 00:30
  • Question 3 : 00:45
  • Question 4 : 01:00
  • Question 5 : 01:15
  • Question 6 : 01:30
  • Question 7 : 01:45
  • Question 8 : 02:00
  • Question 9 : 02:15
  • Question 10 : 02:30
  • Question 11 : 02:45
  • Question 12 : 03:00
  • Question 13 : 03:15
  • Question 14 : 03:30
  • Question 15 : 03:45
  • Question 16 : 04:00
  • Question 17 : 04:15
  • Question 18 : 04:30
  • Question 19 : 04:45
  • Question 20 : 05:00
  • Question 21 : 05:15
  • Question 22 : 05:30
  • Question 23 : 05:45
  • Question 24 : 06:00
  1. Which one of the following is an exception to qualified investment items of income, gain, deduction, and loss?
  2. Which one of the following is not included in the definition of the qualified business income?
  3. Which of the following is not included in definition of W-2 wages?
  4. If the net amount of qualified income, gain, deduction, and loss with respect to qualified trades or businesses of the taxpayer for any taxable year is less than zero, such amount shall be treated as __________________.
  5. According to §199A (e) threshold amount for the year 2018 means $_______ for married couples filing separately.
  6. For purposes of determining the qualified business income of such taxpayer for such taxable year, the term “United States” shall include the Commonwealth of Puerto Rico only if:
  7. In which section UBIA of qualified property is defined?
  8. If the individual’s taxable income exceeds the phase-in range, then __________________ may be taken into account for purposes of determining the individual’s section 199A deduction.
  9. In the case of qualified property held by a partnership, each partner’s share of the UBIA of qualified property is determined ______________.
  10. The _______ value of the excess section 743(b) basis adjustment cannot exceed the ______ value of the total section 743(b) basis adjustment with respect to qualified property.
  11. Corrected Forms _____ are required to be filed with SSA on or before January 31 of the year following the year in which the correction is made.
  12. _______ must allocate its W-2 wages between or among one or more trades or businesses under the rules in paragraph (b)(3) of 199A section.
  13. When a property is not a qualified property if the property acquired at the end of the year under sub section 1.199A-2?
  14. The _________________ is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts.
  15. The term depreciable period means, with respect to qualified property of a trade or business, the period beginning on the date the property was first placed in service by the individual or RPE and ending on the later of:
  16. Section 481 adjustments (whether positive or negative) are taken into account for purposes of computing QBI to the extent that the requirements of this section and section 199A are otherwise satisfied, but only if:
  17. An RPE may aggregate trades or businesses operated directly or through a lower-tier RPE to the extent an aggregation is not inconsistent with the aggregation of a lower-tier RPE.
  18. What is the best cost basis method?
  19. Under individual requirement of annual disclosure which one the following is must to file under § 1.199A-4?
  20. Under RPE requirement of annual disclosure which one the following is must to file under § 1.199A-4?
  21. For purposes of determining QBI, W-2 wages, and UBIA of qualified property, and the aggregate amount of qualified REIT dividends and qualified PTP income, if an individual receives any of these items from an RPE with a taxable year that begins before______________ and ends after_________, such items are treated as having been incurred by the individual during the individual’s taxable year in which or with which such RPE taxable year ends.
  22. Which of the following is included in specified service trade or performance?
  23. As defined in § 1.1221-2(b) an individual or RPE can claim _____________in the normal course of individuals or RPEs trade or business.
  24. _____________________________________________________________means the provision of medical services by individuals such as physicians, pharmacists, nurses, dentists, veterinarians, physical therapists, psychologists, and other similar healthcare professionals performing services in their capacity as such.
  1. “Qualified business income” means the net amount of qualified items of income, gain, deduction, and loss with respect to any qualified trade or business of the taxpayer?
  2. According to §199A (e) threshold amount for 2018 means $_______ for Head of the Household.
  3. According to §199A (e) inflation adjusted threshold amount for 2019 means $_______ for married couples filing jointly.
  4. According to §199A (e) inflation adjusted threshold amount for 2020 means $_______ for single filers?
  5. Qualified REIT dividend is not -
  6. In which section qualified business income is defined?
  7. If_______________________, then none of the individual’s share of QBI, W-2 wages, or UBIA of qualified property attributable to an SSTB may be taken into account for purposes of determining the individual’s section 199A deduction.
  8. Corrected Forms W-2 are required to be filed with SSA on or before _______ of the year following the year in which the correction is made.
  9. The absolute value of the excess section 743(b) basis adjustment cannot exceed the absolute value of the total section 743(b) basis adjustment with respect to qualified property:
  10. For purposes of this paragraph, the term “eligible taxpayer” means -
  11. In which section specified service trade or business (SSTB) defined?
  12. Each individual or RPE must allocate its W-2 wages ________ under the rules in paragraph (b)(3) of 199A section.
  13. Which form is used for “Transmittal of Wage and Tax Statements”?
  14. Which section defines the term “Certified Professional Employer Organization”?
  15. What is the due date for filing of corrected SSA return?
  16. § 1.199A-3 Defines:
  17. The RPE must also identify and report the associated W-2 wages to its_____________.
  18. The term _____________means, for any taxable year, the net amount of qualified items of income, gain, deduction, and loss with respect to any trade or business of the taxpayer as described in paragraph (b)(2) of this section, provided the other requirements of this section and section 199A are satisfied (including, for example, the exclusion of income not effectively connected with a United States trade or business).
  19. ______________adjustments (whether positive or negative) are taken into account for purposes of computing QBI to the extent that the requirements of this section and section 199A are otherwise satisfied, but only if the adjustment arises in taxable years ending after December 31, 2017.
  20. _____________may aggregate trades or businesses operated directly or through an RPE to the extent an aggregation is not inconsistent with the aggregation of an RPE?
  21. Which section defines “Specified service trades or business and the trade or business of performing services as an employee”?
  22. The performance of services in the field of accounting means the provision of services by individuals such as_______________________________.
  23. The performance of services in the field of ______________means the provision of services by individuals such as accountants, return preparers, financial auditors, and similar professionals performing services in their capacity as such.
  24. For purposes of section ______________ and paragraph (b)(1)(iv) of this section only, the performance of services in the field of actuarial science means the provision of services by individuals such as actuaries and similar professionals performing services in their capacity as such.
  25. The performance of services in the field of performing arts does not include___________.
  26. As per the section 199A (d) (2) the term any trade or business where the principal asset of such trade or business is the reputation or skill of one or more of its employees or owners means any trade or business that consists of:
  27. For a trade or business with gross receipts of $25 million or less for the taxable year, a trade or business is not an SSTB if less than ______ percent of the gross receipts of the trade or business are attributable to the performance of services in a field as described in Special rules of de minimis rule.
  28. Upon notice from the IRS, an individual rebuts the presumption in paragraph (d)(3)(i) of this section by providing records, such as_____________, that provide sufficient evidence to corroborate the individual’s status as a non-employee.
  29. According to anti-abuse rules the provisions of the §199A (c) (2) and (d) (3) of this section apply to taxable years ending after__________________.
  30. § 1.199A-6 provides special rules for RPEs, PTPs, trusts, and estates necessary for the computation of the section 199A deduction of their owners or beneficiaries.
  31. An RPE that chooses to aggregate trades or businesses under the rules of _______ may determine these items for the aggregated trade or business.
  32. Which one of the following is the rules that an RPE must determine the items necessary for individuals who own interests in the RPE to calculate their section 199A deduction under §1.199A-1(c) or (d)?
  33. What is the full form of PTP?
  34. An RPE must separately identify and report on the ___________ issued to its owners for any trade or business engaged in directly by the RPE.
  35. An RPE must also report on an attachment to the Schedule K-1, any_____________________, reported to it by any RPE in which the RPE owns a direct or indirect interest.
  36. If an RPE fails to separately identify or report on the Schedule K-1 (or any attachments thereto) issued to an owner an item described in paragraph (b)(3)(i) of this section, the owner’s share (and the share of any upper-tier indirect owner) of each unreported item of positive QBI, W-2 wages, or UBIA of qualified property attributable to trades or businesses engaged in by that RPE will be presumed to be__________.
  37. The PTP must also determine whether any of the trades or businesses it is engaged in directly is an_________.
  38. The threshold amount applicable to a trust or estate is _______for any taxable year beginning before 2019.
  39. For purposes of determining whether the taxable income of an ESBT exceeds the threshold amount, the ______________of an ESBT are treated as a single trust. See §1.641(c)-1.
  40. Which form is used for Qualified Business Income Deduction Simplified Computation?

FAQ

  • myCPE self-study courses are online.
  • The self-study format allows you to access the material online 24/7 and study at your own pace.
  • As per NASBA guidelines, you have one year from date of registration to complete each program.
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  • Course have minimum passing score of 70% and test takers will not be provided feedback on failed exams.
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Reviews

4.5
(8)
63%
25%
13%
0%
0%
  • RL
    Ruth LaVigne , ACCT./BK, EA
    Oct 1st 2020
    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
Alexsandra Litmanovich
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
TS
Tammy Soignet
Will recommend
ZS
Zachary Scrutchfield , CPA
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!

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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.

On-Demand Webinars

GOING CONCERN - IMPLICATION IN ACCOUNTING,DISCLOSURE & REPORTING
Thursday, December 03, 2020 View Details/Register
REGULATORY ETHICS GUIDEBOOK FOR CPAS: AICPA CODE OF PROFESSIONAL CONDUCT
Wednesday, December 02, 2020 View Details/Register
BUSINESS TAX UPDATE 2020
Wednesday, December 02, 2020 View Details/Register
NONATTEST SERVICES – WHAT ARE THEY AND WHY DO THEY MATTER
Wednesday, December 02, 2020 View Details/Register
IRC 199A: 2 YEARS IN – KEY OVERLOOKED PLANNING INITIATIVES
Wednesday, November 11, 2020 View Details/Register
PASSIVE LOSS ISSUES WITH SCHEDULE K-1S
Wednesday, November 11, 2020 View Details/Register
IRS TAX PRACTICE & PROCEDURE INTRODUCTION
Friday, November 06, 2020 View Details/Register
BEST TAX RETURN WORKSHOP ON Partnerships & LLCs (FORM 1065) - 2020 UPDATES
Friday, November 06, 2020 View Details/Register
ITEMIZED DEDUCTION UPDATES - WITH EXAMPLES & CASE STUDIES
Thursday, November 05, 2020 View Details/Register
COVER YOUR ASSETS: FRAUD AND INTERNAL CONTROLS
Monday, November 02, 2020 View Details/Register
Excel Accountant: CREATING ERROR-FREE EXCEL SPREADSHEETS
Monday, November 02, 2020 View Details/Register
HOW TO ANALYZE YOUR CLIENT’S TAX SITUATION
Monday, November 02, 2020 View Details/Register
BEST TAX RETURN WORKSHOP ON S CORPORATION (1120S) - 2020 Updates
Friday, October 30, 2020 View Details/Register
IRS PENALTIES, ABATEMENTS, AND REASONABLE CAUSE
Wednesday, October 28, 2020 View Details/Register
YELLOW BOOK BOOT CAMP - NFP AND GOVERNMENTAL ACCOUNTING & AUDITING UPDATE
Wednesday, October 28, 2020 View Details/Register
  • Cost $120
  • CPE Credits 8
  • CE Credits 8
  • IRS Course ID GEHNZ-U-00249-20-S
  • CTEC Course ID 6273-CE-0257
  • Subject Area Taxes
  • Course Level Intermediate
  • Instructional Method QAS Self Study
  • Prerequisites None
  • Advanced Preparation None
  • Published Date September 03 ,2020
  • Who should attend? Enrolled Agent Tax Practitioners Accountant CPA - Small Firm CPA - Mid Size Firm Accounting Firm Tax Pros CPA (Industry) Tax Firm Young CPA CPA in Business Entrepreneurial CPA Tax Accountant (Industry) Tax Director (Industry) Senior Accountant Accounts Director Chief Accounting Officer Tax Managers Accounting Managers Tax Preparer Staff of Accounting Firm
  • Handout Material Download
  • Key Terms Download

On-Demand Webinars

GOING CONCERN - IMPLICATION IN ACCOUNTING,DISCLOSURE & REPORTING
Thursday, December 03, 2020 View Details/Register
REGULATORY ETHICS GUIDEBOOK FOR CPAS: AICPA CODE OF PROFESSIONAL CONDUCT
Wednesday, December 02, 2020 View Details/Register
BUSINESS TAX UPDATE 2020
Wednesday, December 02, 2020 View Details/Register
NONATTEST SERVICES – WHAT ARE THEY AND WHY DO THEY MATTER
Wednesday, December 02, 2020 View Details/Register
IRC 199A: 2 YEARS IN – KEY OVERLOOKED PLANNING INITIATIVES
Wednesday, November 11, 2020 View Details/Register
PASSIVE LOSS ISSUES WITH SCHEDULE K-1S
Wednesday, November 11, 2020 View Details/Register
IRS TAX PRACTICE & PROCEDURE INTRODUCTION
Friday, November 06, 2020 View Details/Register
BEST TAX RETURN WORKSHOP ON Partnerships & LLCs (FORM 1065) - 2020 UPDATES
Friday, November 06, 2020 View Details/Register
ITEMIZED DEDUCTION UPDATES - WITH EXAMPLES & CASE STUDIES
Thursday, November 05, 2020 View Details/Register
COVER YOUR ASSETS: FRAUD AND INTERNAL CONTROLS
Monday, November 02, 2020 View Details/Register
Excel Accountant: CREATING ERROR-FREE EXCEL SPREADSHEETS
Monday, November 02, 2020 View Details/Register
HOW TO ANALYZE YOUR CLIENT’S TAX SITUATION
Monday, November 02, 2020 View Details/Register
BEST TAX RETURN WORKSHOP ON S CORPORATION (1120S) - 2020 Updates
Friday, October 30, 2020 View Details/Register
IRS PENALTIES, ABATEMENTS, AND REASONABLE CAUSE
Wednesday, October 28, 2020 View Details/Register
YELLOW BOOK BOOT CAMP - NFP AND GOVERNMENTAL ACCOUNTING & AUDITING UPDATE
Wednesday, October 28, 2020 View Details/Register