Post- Regs. Analysis of the Sec. 199A QBID

Recorded On: 12/11/2018

The Tax Cuts and Jobs Act is the biggest change to the US tax code in over 30 years.  It is imperative to examine the significant tax law changes made to the way unincorporated businesses will be taxed starting with 2018 tax year, and to understand the impact of recently-issued regulatory guidance. 

This course reviews the impact of the new tax law on Partnerships, S corporations, Trusts and Unincorporated businesses including a detailed explanation of the new Qualified Business Income Deduction.  Topics covered include:

•   Definition of a Qualified Business

•   Limitations on the Qualified Business Income Deduction

•   Computational Examples

•   Reporting requirements for pass-through entities


This course will also highlight several aspects of the Proposed Regulations, including the following:

•   Computational clarifications

•   Treatment of self-rentals

•   Examples of included and excluded Qualified Business Income (QBI)

•   Employee “reputation and skill” definitions

•   Clarifying definitions of Specified Service Trade or Business (SSTB)

•   Three safe-harbor methods of calculating W-2 wages

•   Aggregation and grouping requirements

•   Reporting negative QBIs


Tax planning strategies are interwoven in the course, including such topics as entity tax rate comparisons, maximizing the QBI deduction, special S corporation planning, and other tax-saving ideas.

 

Learning Objectives

Upon completion of this course you will be able to:

•   Explain how the new tax act benefits unincorporated businesses, and the possible impact of recent Proposed Regulations

•   Identify what qualifies as Qualified Business Income, how to compute the Qualified Business Income Deduction, and clarifying examples per the Proposed Regulations

•   Dissect how the Qualified Business Income Deduction may be phased-out or eliminated for Specified Service Trade or Business (SSTB), and how such deduction may be subject to the W-2 wage and unadjusted basis of qualified property (UBIA) limits

•   Recall regulatory definitions for such important Sec. 199A concepts as self-rentals, reputation and skills, and reporting W-2 wages, and aggregation of businesses

•   Define reporting requirements for pass-through entities, as clarified by the proposed regulations

•   Judge whether an unincorporated entity should take advantage of the QBI deduction or incorporate to take advantage of the new lower corporate tax rates

•   Analyze tax planning strategies to maximize the QBI Deduction

 

IRS CE: 2 Hours/Federal Tax Law
NASBA CE: 2 Hours/Taxes

Presented by John O. Everett, CPA, Ph.D., and Cherie J. Hennig, CPA, Ph.D.

NSA ConnectED Webinar Series
Program Level: Basic
Prerequisites: None
Advance Preparation: None
Delivery Method: QAS Self-Study

No refunds or exchanges for cancellations. For more information regarding refund, complaint and/or program cancellation policies, please contact NSA toll-free at 800-966-6679.

NSA is approved by NASBA, the IRS, ACAT, and CTEC as a provider of continuing professional education.

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The National Society of 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.learningmarket.org.

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NSA has been approved by the California Tax Education Council to offer the above courses to go towards the annual "continuing education" requirement imposed by the state of California. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, by phone at (877) 850-2832, or on the Internet at www.ctec.com.

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John O. Everett, CPA, Ph.D

John O. Everett, CPA, Ph.D

John O. Everett, CPA, Ph.D., is Professor Emeritus of Accounting at Virginia Commonwealth University in Richmond, VA. John's teaching specialty is federal taxation. He has authored or co-authored over 90 articles in academic and professional journals including the NSA EA Exam Review Course and 1040 101 Course, and is the coauthor of several textbooks, including CCH Practical Guide to Schedule M-3 Compliance, The HBJ Federal Tax Course, Income Tax Fundamentals, and Tax Planning With the Computer.

​Cherie J. Hennig, CPA Ph.D.

​Cherie J. Hennig, CPA, Ph.D.

Cherie J. Hennig, CPA, Ph.D., began her career as an IRS Revenue Agent in Denver, CO. She has taught undergraduate and graduate tax courses at Florida International University, Colorado State University, the University of South Florida, and Virginia Tech. She has published articles in leading tax journals, co-authored two tax texts and written and taught numerous continuing professional education courses. She is a co-author of NSA's 1040 101 course.