About this event

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.

Description:
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.

Contact cpeinfo@fortworthcpa.org

About our cancellation and refund policies and our authority to issue CPE.

Learning Objectives:

Review the new code section added by the Tax Cuts and Jobs Act of 2017

  • Limitations: taxable income phase out, specified service trade or business phase out
  • Definitions
  • Computations

Consider the policy behind the deduction

  • An activity that involves the conduct of a trade or business
  • Effective dates

“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

  • W-2 limitations
  • Qualified property limitation
  • Exceptions, phase in

Develop an understanding of

  • Losses
  • Aggregation Rules
  • Combined qualified business income amount
  • Discuss conclusions
    • Questions to ask
    • Strategies

 

Member Registration Register as Guest

QBID: Sec. 199A


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