Qualified Business Income & More: Small Business Impacts of TCJA - Virtual Only
After much thought, MSCPA has decided to take all our CPE Classes till the end of December 2020 to virtual, this includes all conference. The risk of COVID-19 is just too high and we would not want any of you to get sick at one of our classes. All materials will be electronic.What is a specified service business and how is the deduction impacted by W-2 wages or investments in property? These questions, as well as numerous other issues related to the qualified business income/pass-through deduction, must be addressed by practitioners advising closely held businesses. This program will address these concerns and others, as well as incorporate up-to-date information on IRS guidance in this area. The law contains other provisions that will impact a small business to be covered in this course, including the revisions to bonus depreciation, the denial of deductions for entertainment and additional provisions that impact small businesses enacted as part of the Tax Cuts and Jobs Act.
- Qualified business income amount computation
- Definition of a specified service business
- Application of W-2 wage and qualified property limitations for QBI deduction
- Changes to types of property eligible for increased bonus depreciation
- Bar on deduction of entertainment expenses—what can still be deducted?
- Status of issued IRS guidance in these areas, expected future guidance and how to advise clients until such guidance is finalized
Participants will be able to:
- Calculate the qualified business income amount for each trade or business of a taxpayer
- Identify a specified service business as defined in Section 199A
- Determine the applicability and amount of the various limitations on the deduction
- Describe the additional types of property eligible for the 100% bonus depreciation
- Identify the types of entertainment that remain deductible and establish criteria for identifying meals that are and are not entertainment
Practitioners who work in or advise closely held businesses.