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IRC §199A QBI Deduction: Ins & Outs of Calculation & Reporting

9:00 am–4:45 pm ET

# of CPE Credits

8

Description

The Tax Cuts and Jobs Act (TCJA) was a major overhaul of our tax system that has lowered the income tax rates for individual and corporate taxpayers and introduced a new 20 percent deduction for qualified business income (QBI) for sole proprietors and pass-through entities. The cornerstone of this course is the comprehensive discussion of the newly enacted 20 percent QBI deduction Final regulations under IRC §199A.

Objective

Once participants have completed this session, they should be able to * Calculate, report, and explain the newly enacted QBI deduction to their clients, colleagues, and employees

Highlights

* This session will spend the day covering the 20 percent qualified business income deduction and newly issued final regulations under IRC §199A * Each participant will receive a copy of Pat Garverick’s award winning TCJA comprehensive reference manual * Topics include but are not limited to * Walk through the operational rules of the detailed QBI deduction calculation, phase-in of the wage and capital limitation, and phase-out of specified service trade or business income * Determine the W-2 wages and unadjusted basis immediately after acquisition (UBIA) of qualified property that are to be used for the wage and capital limitations * Define what qualified business income includes and excludes (e.g., reasonable S-corporation compensation and partnership guaranteed payments) * Review the new rental real estate enterprise §162 trade or business safe harbor * Look at the trade or business aggregation, reporting, and disclosure rules that apply to individuals and pass-through entities * Review what a specified service trades or businesses (SSTB) is and how SSTB income is phased out for taxpayers with taxable income above certain thresholds * Go over the reporting rules for S-corporations and partnerships (i.e., relevant pass-through entities (RPEs)) and how to show each owner’s allocable share of QBI, W-2 wages, and UBIA of qualified property attributable to each such trade or business on their schedule K-1

Who Should Attend

Professionals in public or private practice in need of an in-depth training of the 20 percent QBI deduction under IRC §199A

Required Knowledge

Basic understanding of business and individual income taxation

Advanced Prep

None

Event Speaker(s)

J. Patrick Garverick ( Garverick CPE, Goodyear, AZ ),

Additional Event Information

Technical Support
Contact NCACPA if you need assistance with your online program. For the quickest results, email the Online Learning Team at [email protected], and a team member will contact you shortly.

If you need assistance with internet access issues, browser capability, or when the NCACPA office is closed* please call Freestone Technical Support at 866-702-3278 or by email at [email protected].

*NCACPA office hours are 9:00 am–5:00 pm ET. Online Learning Team members will be available via phone or email 30 minutes prior to the start of a live online program.

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Also Available As

Webcast
Monday, August 24, 2020 (9:00 am–4:45 pm ET)
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Webcast
Friday, October 2, 2020 (8:30 am–4:15 pm ET)
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Webcast
Wednesday, November 18, 2020 (8:30 am–4:15 pm ET)
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Webcast
Monday, December 28, 2020 (8:30 am–4:15 pm ET)
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Webcast
Thursday, February 25, 2021 (9:00 am–4:45 pm ET)
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Webcast
Monday, March 8, 2021 (9:00 am–4:45 pm ET)
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Event Vendor:Phoenix Beach, LLC
Field of Study:Taxes
Level: Intermediate
Other:Enrolled Agent

Event Type:Webcast
NASBA Instructional Method:Group Internet Based
Event Code:W0004420

Registration Fees

Registration FeeEarly BirdRegular
NCACPA MemberN/A$245.00
Non-MemberN/A$345.00
CPE Sponsors LogoThe North Carolina Association of Certified Public Accountants is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org/.

For information regarding refund, complaint, program cancellation or other policies, visit our Registration Policies page or call 800-469-1352.