Section 199A: Applications and Challenges
Section 199A is easily the least understood topic of the Tax Cuts and Jobs Act. Clients look to their tax professional for explanations and best practices to maximize the 20% deduction. Pass-through entities and real estate investors stand to gain valuable tax cuts, and the average practitioner cannot afford to be uninformed on Section 199A. This program incorporates the experiences many tax practitioners had over the last tax season calculating and applying this deduction. This course will cover all relevant facets and nuances of the deduction, as well as implementation issues and lessons that will be useful in advising clients this year. This program will include all relevant IRS guidance.
- Latest guidance by the IRS, whether by way of regulations or administrative announcements
- What happens when the taxpayer owns multiple entities; aggregation rules
- Calculating qualified business income (QBI)
- How to identify a specified service trade or business
- Taxable income limits on specified service trade or businesses
- Maximizing the 20% deduction for pass-through entities and Schedule Cs
- What happens if QBI for a given year is negative?
- Whether a particular tax entity offers a greater §199A deduction
- Whether the owner of a Schedule E with net rental income can claim the §199A deduction
- Online, self-paced study
- Reading and Reference Materials
- Real world examples and applications
- Instructor support by email
- Final Exam
- Automatic online grading with feedback
- 4 hours of credit for Continuing Education (CE)
- Also qualifies for Enrolled Agent (EA) CE
- PDF downloads for reading materials
- Free Tax Law Updates as they become available
- Access to course material for up to one year upon purchase
- Certificate of Completion emailed to students with a passing grade of 70% or higher
Designed for: Any tax practitioner wishing to understand and apply the §199A deduction
Prerequisite: A basic understanding of the federal tax rules relating to individuals and businesses.
Advance Preparation: None
CPE Credits: 4
This course is not a webinar. Upon purchase, you will receive login credentials and may start your course right away.
Note: The IRS requires you to complete with a passing score by 12/31 each year in order to be accepted. The Income Tax School strongly recommends you finish all courses before 12/27 at 1pm EST so we can provide proper Instructor, Administrative, and Technical support. The Income Tax School will report all credit hours and completed certificates to the IRS and/or CTEC (for California preparers) within 10 days of completion.
Course Codes, Provider/Sponsor #s:
- IRS Provider #: EEZ75
- IRS Program #: EEZ75-T-00303-21-S, Federal Tax Law Update Program Category
- CTEC Provider #: 1071
- CTEC Program #: 1071-CE-3063, Federal Tax Law Program Category
- NASBA Sponsor #103388