Don Farmer's Sec. §199A QBID: Foundational Rules & Planning Strategies - VIRTUAL

Overview

The 20% Qualified Business Income Deduction (QBID) can be a game-changer for your clients - if you know how to make the most of it. In part one of a two-part seminar, we’ll take a deep dive into the ground rules of §199A and break down the tax planning moves that can help you maximize this valuable deduction. You’ll walk away with clear strategies you can put into action, making sure your clients get every dollar they’re entitled to.

Highlights

• Which items of income and expense are excluded from the QBID?
• Planning for LLCs and their members.
• How to maximize the QBID for LLCs.
• How to avoid getting stung by guaranteed payments.
• The two most important rules of §199A that we all need to be familiar with.
• How to minimize taxes on the sale of a business by utilizing the QBID.
• Tax planning for QBID "cliffs" - how to give optimal advice to your clients.
• How carryovers (passive, basis limitation, etc.) have a special treatment under §199A.
• QBID planning for estates and trusts.
• Hot off the presses: New Tax Forms for the QBID.
• Penalty changes for clients who take the QBID - how should you reduce the possibility of client penalties and preparer penalties?

Prerequisites

None

Designed For

CPAs and tax professionals involved in the world of tax.

Objectives

• Identify methods to increase the QBID for LLCs and their members.
• Identify methods to reduce tax on the sale of a business using the QBID.
• Reduce the risk of penalties (both for clients and preparers).
• Apply the best method to advise clients who are in the "phase out" range.

Preparation

None