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

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.

**Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to leighanne.conroy@acpen.com.

Learning 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

Major Topics

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

CPE Credits Available

8 CPE

8: Taxes

Things to Know About This Course

Course Level

Intermediate

Prerequisites

None

Advanced Preparation

None

Intended Audience

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

Provider

ACPEN