Tax Cuts and Jobs Act Highlights for Passthrough Entities
Author: Greg White
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Law Updates for EAs and OTRPs
2 hours Federal Tax Updates for CTEC |
In this on-demand lesson, tax expert and educator Greg White, provides a high-speed overview that focuses on the qualified business income deduction (QBID) and how it works for partnerships, S corps, and LLCs. Designed for EAs, tax professionals, and CPAs, the course will help you learn to identify the new effective tax rates and 20% deduction for K-1 income, identify accumulated earnings under TCJA, and more.
Publication Date: August 2019
Designed For
EAs, tax professionals, and CPAs in industry and public accounting who need a thorough understanding of how the Tax Cuts and Jobs Act will affect 2018 returns and planning.
Topics Covered
- Should You Really Have A C Corp?
- Convert to C corporation?
- Accumulated Earnings Tax
- Exceptions
- Convert C corp → S corp?
- Conversion Bonus
- §199A QBID Overview
- Specified Service Trades or Businesses: Guard Rails
- Wage and Property Caps —Business-by-Business
- Do RE Rentals Qualify for QBID?
- Rev. Rul. 60-206: Is it Too Big a Leap?
- IRS Seems Unsure
- Triple Nets
- Notice 2019-07: Rental Real Estate Safe Harbor
- Answers to Common Questions
- Technical Terminations
- Opportunity Zones
- Qualified Opportunity Funds
- Client Calls
- How Is the Election Made?
- Appendix IIRPE Disclsoure
Learning Objectives
- Recognize how to advise clients on the Tax Cuts and Jobs Tax Act
- Identify the new effective tax rates and 20% deduction for K-1 income
- Recognize what's included in qualified business income for purposes of the TCJA
- Describe qualified business income deduction (QBID) and how it applies to tax payers
- Identify accumulated earnings under TCJA
- Recognize the corporate tax rate under TCJA
- Identify what is a recommended tax planning strategy for a taxpayer facing wage and property limit issues
- Recognize true statements regarding accumulated earnings under the Tax Cuts and Jobs Act
- Recognize the "shelf life" of the qualified business income deduction under the Tax Cuts and Jobs Act
- Identify what is always considered a qualified trade or business for purposes of the Tax Cuts and Jobs Act
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
Basic understanding of passthrough entities.
Advance Preparation
None
