Sec. 199A Planning Insights
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 |
Learn how to Prepare Your Clients for the Biggest Tax Break in 36 Years
Put on your seatbelt and hold on. The IRS issued final regulations for one of the most talked-about areas of taxation. Experienced instructor and practitioner Greg White, CPA, will do a “deep dive” into the new “20% passthrough deduction.” The IRS simultaneously issued a new safe harbor for taking the QBID rental properties (Rev. Proc. 2019-38); We’ll cover the new rental real estate safe harbor in depth. The focus will be on practical planning and focused on reducing your clients’ taxes.
Publication Date: January 2023
Designed For
All EAs, CPAs, and tax professionals who advise clients on tax issues.
Topics Covered
- Calculating the 20% qualifying business income deduction (QBID)
- QBID limits for higher income taxpayers
- Rental real estate safe harbor
- Determine whether clients are engaging in Specialized Service Trades or Businesses (SSTBs)
- Calculate the taxable income cap on the QBID that applies to all taxpayers
- Compute the QBID arising from a medical practice in the context of a high-income doctor
- Be able to identify situations where sole proprietor status (or a single-member LLC) would be a better tax option than an S corp
Learning Objectives
- Identify basic calculation of the qualifying income business deduction
- Recognize and apply the safe harbor for rental real estate
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
