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

4.7 (22)

J. Patrick Garverick, CFP, CPA

THE GARVS LLC

Tuesday, December 22, 2020 | 08:00 AM PST

  • CPA
  • EA
  • CTEC
  • TAX PROS
  • AFSP

Credits: 8 CPE | 8 CE

$120

Subject Area

Taxes

Webinar Qualifies For

8 CPE credit of Taxes for all CPAs

8 CE credit of Federal Tax Update for Oregon Tax Preparers

8 CE credit of Federal Tax Update for Enrolled Agents ( IRS Approved : GEHNZ )

8 CE credit of Federal Tax Law Update for California Tax Professionals (CTEC Approved-6273)

8 CE credit of Federal Tax for Maryland Tax Preparers

8 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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Additional Dates

Jan 26, 2021 | 10:00 AM EST Register
Feb 02, 2021 | 08:00 AM PST Register

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?

  • 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

Testimonial

4.7

(22)
73%
23%
5%
0%
0%

KC

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.

AH

Very good presentation. However, we needed more time - another half hour would have been sufficient. Knowledgeable speaker - liked the way he presented the material - in a personal way - warriors, etc. Enjoyed the presentation.

AC

I really enjoyed the presenter and his materials. The information was presented in an interesting manner, with a unique understandable perspective, that added to my understanding of the issues. Definitely worth the time spent

CD

Excellent presentation both n delivery and content. I do have one question. Why is it that when Congress passes comprehensive tax legislation, it makes tax law more difficult to understand? I refer you to the 1986 tax act and the 2017 tax act. Perhaps, it is trying to create the accountant's and tax lawyer enrichment fund?

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