Section 199A Qualified Business Income Deep Dive
Author: James R. Hamill
| CPE Credit: |
4 hours for CPAs
4 hours Federal Tax Related for EAs and OTRPs
4 hours Federal Tax Law for CTEC |
This 4-hour on-demand course is a detailed discussion of the qualified business income deduction (QBID), enacted by the Tax Cuts and Jobs Act. Dr. James Hamill covers everything from the computation of the Section 199A deduction to planning considerations for controlling taxable income, wages, and capital to maximize the deduction.
Publication Date: June 2018
Designed For
CPAs, EAs, tax preparers and other tax professionals with responsibility for advising clients with business income on their tax returns.
Topics Covered
- Computation of the Section 199A deduction
- Limits based on taxable income of the qualified business
- Limits based on the taxpayer's taxable income
- Phase-out computations for a service business
- Wage or wage/capital limitations on non-service businesses
- Planning to control taxable income, wages, and capital to maximize the deduction
- Impact of Section 199A on purchase price allocations
- How to determine unadjusted basis of business assets
- What is a service business?
- How broad (or narrow) is a business defined?
- What is business income?
- Reporting issues for flow-through entities
Learning Objectives
- Compute the Section 199A deduction for taxpayers above the threshold income level and for other taxpayers
- Identify planning opportunities to maximize the deduction
- Describe a service business as that term is used in Section 199A
- Differentiate correct statements regarding Section 199A
- Identify the threshold amount for single taxpayers with regard to qualified business income deduction
- Describe unadjusted basis of depreciable property
- Recognize business performance services for purposes of the TCJA
- Calculate QBI deduction
- Differentiate between Section 743 and 734 adjustments
- Recognize "gray areas" of Section 199A
- Recognize case studies and how they apply to your clients
- Describe W-2 wages and limitations
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Taxes (4 hours)
Program Prerequisites
Basic knowledge of passthrough entity taxation concepts.
Advance Preparation
None
