Section 199A Qualified Business Income and Latest IRS Guidance and Regs
Authored by James Hamill
About this Course
Topics covered include:
IRS Guidance issued August 8, 2018 on Section 199A deduction;
Computation of the Section 199A deduction;
Limits based on taxable income of the qualified business;
Limits based on the taxpayer's taxable income;
Phase-out computations for a service business;
Wage or wage/capital limitations on non-service businesses;
Planning to control taxable income;
Impact of Section 199A on purchase price allocations;
How to determine unadjusted basis of business assets;
What is a service business;
What is business income;
Reporting issues for flow through entities.
Upon completing this course, you should be able to:
Recognize the Section 199A deduction for taxpayers above the threshold income level and for other taxpayers;
Identify planning opportunities to maximize the deduction;
Define a service business as that term is used in Section 199A;
Identify and apply IRS guidance of August 8, 2018 when working with taxpayers on the QBID;
Recognize types of inelgible taxpayers;
Identify correct statements regarding qualified business income;
Differentiate statements with respect to aggregation;
Describe compensation for services or capital;
Recognize which type of interest income is included in qualified business income for purposes of the 199A deduction;
Differentiate aggregation/segregation;
Identify the threshold amount for QBID filers;
Recognize which service businesses cannot be segregated if there is greater than what percent common ownership.
$ 72.00
Course is unavailable for purchase.
NASBA Field of Study
Taxes
Level
Update
CPE Credits
2.0
Prerequisites
Basic understanding of federal income taxation for individuals and pass-through entities.
Last Updated
10/02/2018
14735
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