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2E3. Sole-Proprietorships and the Impact of §199A QBI Deduction

Course Price: N/A
CPE Credits
1
Date
May 28, 2021
Course Time
11:30 AM
Advanced Preparation
None, but recommend NSTP's webinars titled
Course Level
Intermediate
Prerequisite
Knowledge of Federal Tax Law
IRS CPE
1
NASBA CPE
1
CTEC CPE
1
Instructor(s)
Paul La Monaca CPA, MST

Course Description

  • This course is important for Tax Professionals who want a solid understanding of the benefit of the 20% pass-through deduction as it relates to the Qualified Business Income from a Schedule C down to the Form 1040.

  • This course hits the ground running on understanding the §199A QBI Deduction from beginning to end as it applies to a Schedule C filer in that it:

  • Defines Qualified Business Income (QBI) for purposes of Schedule C.

  • Introduces and explains the terminology needed to properly understand QBI.

  • Illustrates the law through the presentation of several examples, providing the calculations needed to properly determine the allowable QBI Deduction.

  • Illustrates the issues surrounding the applicable phase-out range based on filing status.

  • Discusses the QBI component calculation allowing the taxpayer a second bite at the apple when the taxable income before the QBI Deduction is greater than the applicable threshold amount.


  • IRS: Federal Tax Law Update 1 CPE
  • CTEC: Tax Law 1 CPE
  • NASBA: Taxes 1 CPE

Learning Objectives

At the conclusion of this course, the Tax Professional will have a solid base in understanding the issues of the §199A Qualified Business Income Deduction and its' application to a sole-proprietor. In addition, the Tax Professional will be able to understand and explain the new terminology and calculations to the sole-proprietor client.

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.