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The IRS has released final regulations regarding the new 20 percent deduction against Qualified Business Income (QBI). The monumental passing of the Tax Cuts and Jobs Act (TCJA) is resulting in historic tax reform that impacts nearly every American. During this time of change, the Section 199A Small Business Deduction has been one of our most asked about areas of the new tax law. Join this webcast to get a comprehensive overview of the new Qualified Business Income (QBI) deduction with a focus on the Section 199A Small Business Deduction. You will learn about the purpose and goal of QBI, how QBI is calculated and important planning opportunities.
When you complete this webcast, you will be able to:
• Recognize the intended purpose and goal of QBI, including:
o Putting pass through entities and Schedules C and E on a similar playing field to C corporations.
o Favoring businesses in production rather than service industries.
• Identify and determine what is included in QBI, including:
o Types of entities.
o Business income and what we know.
o Entity by entity calculation.
• Recall how QBI is calculated.
• Recognize treatment of specific service trade or businesses and the interrelation with Section 1202.
• Identify planning opportunities, such as aggregating businesses, splitting off businesses, choice of entity, trusts, managing limitation amounts and avoiding classification as a specified service trade or business.
Designed For: Tax professionals
Instructor: Robert Keebler
CPE Credits: 2
Area of Study: Taxes 2
Prerequisite: Basic knowledge of the Federal tax rules relating to individuals and businesses
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