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Qualified Business Income Deduction: Applications and Challenges

  • Accountant
  • AFSP
  • CRTP
  • CGFM
  • CPA (US)
  • CVA
  • CFA
  • EA
  • ORTP
  • CPA/PFS
  • MRTP
  • FSCP
  • MAFF
  • CBA/MCBA
  • CFIRS
  • CWS

Published: January, 2022

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

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Specified service businesses
    4 mins
  • Separating entities
    16 mins
  • Importance of SSTB
    25 mins
  • Tracking wages method
    33 mins
  • Threshold amounts
    47 mins
  • Rules for aggregating
    68 mins
  • Rental activity - trade or business
    92 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 introduced a new 20% deduction for qualified business income (QBI) for sole proprietors and pass-through entities. The cornerstone of this online continuing education course is that it will go beyond the basics of the QBI deductions and take a more advanced look.

This online CPE/CE course covers the final rules that govern the qualified business income deduction The mechanics of the deduction are not that difficult, but the deduction either phases out or may be limited if taxable income exceeds a threshold amount.

This area is a source of confusion for many practitioners, especially when a taxpayer's income is high enough for alternate calculations to kick in. This CPE/CE course will help demystify these aspects of the QBI deduction. We'll also talk about specified service businesses, aggregation of entity types, dealing with rental properties and the QBI, and how QBI influences the choice of business entity. We will include case studies and an examination of IRS guidance.

Major topics covered in this online CPE/ CE webinar:

  • An introduction to the QBI deduction.
  • Basic examples.
  • More-advanced examples using income over the QBI thresholds.
  • Dealing with rental property -- is it a business or is it not?
  • Aggregating multiple business ventures for QBI.
  • How entity choice impacts the QBI deduction.

Learning Objectives

  • To determine how QBI works when income is over the QBI threshold.
  • To describe how rental property is treated for tax purposes, and how this impacts QBI.
  • To discuss revenue procedure 2019-38 as it relates to rentals and the QBI deduction.
  • To discuss the aggregation rules for QBI.
  • To identify when aggregation is appropriate and when it is not.
  • To identify the issues associated with entity choice and the QBI.

Recommended For

  • This IRS-Approved CE course is recommended for CPAs, EAs, AFSPs and tax professionals who advise businesses and business owners on federal taxation issues.
  • This CPE course is recommended for CVAs, PFS, CFAs, and Other Finance Professionals wishing to understand and apply the QBI deduction.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Practice Owners
  • Bookkeepers & Accountants & Tax Preparers
  • Certified Management Accountant (CMA)
  • Certified Public Accountant (CPA)
  • Cloud Accountants
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Enrolled Agent
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Senior Accountant
  • Staff of Accounting Firm
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Firm
  • Tax Professionals
  • Tax Pros
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 2 CE Credit of Federal tax-related matters for Annual Filing Season Program (AFSP)
  • 2 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 2 CPE Credit of Taxes for Certified Valuation Analyst (CVA)
  • 2 PL Credit of Taxes for Chartered Financial Analyst (CFA)
  • 2 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-00647-21-S)
  • 2 CPD Credit of Personal Financial Planning for Personal Financial Specialist (PFS)
  • 2 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0615)
  • 2 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00647-21-S)
  • 2 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00647-21-S)
  • 2 CPE Credit of Taxes for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
  • 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 2 CE Credit for Certified Wealth Strategist (CWS)
  • 2 General Credit of Taxes for Accountant/Bookkeeper/Tax Professionals
  • 2 CPE Credit of Taxes for Certified Government Financial Manager (CGFM)
  • 2 CPE Credit of Taxes for Financial Services Certified Professional (FSCP)

Additional details

  • Course Level :
    Basic
  • Credits :
    2
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

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.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

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.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

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.

Presenter

About Presenter

Jason Dinesen, EA, LPA

President, Dinesen Tax & Accounting, P.C.

Jason Dinesen (EA, LPA) is a tax nerd, entrepreneur, tax expert and a well known presenter of continuing education courses. He has an impeccable acumen for tax subjects, by virtue of which, he is known to create very well researched course materials helping individuals and businesses with accounting, bookkeeping, tax preparation, and business advisory in various industries.

Known for his sharp tax interpretations, he is one of the quickest to bring the analysis of the latest tax updates and IRS guidance to the professional community. Jason has coached over 200,000 accounting, tax, and HR professionals on various topics of accounting, individual taxation, corporate taxation, professional ethics and much more.

He has presented over dozens of webinars on Form 1099 (MISC & R); marriage in the tax code; tax updates; the new Form W-4, payroll updates, filing status, tax credit and other issues relating to the modern-day household setting.

Moreover, Jason is known to be producing every other webinar/course a little different and updated from the previous one. No wonder, he is a top ranked presenter whose webinars and self-study course materials are very well received by the audience. 

He also teaches 2 classes at Simpson College, Individual Income Tax and Business Analytics. 

Jason always had a knack for radio shows and has and regularly features as an anchor for Radio Iowa. To reinvent this aptitude, he has recently started his own series of podcasts on myCPE ‘The Jason Show’, an edutainment podcast series that also provides continuing credits to the listeners.

Jason was born and raised in Iowa and has a degree in corporate communications from Simpson College in Indianola. He has a big family that includes his wife, two sons, 5 cats and 3 dogs. Jason holds season tickets to University of Iowa football, and enjoys using his chainsaw. Topmost item in his 2022 bucket list is to learn how to properly ‘nose & taste’ whisky. 

About Company

Dinesen Tax & Accounting, P.C.

www.dinesentax.com

Unlike some other accounting firms, when Dinesen Tax & Accounting, P.C. says we offer personal service, we mean it. When you come to us with your tax preparation needs, you’ll deal directly with our owner and president, Jason Dinesen. We don’t put administrative staff in the middle of you and our tax expert. That means you’ll always have first-hand knowledge of where things stand, and important information won’t slip through the cracks. We welcome all clients, but especially individuals who want the benefits of a long-term relationship with an accounting firm capable of handling anything that might come along with their taxes. We give all our clients the time, attention, and convenience they should expect. If you have a challenging professional or personal schedule, Jason will accommodate you by meeting whenever – and wherever – works best for you.

Faq

FAQs content

  • 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.

Ratings and Review

4.4

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