Highlights for Passthrough Entities
Author: Greg White
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Law Updates for EAs and OTRPs
2 hours Federal Tax Updates for CTEC |
Join experienced instructor Greg White for a high-speed overview that will focus on the qualified business income deduction (QBID) and how that works for specific partnership, S corp, and LLC clients. This course will give you the overview you need on these vital topics to help you prepare for the 2021 tax year.
Publication Date: January 2022
Designed For
EAs, tax professionals, and CPAs in industry and public accounting who need a thorough understanding of how the Tax Cuts and Jobs Act will affect 2020 returns and planning.
Topics Covered
- Qualified Opportunity Funds: QOFs
- Eligible Gains— "Shoe Horning" into QOF Benefits
- Different Types of QOFs
- When Does the 180”Day Clock Start Ticking?
- Carried Interests
- QBID ”” Overview
- SSTB Income
- Breaking Free of "Business”by”Business" Limit Aggregation
- Who's Subject to §163(j)?
- Entities that Are Subject to §163(j): "Siloed" Interest Expense
- CARES Act and §163(j)
- Do Real Estate Rentals Qualify for QBID?
- IRS Seems Unsure
- Clearing the Fog: Triple Net Leases and the 2nd Circuit
- Revenue Procedure 2019”38 — Safe Harbor
Learning Objectives
- Identify how to advise clients on TCJA and CARES Act
- Recognize and apply the new effective tax rates and 20% deduction for K-1 income
- Describe tax incentives provided
- Recognize the current C Corporation Tax Rates
- Identify referenced court cases found that the rental real estate in question was in fact a business
- Describe the different types of QOFs
- Recognize how many different types of qualified opportunity funds generally come in
- Identify the 2021 threshold amount for QBID for married filing jointly taxpayers
- Recognize aggregation factors with respect to QBID
- Differentiate tax court cases which cases concluded that the rental real estate was not a business
- Identify the number of ways a rental can product QBI
- Identify the 2021 maximum employee retention credit per employee per quarter
- Recognize which form is used to claim the employee retention credit
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
Basic understanding of federal income taxation concepts.
Advance Preparation
None
