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UU1. Overview of §199A Qualified Business Income Deduction and the Proposed Regulations | On-Demand

Course Price: $269.00
CPE Credits
6
Advanced Preparation
None
Course Level
Intermediate
Prerequisite
Knowledge of the Federal Law
IRS CPE
6
NASBA CPE
6
CTEC CPE
Credits not offered
Author
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.

FAQ

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Your registration confirmation will be emailed to you when your payment is processed. During our busy season, this can take up to 2-3 business days after we receive your registration.

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Yes. If you have a PTIN on file with us, we will submit your hours. To insure we have your correct info, please provide your PTIN when you register for a course. Please notify us if you have recently submitted a name change request to the IRS.

Your certificate will be emailed to you within 10 business days of the completion of the course.

Administration: On-Demand
On-Demand Refunds
  • Once your registration confirmation is emailed, due to the proprietary materials and content of On-Demand orders are NOT ELIGIBLE for refund, cancellation, or transfer to another NSTP course.
On-Demand Disclaimer
  • On-Demand materials and On-Demand presentations are intended to stimulate thought and discussion and to provide attendees 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 tax procedure, tax planning technique, 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 device, technique, or suggestion before recommending the same to a client or implementing the same on behalf of a client, or on the attendee’s own behalf.
  • On-Demand materials & presentations are fully protected under copyright law. Any attempt to copy for resale, distribution, or use other than personal use for tax preparation will be fully prosecuted of the law.
Testing Policy
  • On-Demand require a test for CPE. 3 attempts are allowed.
  • You have 1 (one) year from date of purchase to complete the On-Demand course by taking the test.
More Information For more information regarding refund, cancellation, and complaint policies, please contact our offices at 1(800) 367-8130.