Topics covered include:QBID—Overview; Caps—Limits on the QBID; Caps—Higher Income ("Caviar" Rule);
Wage and Property CapsBusiness-by-Busines;
Goldilocks & the Wage/Property Limits; Specified Service Businesses: Guard Rails; Reasonable Comp: Raising the Stakes; Wage Planning; Wages: S Corp S-H QBID Limited by Wages Does Increased QBID Justify Extra P/R Taxes?; Planning Guaranteed Payments; Planning QBID CAPS; Tax. Inc. Cap All Taxpayers; Loss Carryovers; Do Real Estate Rentals Qualify for QBID?; S Corp or Sole Proprietor?; How We Think About Taxes; Warning: Landmine Ahead; Due Diligence; Accounting Methods; Cash Method; After TCJA: Capitalizing Costs and Cash Method; Self-Constructed Assets; Contractors: Completed Contract Method; Book Conformity: Income Accrual; $25 Million Rule; Aggregation of Gross Receipts; Prohibited from TCJA Accounting Methods; Sammy Davis, Jr. and TCJA; Opportunity Zones; Family Leave Credit; Corporate Tax Rates; Fiscal C Corps Blended Rates; Should you switch to a C corp.?; Accumulated Earnings Tax; Appendix I: Partnerships/corporations under common control; Appendix II: Application of 'Carried Interest' Rule to 1231; Appendix III: Family Leave Credit.
Upon completing this course, you should be able to: Identify and apply the latest developments in business taxation for 2018; Recognize the TCJA impact on business returns, Section 199A, and more; Identify where charitable deductions go; Recognize how to prepare accurate 2017 business tax returns for 2018; Differentiate characteristic of the new QBID (i.e. new 199A) deduction; Recognize which type of taxpayer is ineligible to take the new 199A deduction; Identify correct statements with respect to qualified business income; Recognize what percent deductions are allowed under the new 199A deduction; Identify the full phase in amount related to the new 199A deduction for those individuals filing as single; Describe aggregation and how it applies to three factors for purpose of QBID; Differentiate tax course cases and how they apply to your client; Identify characteristics of a sole proprietorship as it relates to QBID; Recognize which tax provision was repealed and effective after 12/22/2017; Identify and apply tax rates as a result of the TCJA; Identify correct statements with respect to the accumulated earnings tax (AET); Recognize specified service activity which will lose QBID if income is too high; Identify accounting method changes based on the TCJA requirements; Recognize and apply characteristics of a tax shelter; Describe the family leave credit and the percentage of employee's wages; Identify the years applicable to a deduction for personal casualty losses allowed for federally declared disaster areas; Recognize the date no capital gain treatment for self-created patents for dispositions, based on TCJA; Describe the accumulated earnings tax rate percentage of accumulated taxable income.
Basic understanding of federal income taxation concepts.