The passage of Section 199A in the 2017 tax overhaul legislation was a watershed moment for tax advisers and compliance professionals. Indeed, the reach of the provision is proving to be so extensive as to constitute a separate and distinct practice area for tax practitioners, as advisers face an increased need for statute-specific competence on the workings of Section 199A.

How can you maximize the qualified Business Income Deduction?

The framework of Section 199A is straightforward: Taxpayers who are owners of pass-through businesses can claim a deduction of up to 20% of their share of the net business income of their business. The Section has created a significant benefit to the approximately 60 million taxpayers who are shareholders and members of pass-through entities.

The Qualified Business Income Deduction and Rental Real Estate-Making Sense of It All

Does rental real estate (RRE) qualify for the §199A deduction? When is a rental property a trade or business (T or B)? Does it really matter? What if the rental has net income? A loss? All of these questions have caused much confusion since the Sec. 199A Qualified Business Income Deduction (QBID) was announced as part of the Tax Cuts and Jobs Act of 2017.

The answers to these questions and more will be provided by experienced instructor Nicholas Preusch in this two-hour tax CE course.

In this Online CPE/CE course, you will learn the ins and outs of IRC 199A. This refresher online CPE course will look at the must need to know information about IRC 199A to make sure you are calculating all the different moving parts correctly.

This Online CPE/CE Webinar covers following Key Topics:

Calculating QBI
Classification of items that are not qualified business income
Calculating UBIA
Calculating W-2 Wages
Determine new updates to IRC 199A since the final regulations were released.
Non-Duplication rule
LKE and involuntary conversions
Basis allocation
Unadjusted Basis

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Learning Objectives

To summarize the intricacies of the Qualified Business Income Deduction (QBID)
To identify which businesses will be able to take this deduction;
To describe limitations which may apply to some of your clients;
To calculate exactly the effect of these limitations
To identify tax planning opportunities that will allow clients to maximize the benefit from this deduction.

Recommended For

This online IRS approved CE course is recommended for CPAs, EAs, AFSP, Tax Preparers and Other Tax Professionals involved in advising clients with business income and tax deduction for their federal tax returns.