• Course Information

    Title: Passthrough Business Deduction - Section 199A Selected Overview
    Category: Taxation
    Field of Study: Taxes
    Course Code: T018-0173
    CPE Credits: 2.0
    Price: $19.95
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Description

Description:
The Tax Cuts and Jobs Act (P.L. 115-97), enacted Dec. 22, 2017, created, under Section 199A, a new deduction for up to 20% of qualified business income (QBI) from partnerships, limited liability companies (LLCs), S corporations, trusts, estates, and sole proprietorships for tax years beginning after Dec. 31, 2017. However, determining the Section 199A deduction amount and availability is a very complex multi-step process that may phase out some or all of the deduction.

In the face of this complexity, the text provides a selected overview of the basic components of this below-the-line deduction. Qualified business income, taxpayer's taxable income, wage/capital limit, specified services trade or businesses, and other key components are not only defined and calculated but their interaction is demonstrated and exampled.

Delivery Method:

Level: Overview

Prerequisites: None

Advanced Preparation: None

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Course Details

Author: Danny Santucci

Category: Taxation

Field of Study: Taxes

Passing Score: 70%

Publication Date: 04/04/2019

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Objectives

Objectives:
1. Recognize Section 199A's limited effective time period, its complex calculation process and the general exclusions, limits, and restrictions applicable to the provision.
2. Determine the Section 199A deduction amount, the type of W-2 wages used in calculating the wage/capital limit and specify how the limit impacts the amount and availability of the deduction.
3. Identify qualified business income and loss, its basic components and the ability of a taxpayer to aggregate businesses in its determination.
4. Recognize the specified services trade or business exclusion, the listed excluded services and the important exceptions provided by the regulatory de minimis rule. Identify a domestic trade or business.

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Profession

NASBA: Yes

QAS: Yes

CPA: Suitable for all CPAs

IRS: Enrolled Agents Program Number 263UK-T-00184-18-S

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