Qualified Business Income Deduction: Applications and Challenges

  EVENT DATE

November 17, 2021

  PRESENTER(s)

Jason Dinesen

  1:00 PM ET | 12:00 PM CT | 10:00 AM PT | 90 Minutes


* Not able to attend the live session? We can arrange an on-demand session for You. Please call 1-‪814-892-0304


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 introduce 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 1.5 -hour 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 is 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 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
  • Latest guidance issued by the IRS, including relevant regulations, rulings, or administrative announcements
  • Choosing to aggregate multiple trades or businesses into a single trade or business
  • Calculating qualified business income (QBI)
  • Identifying specified service trades or businesses
  • Maximizing the 20% deduction for pass-through entities and Schedule Cs
  • Proper treatment of REIT, PTP, and cooperative income
  • Rental activities as a trade or business and the rental safe harbor election
  • Preparing Forms 8995 and 8995-A
  • Understand how the Section 199A deduction is calculated and maximized
  • Deal with the §199A deduction in the context of a rental activity

Who Should Attend:

  • Accountant Accounting Firm
  • Accounting Practice
  • 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 Preparer Tax Professionals
  • Tax Pros Young CPA



Pioneer Educator 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.




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