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Qualified Business Income (QBI) Deduction (IRC §199A) – The Ins & Outs

  • 02/15/2019
  • 9:00 AM - 5:00 PM
  • WEBINAR 2166308


Registration is closed

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 course is the comprehensive discussion of the newly enacted 20% QBI deduction regulations under IRC §199A including the newly released final regulations.

Once participants have completed this session they should be able to calculate, report and explain the newly enacted QBI deduction to their clients, colleagues and employees

Topics Discussed:

  • Walk through the operational rules of the detailed QBI deduction calculation, phase-in of the wage and capital limitation and phase-out of specified service trade or business income
  • Determine the W-2 wages & unadjusted basis immediately after acquisition (UBIA) of qualified property that are to be used for the wage and capital limitations
  • Define what qualified business income includes and excludes (e.g., reasonable S corporation compensation and partnership guaranteed payments)
  • Look at the trade or business aggregation, reporting and disclosure rules that apply to individuals
  • Review what a specified service trades or businesses (SSTB) is and how SSTB income is phased-out for taxpayers with taxable income above certain thresholds
  • Go over the reporting rules for S corporations and partnerships (i.e., relevant passthrough entities (RPEs)) and how to show each owner’s allocable share of QBI, W-2 wages, and UBIA of qualified property attributable to each such trade or business on their schedule K-1

Designed for: Professionals in public or private practice in need of an in-depth training of the 20% QBI deduction under IRC §199A

Level: Intermediate

Instructor: J. Patrick Garverick, CPA, MT, CFP®

CPE Credits: 8

Area of Study: Taxes - Technical

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Suite 500
Grand Forks, ND 58201

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or (877) 637-2727

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