199A: The 20% QBI Deduction
Updated through and including the January 2019 final regulations and the April 2019 IRS Q&A series, this course is the in-depth analyses of the deduction that professionals are looking for. The discussion begins with a thorough review of activities that do (and do not) qualify for this new deduction. The discussion then proceeds to calculating the amount when a taxpayer’s taxable income is less than the IRS threshold. Then the course moves to the more difficult topics of the definition of specified services; the calculation of phase-outs; self-rental and similar rental questions and multiple entities discussion, including discussion of the wage limitations and asset limitations. Upon the completion of this in-depth course the student will be able to analyze, calculate and plan for most questions and activities regarding the IRC Section 199A deduction.
At the conclusion of this class the student will be able to determine which clients qualify for the 20% qualified business income deduction; how to calculate the deduction; and how to plan for the new deduction for clients whose income is less or more than the threshold limits, as well as for clients in the phase out income category.