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

  • 02/27/2019
  • 9:00 AM - 5:00 PM
  • WEBINAR 2166310

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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.

Objectives:
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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