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

Course Price: $269.00
CPE Credits
6
Date
June 17, 2021
Course Time
10:00 AM
Advanced Preparation
None
Course Level
Intermediate
Prerequisite
Knowledge of the Federal Law
IRS CPE
6
NASBA CPE
6
CTEC CPE
6
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 above the threshold amounts and those who are not above 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
Webinar is an interactive visual and audio presentation course, hosted by a NSTP Instructor. A great way to interact, submit questions and post comments. The course includes a pre-recorded webinar and may include PowerPoints slides, a PDF textbook or both.
  • Each participant must answer the poll questions during the webinar in order to be awarded CE credits failure to do will result in no CE credits per National Association of State Boards of Accountancy (NASBA) CE program standards.
Webinar Registration

It is vital that each individual taking the webinar register under their own name and email. The webinar link will be sent to the email of the registrant. Because the links are unique for each email address, they will not work if forwarded to another email address.

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.

Refunds, Cancellations, Complaints

For more information regarding refund, cancellation and complaint policies, please contact our office at 800-367-8130.

Webinars are Interactive Visual and Audio Presentations

Each participant must answer the poll questions that appear on the screen during the webinar: failure to do so will result in no credits being awarded for that webinar.

There is no support to earn webinar CE by listening on a phone only.

Webinar Audio Troubleshooting

Keep all electronic handheld devices, such as Blackberries or cell phones, away from microphones and speakers.

A USB headset is recommended. If you are hearing an echo, try the following:

  • If using speakers for sound, reduce your speaker volume to a low level and keep your microphone away from your speakers
  • If you think the echo is from an attendee, see who is speaking and ask them to lower their speaker volume or alternately you can mute that attendee’s sound
  • If joining via telephone, make sure the audio setting on your Control Panel is not set to mic & speakers
  • Check to see if your built-in laptop microphone is turned off. If not, turn it off– built-in mics can cause echoes
  • If your webcam mic is on, turn it off – webcam mics can also cause echoes
  • If using a microphone, move it closer to you and away from sound-generating devices (computer fans, speakers, etc.)
  • Do not move or touch the microphone, especially when speaking

If there are delays, words are dropped or you hear robotic sounds:

  • This is often due to poor network performance, lack of memory or high CPU usage
  • Close all applications, tabs, programs you are not using for the presentation

VoIP users:

  • Dial-up Internet connections are inherently slow and can cause problems
  • Broadband Internet connections are recommended
  • If problem persists, switch to telephone and dial in to the meeting. You must select “Telephone” in the Audio pane to do this.

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.