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| Author : | Paul Winn, CLU, ChFC |
| Course Length : | Pages: 42 ||| Review Questions: 11 ||| Final Exam Questions: 15 |
| CPE Credits : | 3.0 |
| IRS Credits : | 3 |
| Price : | $26.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents |
| Technical Designation: | Technical |
| Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 1492 |
| Description : | The Tax Cuts and Jobs Act of 2017 (TCJA) affects the tax planning and income tax liability for many taxpayers. Among those for whom the TCJA will have a more significant effect are business owners of pass-through trades or businesses who may be eligible for the TCJA’s pass-through deduction. This course will examine the pass-through deduction authorized under § 199A of the TCJA. The text is conceptually divided into three sections: First, calculation of the pass-through deduction for business owners whose taxable income does not exceed a threshold amount set by statute; second, calculation of the pass-through deduction for business owners whose taxable income is greater than the threshold; and finally, calculation of the pass-through deduction for business owners whose taxable income is greater than the threshold and whose businesses are considered specified service trades or businesses (SSTBs). The final chapter examines each of the business categories that are considered specified service trades or businesses and identifies those businesses that might appear to be placed in those categories but which would not be deemed SSTBs. In examining the pass-through deduction, it:
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| Usage Rank : | 12500 |
| Release : | 2024 |
| Version : | 1.0 |
| Prerequisites : | None. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
ax Cuts and Jobs Act, Provision 11011 Section 199A - Qualified Business Income Deduction FAQs
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 14-Feb-2024 |
| NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Approved Audience : | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - 1492 |
| Keywords : | Taxes, The, Section, 199A, Pass-Through, Deduction, cpe, cpa, online course |
| Learning Objectives : |
Course Learning Objectives Upon completion of this course, you should be able to:
Chapter 1 Chapter 2
Chapter 3
Chapter 4
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| Course Contents : | Course Learning Objectives Introduction to the Course Chapter 1 - Business Owners’ Taxable Income Below Threshold Chapter Learning Objectives Introduction Overview of the Pass-Through Deduction Nature of the 20 percent Deduction for Qualified Business Income Deduction Eligibility Pass-Through Business Carryover Rules Carryover Rules When Total QBI Amount is Negative Carryover Rules When Qualified REIT/PTP Income Amount is Negative Computing the Deduction - Taxable Income Not Exceeding Threshold Amount Example 1 Example 2 Example 3 Example 4 Definitions Trade or Business Rental Safe Harbor Threshold Amount Qualified REIT Dividends Qualified Publicly Traded Partnership Income Qualified Business Income Section 751 Gain Guaranteed Payments for the Use of Capital Section 481 Adjustments Previously Disallowed Losses Net Operating Losses Qualified Items of Income, Gain, Deduction and Loss Qualified Trade or Business Aggregation Aggregation Rules Operating Rules Individuals Relevant Pass-Through Entities Reporting and Consistency Requirements Individual Reporting and Consistency Requirements Individual Annual Disclosure Relevant Pass-Through Entity Reporting and Consistency Requirements Relevant Pass-Through Entity Annual Disclosure Computational and Reporting Rules for RPEs RPE Computational Rules Reporting Rules for RPEs Accuracy-Related Penalty on Underpayments Summary Chapter 1 Quiz Chapter 2 - When Taxable Income Exceeds the Threshold Chapter Learning Objectives Introduction Taxable Income Above Threshold Amount Pass-Through Deduction when Taxable Income Exceeds the Threshold QBI component. SSTB Exclusion Rules Aggregated Trade or Business Netting and Carryover QBI Component Calculation Computing the Deduction - Taxable Income Exceeding Threshold Amount Determining W-2 Wages UBIA of Qualified Property Computing the Deduction - Examples Example 1 – No Wages Paid or Qualified Property Held Example 2 – Qualified Property Held Example 3 – A Partnership Example 4 – An S Corporation Summary Chapter 2 Quiz Chapter 3 - When Taxable Income is Within Phase-In Range Chapter Learning Objectives Introduction Calculating the QBI Component Taxpayers With Taxable Income Within Phase-In Range Determining the Applicable Percentage Calculating the Pass-Through Deduction – Modification for Non-SSTBs Example 1 – Non-SSTB Modification SSTBs and Taxpayers with Taxable Income in Phase-In Range Calculating the Pass-Through Deduction – Modification for SSTBs Example 2 – SSTB Modification SSTBs and Taxpayers with Taxable Income Exceeding Phase-In Range Summary Chapter 3 Quiz Chapter 4 - Specified Services Trades or Businesses (SSTBs) Chapter Learning Objectives Introduction Qualified Trade or Business Specified Service Trade or Business Trades or Businesses Considered SSTBs – Examples Example 1 Example 2 Example 3 Trades or Businesses Not Considered SSTBs – Examples Example 1 Example 2 Example 3 Summary Chapter 4 Quiz Appendix A Appendix B Appendix C Glossary |
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