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
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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