IRC Sec.199A: The Qualified Business Income Deduction. Definitions, Mechanics and Strategies
Speaker: Blaise Bender, MS, MPA, CGMA, JD, CPA, San Antonio
Fee: $300 members (any TSCPA chapter); $375 nonmembers.
This seminar will discuss the new qualified business income deduction as it pertains to sole proprietorship's, S corporations and partnerships. The application of the deduction with respect to agricultural and cooperative organizations as well as rentals will be discussed. The seminar will discuss who qualifies for the deduction, what constitutes a qualified trade or business, what constitutes a specified service trade or business, the mechanics of the deduction, the application of limitations on the deduction including the W-2 wage limit and qualified property limit along with phaseouts of the deduction. The seminar will also conclude with planning opportunities associated with taking advantage of the deduction.
Delivery Method: Group live
Hours and field of study 8 hours CPE credit awarded for completion; tax; technical
Level: Intermediate. Participants should have a general understanding of income taxation of business entities.
Prerequisites/advance preparation No prerequisites and no advance preparation required.
Location: Fort Worth Chapter TSCPA classroom, 550 Bailey Suite 225, Fort Worth 76107.
Included in your registration: Digital materials. Free wifi and parking. Sodas, water, coffee and box lunch.
Review the new code section added by the Tax Cuts and Jobs Act of 2017
Consider the policy behind the deduction
“Qualified trade or business”; services as an employee; specified service trade or business
Identify planning issues associated with service as an employee and minimizing specified service trade or business
Consider challenges with the trade or business requirement
Review definition of qualified business income; reasonable compensation and guaranteed payments
Work through the mechanics of determining the deduction
Develop an understanding of