Qualified Business Income deduction, included in the passing of the Tax Cuts and Jobs Act, allows for a deduction of up to 20% of QBI from partnerships, limited liability companies (LLCs), S corporations, trusts, estates, and sole proprietorships. This provision is a significant tax benefit. Vern Hoven, one of America’s premier tax presenters, has written this thorough guide to help you ensure the best tax break for your clients.
Upon successful completion of this course, participants will be able to:
- Cite the rules and regulations related to defining qualified businesses, specified service trade or business, and qualified business income and determine the taxpayers and business types which qualify for the QBI deduction.
- Identify elements that have changed for 2019 as compared to 2018 for QBI and related items.
- Apply the formula accurately to calculate a taxpayer’s QBI deduction including determination of the phase-in of the wage and asset-based limitations.
- Cite the rules and regulations around the impact of multiples businesses for a taxpayer.
- Cite the rules and regulations for relevant pass-through entities and identify their reporting requirements.
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