Qualified Business Income (QBI) Deduction (199A) - The Ins & Outs
Wednesday, February 12, 2025
Webcast or Webinar, Online
10:00AM - 5:39 PM (opens at 9:30 AM) EST
8Credits
Technical Business
Registration is Open
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$300.00 Regular Price
Non-Members
$400.00 Regular Price
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Course Type: Webcast
Course Code: 24/AC883127
Level: Intermediate
Vendor: ACPEN
Field of Study: Taxes
Overview:
The Tax Cuts and Jobs Act (TCJA) was a major overhaul of our tax system that lowered the income tax rates for individual and corporate taxpayers and introduced the new 20% qualified business income (QBI) deduction for sole proprietors and pass-through entities. The cornerstone of this course is the comprehensive discussion of the 20% QBI deduction final regulations under IRC §199A.
**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 [email protected]
Objectives:
- Once participants have completed this session, they should be able to calculate and explain the QBI deduction to their clients, colleagues and employees.
Major Topics:
- Detailed coverage of calculating the combined qualified business income amount (i.e., QBI component and REIT/PTP component)
- Determine what trade or businesses under §162 are eligible for the QBI deduction (i.e., rentals and specified service trades or businesses (SSTB))
- Discuss how the 20% QBI deduction (i.e., QBI component) is subject to a wage/capital limitation and SSTB income is phased-out for taxpayers with taxable income above the inflation adjusted threshold amounts
- Walk through the simplified QBI Form 8995 (i.e., taxpayers below the TI threshold amounts) and detailed Form 8995-A and related schedules
- Determine what wages and unadjusted basis immediately after acquisition (UBIA) are for those subject to the wage and capital limitations
- Look at what the definition of QBI is and what items are effectively connected with that trade or business (i.e., self-employment tax, health insurance, retirement plans)
- Review the aggregation rules for the QBI computation and both the entity and individual level
- Walk through the reporting responsibilities of partnerships and S corporations to their owners on the Schedule K-1s
- Explain how the modifications to the net operating losses (NOLs) and §461(l) excess business loss limitations affect the QBI computation
Major Topics:
- Detailed coverage of calculating the combined qualified business income amount (i.e., QBI component and REIT/PTP component)
- Determine what trade or businesses under §162 are eligible for the QBI deduction (i.e., rentals and specified service trades or businesses (SSTB))
- Discuss how the 20% QBI deduction (i.e., QBI component) is subject to a wage/capital limitation and SSTB income is phased-out for taxpayers with taxable income above the inflation adjusted threshold amounts
- Walk through the simplified QBI Form 8995 (i.e., taxpayers below the TI threshold amounts) and detailed Form 8995-A and related schedules
- Determine what wages and unadjusted basis immediately after acquisition (UBIA) are for those subject to the wage and capital limitations
- Look at what the definition of QBI is and what items are effectively connected with that trade or business (i.e., self-employment tax, health insurance, retirement plans)
- Review the aggregation rules for the QBI computation and both the entity and individual level
- Walk through the reporting responsibilities of partnerships and S corporations to their owners on the Schedule K-1s
- Explain how the modifications to the net operating losses (NOLs) and §461(l) excess business loss limitations affect the QBI computation