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Overview of §199A Qualified Business Income Deduction and the Proposed Regulations

Course Price: $269.00
CPE Credits
6
Date
November 1, 2018
Course Time
12:00 AM
Advanced Preparation
None
Course Level
Intermediate
Prerequisite
Knowledge of the Federal Law
IRS CPE
6
NASBA CPE
6
CTEC CPE
N/A
Instructor(s)
Paul La Monaca CPA, MST

Course Description

This course reviews the Federal Income Tax issues pertaining to Internal Revenue Code §199A Qualified Business Income and the Proposed Treasury Regulations under §1.199A-0 through §1.199A-6. This course discusses mastering the Pass-through Deduction Puzzle starting with the general rule of deducting the maximum 20% of Qualified Business Income and all the exceptions and limitations imposed. The course reviews detailed calculations for those individual taxpayers who are directly engaged in a qualifying trade or businesses as well as those who will be receiving QBI, W-2 wages and UBIA of qualified property information from Relevant Pass-through Entities on Schedules K-1 required to be reported to the owners and beneficiaries. The discussion of the Proposed Treasury Regulations covers the Operational Rules and Computations needed for individuals with taxable income the threshold amounts and those who are not the threshold amounts. The course also addresses those individuals who are in the fields in performance of trades or businesses that are classified as Specified Service Trades or Business (SSTB) under the Statute and proposed regulations.

Learning Objectives

At the conclusion of this course the participant will be able to distinguish a trade or business in the fields of performing as a Specified Service Trade or Business and those that are not SSTB’s

In addition, the participant will understand what is considered W-2 Wages and Unadjusted Basis Immediately After the Acquisition of qualifying property (UBIA of qualifying property). The participant will also understand new terminology associated with §199A and the proposed regulations thereof. The participant will be able to identify a Relevant Pass-through Entity (RPE) and will be able to calculate the §199A QBI deduction for those individuals who have taxable income the threshold amount as well as those who do not. In addition, they will learn how to calculate the QBI for individuals in a Specified Service Trade or Business and those who are in a qualified trade or business. The participant will be able to calculate the QBI component when an individual’s taxable income is in excess of the threshold amount.

Administration Policies: NSTP follows strict administrative policies
Late Registration
  • Registrations must be received no later than 7 days prior to the seminar date.
  • Registrations received after this date will be subject to a $35 late fee.
Refunds
  • NSTP provides refunds to registrants up to 7 days prior to the date of the course. For those registrants canceling within 14 days prior to the date of the course NSTP will allow attendance at another seminar site. If there are extraordinary circumstances NSTP will allow the participant to attend a future education course. An administrative charge of $25 will be assessed if canceled. For more information regarding refund, cancellation and complaint policies, please contact our offices at 800-367-8130
Cancellation
  • NSTP reserves the right to cancel any program or course for circumstances that are not under direct control of NSTP. If a course or program is canceled, participants will be refunded 100% of their registration fee.
Walk-In
  • We do not accept walk-in attendees. Payment must be received in advance of the class. Classes may not be retaken without payment.
Disclaimer
  • Seminar materials and seminar presentations are intended to stimulate thought and discussion and to provide attendees the useful ideas and guidance in the areas of federal taxation and administration. These materials as well as the comments of the instructors do not constitute and should not be treated as tax advice regarding the use of any particular tax procedure, tax planning technique or device or suggestion or any of the tax consequences associated with them.
  • Although the NSTP has made every effort to ensure the accuracy of the materials and the seminar presentation, neither the author, the presenter nor the National Society of Tax Professionals assumes any responsibility for any individual's reliance on the written or oral information presented during the presentation. Each attendee should verify independently all statements made in the materials and during the seminar presentation before applying them to a particular fact pattern and should determine independently the tax and other consequences of using any particular device, technique or suggestion before recommending the same to a client or implementing the same on a client's or on his or her own behalf.
Attendance Policy
  • Only paid registrants are able to attend seminars. In consideration of your fellow attendees, guests will need to depart before the session begins. The seminar lunch is for paid registrants only and is included in the registration fee.