Qualified Business Income (QBI) Deduction (199A) - The Ins & Outs
8.00 Credits
Member Price $300
Non-Member Price $400
Overview
The Tax Cuts and Jobs Act (TCJA) was a major overhaul of our tax system that lowered the income tax rates for individual and corporate taxpayers and introduced the new 20% qualified business income (QBI) deduction for sole proprietors and pass-through entities. The cornerstone of this course is the comprehensive discussion of the 20% QBI deduction final regulations under IRC §199A.
**Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com
Highlights
- 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 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
Prerequisites
Background in individual and business income tax law
Designed For
Professionals in public or private practice in need of an in-depth training on the 20% qualified business income (QBI) deduction
Objectives
- Once participants have completed this session, they should be able to calculate and explain the QBI deduction to their clients, colleagues and employees.
Preparation
Background in individual and business income tax law
Leader(s):
Leader Bios
J. Patrick Garverick, Co-Owner, Phoenix Beach, LLC
Pat Garverick, CPA, MT, CFP®, began his career in public accounting in 1988 after obtaining his Bachelor of Science in Business Administration (BSBA) in Accounting from The Ohio State University. After receiving his Master of Taxation (MT) degree from Arizona State University in 1992, Garverick began operating his own tax and financial planning business. He also started writing, reviewing and teaching tax and financial planning continuing professional education courses around the country.
In addition to being a CPA, Garverick is also a Certified Financial Planner (CFP®). This role serves to enhance the knowledge he brings as he writes and presents continuing education material. Garverick is a member of the Arizona Society of Certified Public Accountants and the American Institute of Certified Public Accountants. He has presented continuing education sessions throughout the country and has won awards for both his skills as an instructor as well as for the content he has created. His knowledge, expertise and high energy have made him one of the profession’s most highly rated speakers.
Non-Member Price $400
Member Price $300