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Qualified Business Income Deduction: Applications and Challenges

  • AFSP
  • CPA (US)
  • CVA
  • CFA
  • EA
  • ORTP
  • CPA/PFS
  • CRTP
  • Maryland Tax Prep.

Published: November, -0001

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  • 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
  • Certified Public Accountant
  • 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 Maryland State Tax related Subjects for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00647-21-S)
  • 2 CE Credit of Federal Tax Related Matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-00647-21-S)
  • 2 CE Credit for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00647-21-S)
  • 2 CE Credit for California Registered Tax Preparers(CRTP) (Approval No. 6273-CE-0615)
  • 2 CPD Credit for Personal Financial Specialist (PFS)
  • 2 PL Credit for Chartered Financial Analyst (CFA)
  • 2 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 2 CPE Credit for Certified Valuation Analyst (CVA)
  • 2 CE Credit for Annual Filing Season Program (AFSP)

Presenter

About Presenter

Jason Dinesen, EA, LPA

President Dinesen Tax & Accounting, P.C.

Jason Dinesen (LPA, EA) is an entrepreneur, tax expert, and CPE Presenter. Dinesen brings over 15 years of experience helping individuals and businesses with accounting, bookkeeping, tax preparation, and business advisory in various industries. 

Dinesen is a regular CPE Presenter at myCPE. He has coached more than 200k+ accounting, taxes, and HR professionals on various topics of accounting, individual taxation, corporate taxation, and professional ethics.  Jason has developed a strong following within the professional community for tax-related subjects. 

Dinesen is known for sharp tax interpretations, and he quickly brings his analysis of the latest tax updates and IRS guidance to the professional community.

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

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  • 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.
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