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.
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
* 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
Basic understanding of business and individual income taxation
Additional Event Information
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
Monday, August 24, 2020 (9:00 am–4:45 pm ET)
Friday, October 2, 2020 (8:30 am–4:15 pm ET)
Wednesday, November 18, 2020 (8:30 am–4:15 pm ET)
Monday, December 28, 2020 (8:30 am–4:15 pm ET)
Thursday, February 25, 2021 (9:00 am–4:45 pm ET)
Monday, March 8, 2021 (9:00 am–4:45 pm ET)
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