199A Cutting Edge Tax Strategies for Wage, Property, and Other Limits

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Course Description
Course Qualification
Presenter
FAQ

Course Description

Overview

Short tax years

18 mins
General rule

19 mins
Improvements

25 mins
Depreciable period

26 mins
Interaction with bonus

31 mins

Course Description

As a small business owner, tax deductions are always welcome. But, deductions aren’t static. Deductions change over time, and some go away completely. Or, in the case of the Section 199A deduction, new deductions are added. The 199A deduction has arguably been one of the most talked-about tax breaks included in the Tax Cuts and Jobs Act.

UBIA is the basis in a partnership’s property, and it can work to limit a partner’s section 199A deduction. If a partner recently bought their partnership interest, the partner may find their section 199A deduction limited by a percentage of both: UBIA, and wages. This limitation will be relevant to taxpayers or partners who own real estate as part of their business, especially those that qualify for the deduction under the safe harbor.

In this IRS approved online Tax webinar, we will look at the W-2 and UBIA prongs of the 199A calculation. Depending on the client's income levels, these specific measurements could drive the entire 199A calculation.

Section 199A generally allows a deduction equal to 20% of the amount of a taxpayer’s qualified business income (QBI). However, there is a wages/capital limit on the deduction. Its second piece, the UBIA limitation, is a capital limit that depends based on qualified property.

This CE/CPE course will look at how to calculate W-2 wage along with what makes up UBIA. We will also look at common errors with these two items.

Learning Objectives

To discuss how to calculate W-2 wages for the QBI calculations.
To explain how to calculate UBIA for the QBI calculation.
To explore common mistakes when calculating UBIA from fixed assets.
To utilize examples in determining UBIA and W-2 wages.

Recommended For

This IRS-approved CE course is recommended for CPA, EA, AFSP, CRTP, MRTP, ORTP, CFIRS, CWS, and other Tax Professionals interested in understanding how to calculate W-2 wage along with what makes up UBIA.

Who Should Attend?

Accountant
Accounting Firm
Accounting Managers
Certified Management Accountant (CMA)
CPA (Industry)
CPA - Mid Size Firm
CPA - Small Firm
CPA in Business
Entrepreneurial CPA
Maryland Tax Preparers
Oregon Tax Preparers
Senior Accountant
Staff of Accounting Firm
Tax Accountant (Industry)
Tax Attorney
Tax Director (Industry)
Tax Firm
Tax Managers
Tax Practitioners
Tax Preparer
Tax Professionals
Tax Pros
Young CPA

Course Qualification

Webinar Qualifies For

1 General Credit for Accountant/Bookeeper
1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
1 CE Credit of Federal tax-related matters for Annual Filing Season Program (AFSP)
1 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0962)
1 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01164-22-S)
1 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01164-22-S)
1 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01164-22-S)
1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
1 CE Credit for Certified Wealth Strategist (CWS)
1 CPD Credit for Personal Financial Specialist (PFS)
1 CPE Credit for Chartered Financial Consultant (ChFC)
1 CPE Credit for Financial Services Certified Professional (FSCP)
1 CPE Credit for Chartered Advisor in Senior Living (CASL)
1 CPE Credit for Chartered Special Needs Consultant (ChSNC)
1 CPE Credit for Retirement Income Certified Professional (RICP)
1 CPE Credit for Wealth Management Certified Professional (WMCP)

Additional details

Course Level :

Basic
Credits :

1
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

Nicholas Preusch

Certified Public Accountant (CPA), Nicholas Preusch

Nicholas has worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nicholas has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. Nicholas has been recognized as the Top 5 Under 35 CPAs in Virginia, and is a member of the AICPA’s Tax Executive Committee. Nicholas is an adjunct professor at the University of Mary Washington. He is a graduate of Carthage College, University of Connecticut (M.S. in Accounting), Case Western Reserve University School of Law (J.D.), and Georgetown University (LLM in Taxation).

Faq

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