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Review of Section 199A: The New QBI Deduction (RE199)

  • 05/17/2018
  • 2:00 PM - 4:00 PM
  • WEBINAR 4183645A

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The course will cover compliance with new section 199A as well as planning implications. Topics cover QBI Deduction, K-1 Reporting and more..

Objectives:

  • Determine how to compute the QBI Deduction including:
  • The T.I. phase-out for specified service businesses
  • The phase-in of the limit based upon W-2 wages and unadjusted basis
  • Maximizing W-2 wages and unadjusted basis
  • Calculating the Combined QBI Amount
  • Calculation of the limit based upon taxable income minus net capital gain.
  • Identify K-1 reporting by pass-thru entities and and special strategies for partners and S shareholders to maximize the QBI deduction.
  • Recognize the impact of fiscal year partnerships and S corporations.
  • Determine the interaction of section 199A with other IRC sections such as the passive loss rules and the new limit on nonpassive business losses.
  • Identify Understand the generous rules for REITS, Publicly Traded Partnerships and Agricultural Cooperatives as well as recipients of Qualified Cooperative Dividends.
  • Recognize Trust and Estate considerations.
  • Determine when rental real estate is a trade or business.
  • Identify special strategies to maximize the QBI deduction with rental real estate.
  • Recognize the impact of the QBI deduction on choice-of-entity considerations including a comparison with C corporations.


Topics Discussed:

  • The definition of specified service businesses
  • Computation of the QBI Deduction
  • Special considerations for partners and S shareholders including K-1 reporting
  • Interation with other IRC sections
  • Special rules for REITS, PTPs, and Cooperatives
  • Special considerations involving real estate
  • Choice-of-entity considerations

Designed For: CPAs and lawyers.
Level: Intermediate
Instructor: Gary R. McBride JD, CPA, LLM
Developer: CALCPA
CPE Credits: 2
Area of Study: Taxes
Prerequisite: General knowledge of taxation of sole-proprietors, partners and S shareholders.


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